CAIRO - Egypt's net foreign assets (NFAs) fell by 109.9 billion Egyptian pounds in October, extending a decline that began in September 2021, central bank data showed.

The decrease works out to about $228 million after calculating for devaluations during October.

Russia's invasion of Ukraine in February sparked a currency crisis that led to Egypt to begin negotiating with the International Monetary Fund for a financial assistance package.

The central bank had been relying on NFAs, which represent banking system assets owed by non-residents minus liabilities, to help support the currency. They include foreign assets held by the central bank.

The central bank in October had been allowing the pound to fall in increments of about 0.01 pounds per working day, but on Oct. 27 devalued it by 14.5% in one go as part of the $3.0 billion support package it concluded with the IMF last month.

NFAs fell to a negative 551.0 billion pounds at the end of October from a negative 441.1 billion pounds a month earlier.

NFAs stood at a positive 248 billion pounds in September 2021, before the decline began. Russia's invasion of Ukraine in February sparked further investor unease, unleashing an even bigger flood of outflows.

Changes in the amount of NFAs represent net transactions of the banking system with the foreign sector, including those of the central bank, according to the bank.

($1 = 24.5000 Egyptian pounds)

(Reporting by Patrick Werr; Editing by Elaine Hardcastle)