Data from the Central Bank of Egypt showed that net foreign assets fell by 31.2 billion Egyptian pounds ($1.99 billion) last November, the second sharp decline in the past two months.
Net foreign assets declined from 114.2 billion pounds at the end of October to 82.95 billion pounds at the end of November, and net foreign assets amounted to 186.3 billion pounds at the end of September.
According to the Central Bank, the change in the volume of net foreign assets reflects the net transactions of the Egyptian banking system, including the Central Bank, with abroad.
Net foreign assets are calculated by deducting the banking sector’s obligations to non-residents from the total foreign currency assets.
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