Egypt’s net foreign liabilities improve slightly in November

Egypt’s net foreign liabilities eased slightly in November on the back of a turn around in the central bank’s net foreign assets. Our net foreign asset deficit narrowed to USD 27 bn from a record high of USD 27.2 bn in October, according to Enterprise calculations based on Central Bank of Egypt figures.

The CBE’s net foreign assets saw a marginal improvement to negative USD 11.2 bn last month from negative USD 11.3 bn in October, the figures showed. This marks a reversal from November when the central bank’s net foreign assets deficit widened on the previous month.

FX liquidity in the banking system continued to record improvements, with net foreign assets in commercial banks narrowing to negative USD 15.8 bn in November, compared to negative USD 15.9 bn in October, after having already dropped from negative USD 16.4 bn in September.