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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.

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UN Trade Agency: New Trade War Deadline Prolongs Instability

Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)
Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)
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UN Trade Agency: New Trade War Deadline Prolongs Instability

Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)
Workers inspect imported stones at a marble factory in Kishangarh, in India's Rajasthan state on July 8, 2025. (Photo by HIMANSHU SHARMA / AFP)

The Trump administration's decision to extend a negotiating deadline for tariff rates is prolonging uncertainty and instability for countries, the executive director of the United Nations trade agency said on Tuesday.

US President Donald Trump on Monday ramped up his trade war, telling 14 nations, from powerhouse suppliers such as Japan and South Korea to minor trade players, that they now face sharply higher tariffs from a new deadline of August 1.

"This move actually extends the period of uncertainty, undermining long-term investment and business contracts, and creating further uncertainty and instability," Pamela Coke-Hamilton, executive director of the International Trade Centre, told reporters in Geneva, according to Reuters.

"If a business is not clear on what costs they are going to pay, they cannot plan, they cannot decide on who will invest," Coke-Hamilton said, citing the example of Lesotho, where major textile exporting companies have withheld their investment for the time being, pending a tariff outcome.

The uncertainty, combined with deep cuts in development aid, had created a "dual shock" for developing countries, she added.

Countries have been under pressure to conclude deals with the US after Trump unleashed a global trade war in April that roiled financial markets and sent policymakers scrambling to protect their economies.