Egypt's net foreign assets drop by $1.3bln in February

2023-04-02 22:26:29

Egypt's net foreign assets (NFAs) declined by 49.8 billion Egyptian pounds in February as pressure on the currency continued to build. The second drop in as many months took NFAs to a negative 704.23 billion Egyptian pounds from minus 654.43 billion at the end of January, central bank data showed. That equates to a February decline of $1.31 billion using end-of-month central bank exchange rates, Reuters calculations show. The central bank allowed the Egyptian pound's official price to depreciate against the dollar by 1.4% in February. The official exchange rate on Sunday was 30.9, while street dealers were offering to buy dollars for 36 pounds, down from 35 last week. NFAs, which represent banking system assets owed by non-residents minus liabilities, have helped the central bank to support Egypt's currency over the past 18 months. Egypt's NFAs had stood at a positive 248 billion pounds in September 2021, before the decline began.