Egypt's net foreign assets deficit fell by $17.8 billion in March, the second month of decline, after remittances, foreign portfolio investment, and a $5 billion payment from the UAE flowed into the country, data showed.
Egypt devalued its currency on March 6 and increased the value of the facility agreement with the International Monetary Fund by $8 billion, leading to increased portfolio investments and remittances. The CBE's foreign assets increased by $3.5 billion and its foreign liabilities decreased by $3.9 billion, reflecting an improvement in Egypt's external financial position.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
