Egypt’s net foreign assets deficit hikes 125% to $27 bln over a year

Egypt’s net foreign assets (NFAs) deficit surged by over 125 percent on a yearly basis in June, according to data released by the Central Bank of Egypt (CBE) on Tuesday.

Egypt’s net foreign assets deficit increased to 837.3 billion Egyptian pounds ($27 billion) in June 2023, up from 755.1 billion pounds in May 2023. The deficit stood at 372 billion pounds in June 2022.

The country seeks to tackle a critical shortage of U.S. dollars from which it has suffered for almost a year and a half, to bridge an estimated $17 billion financing gap until 2026.