Banks in Egypt see EGP 50.921bn increase in net foreign assets in February 2021: CBE

Proceeds of saving certificates, deposits in local currency rise by EGP 76.77bn in one month

The Central Bank of Egypt (CBE) has revealed that the net foreign assets in the country's banking sector increased by EGP 50.921bn in February 2021.
This saw these assets come in at about EGP 325.514bn, compared to about EGP 274.593bn in January 2021.
In a recent report, the CBE stated that the foreign assets in the banking sector increased by EGP 56.148bn during February 2021, reaching EGP 1.029trn, compared to EGP 973.238bn in January 2021.
The volume of foreign liabilities also jumped by EGP 5.227bn, reaching EGP 703.872bn in February, compared to EGP 698.645bn in the previous month.
According to the report, the volume of foreign assets at the CBE decreased in February to EGP 619.187bn, compared to EGP 617.574bn in January.
It pointed out that the volume of foreign liabilities decreased at CBE to about EGP 405.593bn in February, compared to about EGP 406.022bn in January.
The CBE revealed an increase in the volume of local currency deposits in banks by EGP 69.731bn in February 2021, reaching about EGP 3.761trn, compared to EGP 3.692trn in January 2021.
The CBE stated that demand deposits in local currency amounted to about EGP 527.52bn in February 2021, compared to about EGP 534.558bn in January 2021, a decrease of about EGP 7.038bn.
On the other hand, the volume of time deposits and proceeds of savings certificates in local currency in banks increased by EGP 76.769bn in February 2021. It reached EGP 3.234trn, compared to EGP 3.157trn in January 2021.
The public sector's share of demand deposits in local currency reached about EGP 29.575bn by the end of February 2021. The private sector's share was about EGP 295.837bn, whilst for the household sector it stood at about EGP 202.375bn.
The public sector's share amounted to about EGP 33.383bn of time deposits and savings certificates in local currency, compared to about EGP 167.736bn for the private sector, and about EGP 3.033trn for the household sector.
Moreover, the CBE revealed an EGP 854m decline in the volume of foreign currency deposits in banks in February 2021 to about EGP 649.033bn, compared to about EGP 649.887bn in January 2021.
Demand deposits in foreign currencies amounted to about EGP 147.024bn in February 2021, compared to about EGP 139.683bn in January 2021, an increase of about EGP 7.341bn.
On the other hand, the volume of time deposits and saving certificates in foreign currency in banks decreased by about EGP 8.795bn n February 2021, to reach about EGP 502.009bn. This compared to about EGP 510.204bn recorded in January 2021.
The public sector's share of demand deposits in foreign currency reached about EGP 6.903bn in February 2021, and the private sector's share was about EGP 80.155bn, while the household sector's share was about EGP 52.525bn.
The public sector's share amounted to EGP 23.325bn, including time deposits and savings certificates in foreign currency, compared to EGP 83.759bn for the private sector, and about EGP 394.925bn for the household sector.