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The net foreign assets of Egyptian banking sector plummeted by 57 percent, or 171.5 billion Egyptian pounds between July 2019 and March 2020, Central Bank of Egypt (CBE) data showed on Thursday, in another sign of how the coronavirus is halting emerging market economies.
The decline came as a result of the decrease in net foreign assets within banks, which is equivalent to 90.4 billion pounds, and the decrease in net foreign assets at the Central Bank, equivalent to 81.1 billion pounds
However, the net domestic assets of the banking system increased by 584.6 billion pounds in the same period, with a growth rate of 16.4 percent
