Net foreign assets at banks dip in March

Net foreign assets (NFAs) in Egypt’s banking sector dipped 13.7% m-o-m in March to reach USD 17.70 bn, from a record high of USD 20.50 bn in February, according to Central Bank of Egypt data. The banking sector’s NFAs 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. Net foreign liabilities at commercial banks inched up 3.2% m-o-m in March to USD 20.05 bn, from USD 19.43 bn at the end of February.