According to figures from the Central Bank of Egypt, net foreign assets decreased by 18.06 billion Egyptian pounds (925 million dollars) in August, resuming a trend that had been ongoing for almost a year with the exception of July, when they had increased. The net foreign assets, which include the foreign assets held by the Central Bank, are the sum of the liabilities and the assets of the banking system owing by non-residents.
Net foreign assets decreased to -385.
In July, after a nine-month fall, the economy increased by 2.27 trillion pounds, reaching a new high of minus 367. 8 trillion pounds by the end of August. The value of Egypt’s net assets peaked in September 2021, just before the drop began. The Russian invasion of Ukraine in February added to investor angst and caused them to withdraw additional money from Egypt.
The change in the amount of net foreign assets, in the Central Bank’s estimation, represents the net transactions of the banking system, including the Central Bank, with the outside world.
Egypt saw a drop in net foreign assets in August.
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