Egyptian Banks Net Foreign Assets hit EGP 325.514 billion

A report by Egypt’s Apex Bank, CBE, has shown that the net foreign assets in the country’s banking sector increased by EGP 50.921 billion in February 2021 reaching EGP 1.029 trillion, compared to EGP 973.238 billion in January 2021.

The volume of foreign assets at the CBE decreased in February to EGP 619.187 billion, compared to EGP 617.574 billion in January. The volume of foreign liabilities however jumped by EGP 5.227 billion, reaching EGP 703.872 billion in February, compared to EGP 698.645 billion in the previous month.

Tarek Amer, Central Bank of Egypt Governor

Local currency deposits in banks increased by EGP 69.731 billion in February 2021, reaching about EGP 3.761 trillion, compared to EGP 3.692 trillion in January 2021, the apex bank revealed.

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The CBE stated that demand deposits in local currency amounted to about EGP 527.52 billion in February 2021, compared to about EGP 534.558 billion in January 2021, a decrease of about EGP 7.038 billion.

On the other hand, the volume of time deposits and proceeds of savings receipts in local currency in banks increased by EGP 76.769 billion in February 2021. It reached EGP 3.234 trillion, compared to EGP 3.157 trillion in January 2021.

The public sector’s share of demand deposits in local currency reached about EGP 29.575 billion by the end of February 2021. The private sector’s share was about EGP 295.837 billion, whilst for the household sector it stood at about EGP 202.375 billion.

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The public sector’s share amounted to about EGP 33.383 billion of time deposits and savings certificates in local currency, compared to about EGP 167.736 billion for the private sector, and about EGP 3.033 trillion for the household sector.

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