Speaking to MENA on Sunday, the source said the increased assets came at a time the world suffered from repercussions of the novel coronavirus for the economic sector.

Such an increase in the net foreign assets reflects the strength of the Egyptian banking sector and good management of those in charge of it, Head of the Treasury Sector at the Industrial Development Bank (IDB) Haytham Adel said.

He pointed out that the policies adopted by the CBE since 2016 contributed to strengthening the Egyptian banks and increasing their assets in hard currencies at home and abroad.