Egyptian net foreign assets drop for second month in November

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CAIRO – Egypt’s net foreign assets (NFAs) fell by 31.2 billion Egyptian pounds ($1.99 billion) in November, their second sharp fall in the last two months, central bank data showed on Thursday.

NFAs as of the end of November fell to 82.95 bilion pounds from 114.2 billion at end-October. They were 186.3 billion as of end-September.

NFAs represent banking system assets owed by non-residents minus liabilities. Changes in their size represent net transactions of the banking system with the foreign sector, including those of the central bank, according to the central bank.

Any movement could represent changes in import or export flows, foreign portfolio outflows, repayment of foreign debt or a slowdown in tourism, analysts said.

Reuters

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