Egypt’s net foreign assets plummeted by $6.07 billion in March, the first full month after the United States and Israel began their attack on Iran, to $21.34bn, central bank data showed, Reuters reports.

The Iran war has sent Egypt’s energy import bill shooting up, weakened tourism and prompted the outflow of billions of dollars in portfolio investments by nervous foreigners.

In February, net foreign assets fell by $2.12bn from a record high of $29.54 billion at the end of January.