Net foreign assets in Egypt’s banking sector surged by 32% in September

Net foreign assets in Egypt’s banking sector surged by 32 percent  during September, as foreigners continue to return to government treasuries after pulling out of global emerging markets in the early weeks of the pandemic.

Central bank data picked shows assets rose to $14.03 bn at the end of the month, up from  $ 10.65 bn in August — it’s highest monthly increase since February 2019.

Net foreign assets dropped by as much as 45 percent on a monthly basis in March, prompted by investors pulling a record $83 bn from EMs during the month.

Foreign holdings of Egyptian debt more than doubled to USD 21.1 bn between May and mid-October, signaling increased appetite for risky EM assets and improving confidence in the Egyptian economy