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Egypt’s banking sector sees LE56.14B increase in foreign assets: CBE

Volume of foreign assets at the central bank declined to LE 619.18 billion in February, compared to LE 617.57 billion in January

By: Business Today Egypt

Wed, Apr. 7, 2021

Egypt’s banking sector’s net foreign assets increased by LE 50.921 billion in February 2021, recording at LE 325.514 billion, compared to about LE 274.593 billion in January 2021, states the Central Bank of Egypt (CBE).

According to CBE, foreign assets in the banking sector increased by LE 56.148 billion during February 2021, reaching LE 1.029 trillion, compared to LE 973.238 billion in January 2021.

Volume of foreign assets at the central bank declined to LE 619.18 billion in February, compared to LE 617.57 billion in January.

When it comes to liabilities, volume of foreign liabilities increased by LE 5.227 billion, reaching LE 703.872 billion in February, compared to LE 698.645 billion in the previous month.

At the central bank itself, volume of foreign liabilities decreased to LE 405.593 billion in February, compared to about LE 406.022 billion in January.

The CBE also disclosed an increase in the volume of local currency deposits in banks by LE 69.731 billion in February 2021, reaching about LE 3.761 trillion, compared to LE 3.692 trillion in January 2021.

Demand deposits in local currency amounted to about LE 527.52 billion in February 2021, compared to about LE 534.558 billion in January 2021, a decrease of about LE 7.038 billion.

The volume of time deposits and proceeds of savings certificates in local currency in banks increased by LE 76.769 billion in February 2021. It reached LE 3.234 trillion, compared to LE 3.157 trillion in January 2021.

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

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

Moreover, the CBE revealed an LE 854m decline in the volume of foreign currency deposits in banks in February 2021 to about LE 649.033 billion, compared to about LE 649.887 billion in January 2021.

Demand deposits in foreign currencies amounted to about LE 147.024 billion in February 2021, compared to about LE 139.683 billion in January 2021, an increase of about LE 7.341 billion.

When it comes to the volume of time deposits and saving certificates in foreign currency in banks, those decreased by about LE 8.795 billion in February 2021, to reach about LE 502.009 billion. This compared to about LE 510.204 billion recorded in January 2021.

The public sector’s share of demand deposits in foreign currency reached about LE 6.903 billion in February 2021, and the private sector’s share was about LE 80.155 billion, while the household sector’s share was about LE 52.525 billion.

The public sector’s share amounted to LE 23.325 billion, including time deposits and savings certificates in foreign currency, compared to LE 83.759 billion for the private sector, and about LE 394.925 billion for the household sector.