Egypt's net foreign assets (NFAs) fell by $591 million in September having dropped off sharply in August, central bank data showed on Friday.
NFAs declined to the equivalent of $10.31 billion at end-September from $9.72 billion in August, according to Reuters calculations based on the official central bank currency rate at the time, Reuters reported.
NFAs fell by $3.53 billion in August.
Egypt had been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021. NFAs turned negative in February 2022.
Foreign assets rose slightly at commercial banks in September but dipped at the central bank, while foreign liabilities climbed at commercial banks and eased at the central bank.
