Official data showed that Egypt's net foreign assets deficit widened during the month of March, by about $ 1.47 billion, to exceed $ 24.46 billion, compared to about $ 23 billion, in February, an increase of about 6.3 percent.
The deficit relates almost entirely to banks' net foreign assets. Net foreign assets, the banking system's assets owed by non-residents minus liabilities, have helped the central bank support the pound over the past two years. However, as part of a three-billion-dollar financial support package agreed with the International Monetary Fund in December, Egypt agreed not to use the bank's foreign assets to stabilize or ensure the exchange rate level.
Source (Emirati Gulf Newspaper, Edited)
