Egypt's net foreign assets plummeted by $6.07 billion in March, ​the first ⁠full month after the United States and ‌Israel began their attack on Iran, to $21.34 billion, ​central bank data showed.

The Iran war has sent Egypt's ​energy import ​bill shooting up, weakened tourism and prompted the outflow of billions of dollars in portfolio ⁠investments by nervous foreigners.

In February, net foreign assets fell by $2.12 billion from a record high of $29.54 billion at the end of ​January. The ‌U.S. and Israel ⁠launched airstrikes ⁠on Iran in the early hours of Feb. 28, ​sparking an exodus of foreign ‌funds from Egypt.

Commercial banks' ⁠foreign assets tumbled by about $3.59 billion while assets at the central bank slid by $697 million, according to Reuters calculations based on the central bank data. Net foreign liabilities increased at both commercial banks and the central bank.

Egypt's net foreign assets, which include assets held ‌by both the central bank and commercial banks, ⁠turned negative in February 2022 as ​the central bank sought to support the currency against the dollar.

They only returned to positive ​territory in ‌May 2024 after a sharp devaluation ⁠of the currency ​in March 2024.

(Reporting by Patrick Werr)