Egypt’s net foreign assets decline again to reach $925 million in August

Egypt’s net foreign assets (NFAs) fell by 18.06 billion Egyptian pounds ($925 million) in August, resuming a decline that lasted nearly a year except its raise in July, Central Bank of Egypt’s (CBE) data showed.

CBE depends on the NFAs which represent banking system assists owed by non-residents minus the liabilities. This includes foreign assets held by the central bank, according to Reuters.

NFAs has decreased to negative 385.9 billion pounds at the end of August from negative 367.8 billion pounds in the previous month. It rose in July by 2.27 billion pounds after nine-month decline, according to CBE’s data.

The change in the volume of NFAs represents the net transactions of the banking system, including the central bank with the external sector, CBE said.