CAIRO - Egypt's M2 money supply rose by 23.7% year-on-year in April, data from the central bank showed on Tuesday. Egypt's net foreign assets (NFAs) meanwhile dropped by 14.8 billion Egyptian pounds in April, marking a slowdown in the outflow of funds that began in October. Money supply stood at 6.41 trillion pounds ($345.93 billion), up from 5.18 trillion pounds in the same month last year. NFAs fell to a negative 234.4 billion pounds in April from a negative 219.4 billion a month earlier, their seventh month of declines. NFAs were a positive 186.3 billion pounds at the end of September 2021, central bank data showed.

Source: The North Africa Journal June 01, 2022 04:08 UTC