Cairo – Mubasher: The deficit of foreign assets in the banking sector shrank by 73.6% or $4.64 billion in January when compared to the previous month, according to a recent statement by Egypt’s central bank.
The deficit decreased to EGP 122.7 billion ($7.7 billion) in January from EGP 196.8 billion ($12.34 billion) in December 2015.
The statement noted that the banking sector’s foreign liabilities shrank to EGP 832.3 billion by the end of January 2016 from EGP 834.3 billion in December 2015.
Meanwhile, net foreign assets grew by EGP 72 billion to EGP 709.6 billion in January from EGP 637.5 billion in the previous month.
