Egypt's net foreign assets decline by $1.7 billion in January

Egypt's net foreign assets (NFAs) declined by 160.2 billion Egyptian pounds in January, likely due to debts maturing and importers clearing backlogs from ports.

NFAs deteriorated to a negative 654.43 billion Egyptian pounds from a negative 494.3 billion at end-December, central bank data showed.

This works out to a decline of $1.70 billion using end-of-month central bank exchange rates, according to Reuters calculations. The central bank allowed the Egyptian pound to depreciate by nearly 24% in January.