Our net foreign liabilities inch up to new record high

Egypt’s net foreign asset deficit hit a new record high in December,as pressure on the nation’s external position continues to take its toll. Our net foreign asset deficit inched up to over USD 27.2 bn, after having narrowed to USD 27 bn in November, according to Enterprise calculations based on Central Bank of Egypt figures.

Commercial banks dragged the figure down,with net foreign assets in commercial banks rising to a deficit of USD 16.2 bn in December, compared to a USD 15.8 bn deficit recorded the month before. This comes after two months of net foreign assets narrowing in the banking system.

But on the plus side, the central bank saw slight improvement,with its net foreign asset deficit reducing to negative USD 11 bn in December, from negative USD 11.2 bn in the previous month. This marks the second month in a row wherein the bank’s net foreign assets witnessed marginal improvements.