Data from the Central Bank of Egypt showed net foreign assets fell by $1.12 billion in October, after rising in September. Net foreign assets stood at $9.21 billion, compared to $10.33 billion at the end of September. The decline follows an increase of $591 million in September, based on official exchange rates announced by the central bank.
Egypt has been using net foreign assets, which include the foreign assets of the central bank and commercial banks, to support the Egyptian pound since September 2021. However, net foreign assets have declined continuously since February 2022, with the exception of a rise in May this year.
