CAIRO: The monthly statistical bulletin issued by Egypt's Central Bank for the month of March revealed a rise in net foreign exchange reserves to $43.3 billion at the end of February compared to $31.3 billion at the end of June, an increase of $3 billion at a rate of 9.6 percent during the period from July to February, covering 8 months of merchandise imports. The Central Bank attributed this rise to the increased rate of foreign currency equivalent to $1.8 billion and also recorded relatively higher rates in the balances of credit facilities granted by banks, which increased by 5.4 billion Egyptian pounds ($1 billion) during the period from July to January. This accounted for 64.3 percent in the private sector, where the industry sector received 32.5 percent, the service sector accounted for 24.8 percent, followed by the trade sector at 14.8 percent and agriculture by 1.5 percent. The private sector also included portions of each of the above figures. The volume of trade exchange, or “total merchandise exports and imports” between Egypt and the world during the period from July to December, reached $34.9 billion, at a retreat of 16.4 percent over the same period of the last fiscal year. It also reported a rise in the balance of the external debt by about $8.1 billion to $33.3 billion at the end of December last year compared to the end of last June “because of high exchange rates of most currencies against the dollar by the borrower or the equivalent of $410.4 million, in addition to the use of net loans and advances record $1.4 billion, while the external debt servicing by $405.5 million to $1.3 billion during the period between July and December,” the central bank said. The bank added that the general budget achieved a total deficit of 57.5 billion Egyptian pounds ($10 billion) as a result of the “difference between the expenditures of $168.5 billion pounds and revenues, which reached 109.4 billion pounds, in addition to the net acquisition of financial assets which stood at minus 0.4 billion pounds, while total domestic public debt was 841.1 billion at the end of December is due from the government, including 75.5 percent.” **reporting by Mohamed Abdel Salam BM
