CAIRO - Foreign holdings of Egyptian treasury bills fell in March and April by a combined $7.2 billion, according to data from the central bank.

The net foreign assets (NFAs) of the Egyptian banking system meanwhile fell in May by $3.5 billion.

U.S. Federal Reserve rate hikes that started in March and Russia's invasion of Ukraine have complicated Egypt's effects to attract local and foreign borrowing to plug current account and budget deficits.

Foreign holdings of treasury bills dropped to 180.5 billion Egyptian pounds ($9.62 billion) as of end-April from 315.9 billion at the end of February, the last date for which figures had been available. Foreign holdings were 187.216 billion at the end of March.

NFAs in May fell to a negative 305.1 billion, their eighth month of declines.

NFAs represent banking system assets owed by non-residents minus liabilities. Changes in their size represent net transactions of the banking system with the foreign sector, including those of the central bank, according to the bank.

Any movement could represent changes in import or export flows, foreign portfolio outflows, repayment of foreign debt, changes in the flow of worker remittances or a slowdown in tourism, analysts said.

($1 = 18.7600 Egyptian pounds)

(Reporting by Patrick Werr; editing by Jonathan Oatis)