Egypt's net foreign assets (NFAs) deficit increased by EGP 51.456 billion ($1.66 billion) to EGP 755.688 billion ($24.42 billion) in March 2023, compared to EGP 704.232 billion ($22.76 billion) in February, according to data released by the Central Bank of Egypt (CBE).

As per the CBE's data, Egypt's NFAs deficit surged by EGP 536.2 billion ($17.33 billion) month-on-month (m-o-m) in March 2023, up from EGP 219.389 billion ($7.09 billion) recorded in the corresponding month a year earlier. 

Total foreign assets in Egypt declined to EGP 1.439 trillion ($46.5 billion) in March 2023, down from EGP 1.476 trillion ($47.7 billion) in February.

In March, foreign assets with the CBE increased to EGP 1.021 trillion ($32.99 billion) from EGP 1.012 trillion ($32.7 billion) in the previous month.

Meanwhile, foreign assets with banks in Egypt contracted to EGP 417.468 billion ($13.49 billion) in March, compared to EGP 464.785 billion ($15.02 billion) posted a month earlier.

Furthermore, Egypt's total foreign liabilities rose by EGP 13.717 billion ($443.26 million) m-o-m to EGP 2.194 trillion ($70.9 billion) in March 2023, including EGP 1.298 trillion ($41.94 billion) owed by the CBE and EGP 896.705 billion ($28.98 million) owed by banks. 

Noteworthy, Egypt's net international reserves rose in February by $128 million (EGP 3,952,512,000) to reach $34.3 billion (EGP 1,059,149,700,000), up from $34.2 billion (EGP 1,056,061,800,000 ) registered by the end of January 2023.