Egypt’s net foreign assets decline in November to $6 billion

Data from the Central Bank of Egypt showed that net foreign assets fell by $3.25 billion in November 2024, the second decline in two months amid pressure on the local currency due to imminent foreign obligations. According to Reuters calculations based on the central bank’s official exchange rates, net foreign assets fell to the equivalent of $6 billion from $9.21 billion at the end of October. The decline came after a decline of $1.12 billion in October. Supporting the pound: Egypt has been using net foreign assets, which include foreign assets at the central bank and commercial banks, to contribute to supporting the pound since September 2021 at least.