The Clap
Net foreign assets increased by 47.28 billion Egyptian pounds in December 2022, improving the country’s position from negative EGP 541 billion to negative EGP 494 billion.
What
This means that the country’s foreign currency liabilities are still higher than its assets.
So what
The devaluation of the Egyptian pound in October 2022 contributed to the increase in net foreign assets, as the Central Bank of Egypt’s reliance on foreign currency to support the EGP was reduced after the devaluation.
Now what
The EGP 47.28 billion is approximately equivalent to $2 billion, based on December 2022 exchange rates.
