Net foreign liabilities hit record high in October as FX pressure mounts

Egypt’s net foreign liabilities hit a record high in October as pressure on the country’s external position continued to mount. Our net foreign asset deficit widened to USD 27.2 bn from USD 26.8 bn in September, according to Enterprise calculations based on Central Bank of Egypt figures.

It was because of the CBE: The central bank’s net foreign assets widened to negative USD 11.3 bn last month from negative USD 10.5 bn in September, the figures showed.

FX liquidity in the banking system eased thanks to both lower liabilities and higher assets, with net foreign assets in commercial banks improving to negative USD 15.9 bn from negative USD 16.4 bn in September.