Egypt's net foreign assets decline by $6.1 billion in March, driven by commercial banks

Commercial banks were the primary contributors to this decrease, with their net foreign assets dropping by nearly $5.9 billion. The Central Bank of Egypt's net foreign assets also saw a slight reduction of approximately $130 million. This decline was influenced by a $3.6 billion decrease in commercial banks' foreign assets held abroad, which fell to $39.4 billion.

Concurrently, banks' foreign currency liabilities increased by about $2.4 billion, reaching $33.6 billion by the end of March. Net foreign assets are a crucial indicator of foreign exchange liquidity and the banking sector's ability to meet its external obligations.