Net foreign liabilities hit record high in January for second consecutive month

Egypt’s net foreign liabilities reached an all-time high in January as pressure on thecountry’s external position continued to mount. Net foreign asset deficit widened for the second consecutive month to USD 29.0 bn from USD 27.2 bn in December, according to Enterprise calculations based on Central Bank of Egypt figures.

Once again, commercial banks brought the overall figure down, with their net foreign asset position worsening for a second consecutive month to a deficit of USD 17.6 bn in January, from a deficit of USD 16.2 bn in December.

But so too did the central bank after having improved the month before. The central bank’s net foreign asset position worsened to a deficit of USD 11.4 bn in January, from USD 11.0 bn in December.