Net foreign assets continue rising

Net foreign assets in Egypt’s banking sector inched up 4.1% m-o-m in January to reach USD 17.85 bn, up from USD 17.15 bn at the end of December, according to central bank data picked up by Al Mal. Net foreign assets have been recovering steadily since they nosedived 45% m-o-m in March 2020, when the beginning of the pandemic prompted investors to pull a record USD 83 bn from EMs that month alone. Foreign holdings of Egyptian debt have also surged back to exceed their pre-covid peak, rising to USD 29 bn last month.