CAIRO - Egypt's deficit in net foreign assets narrowed by 5.26 billion Egyptian pounds ($170.5 million) in November to 834.0 billion pounds after commercial bank assets rose and central bank liabilities declined, according to central bank data. The deficit is still the country's third highest ever, following record deficits in June and October. Net foreign assets (NFAs) represent both central bank and commercial bank assets held by non-residents, minus their liabilities. The central bank has drawn on the country's NFAs to help support Egypt's currency over the past two years. In September 2021, NFAs stood at a positive 248 billion pounds.

Source: The North Africa Journal January 01, 2024 13:50 UTC