Egypt’s net foreign assets rise $1.39bln in December

An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.
Reuters Images/Mohamed Abd El Ghany

NFAs saw an improvement last month to a negative $16.34bln

Staff Writer, Arab Finance

February 2, 2023

PHOTO
An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

Egypt’s net foreign assets (NFAs) climbed by EGP 42.28 billion in December, marking a growth for the second consecutive month, Reuters reported on January 31st, citing data by the Central Bank of Egypt (CBE).

NFAs saw an improvement last month to a negative EGP 494.3 billion, versus a negative EGP 541.5 billion in November, data showed.

As per Reuters calculation, this indicates an improvement of about $2.06 billion using the CBE’s end-of-month exchange rates.

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