Daily Times

Egypt’s deficit in net foreign assets narrowed by 5.26 billion Egyptian pounds ($170.5 million) in November to 834.0 billion pounds after commercial bank assets rose and central bank liabilities declined, according to central bank data. The deficit is still the country’s third highest ever, following record deficits in June and October. Net foreign assets (NFAs) represent both central bank and commercial bank assets held by non-residents, minus their liabilities. The central bank has drawn on the country’s NFAs to help support Egypt’s currency over the past two years. In September 2021, NFAs stood at a positive 248 billion pounds. Egypt devalued its currency by nearly half from March 2022 to March 2023, but since then has left it fixed at 30.85 to the dollar. On Thursday, the pound traded at around 51 on the black market.