Our net foreign assets position deteriorated in September

Egypt’s net foreign assets gap widened in September to negative USD 26.8 bn from negative USD 25.9 bn the month prior, according to Enterprise calculations based on Central Bank of Egypt figures. This marks the first jump in net foreign liabilities since June, when they hit a record high of USD 27.1 bn.

Liquidity in the banking system improved slightly, with net liabilities inching down to USD 16.3 bn from USD 16.5 bn last month.

The Central Bank of Egypt’s net foreign liabilities widened to USD 10.5 bn from USD 9.4 bn in August, according to the figures. This is a reversal of the previous month, when the CBE’s narrowing liabilities supported a marginal improvement in the net foreign asset position.