Egypt’s net foreign assets (NFAs) deficit hit a record 841.0 billion pounds, widening by 9.47 billion pounds in December.
Central bank data reveals a drop in commercial bank assets by 12.26 billion pounds, coupled with a liabilities increase of 846 million pounds.
NFAs include central and commercial bank assets held by non-residents minus their liabilities.
Over the past two years, Egypt utilized NFAs to support its currency, which experienced a 50% devaluation from March 2022 to March 2023.
In September 2021, NFAs were positive at 248 billion pounds.
Despite a fixed exchange rate since March 2023, the pound traded at around 68 to the dollar on the black market on Thursday.
