The Central Bank of Egypt (CBE) has revealed that investments by foreigners in Egyptian Treasury bills (T-bills) rose to the equivalent of about EGP 349.9bn in May 2021. This latest figure compared to the equivalent of about EGP 326.9bn in April 2021. In its monthly report issued on Tuesday, the CBE clarified that the total outstanding balances of T-bills amounted to about EGP 1.554trn in May. The figure reflected an increase of about EGP 21bn, compared to the EGP 1.533trn reported in April. According to the CBE, the investments of public sector banks in T-bills amounted to about EGP 252.291bn in May, compared to EGP 285.024bn in April. Meanwhile, the investments of private sector banks amounted to about EGP 344.790bn in May, compared to EGP 337.7bn in April. The investments of specialised banks recorded EGP 30.468bn in May, compared to EGP 31.562bn in April. The investments of foreign bank branches in Egypt amounted to EGP 46.801bn in May 2021, compared to EGP 47.082bn in April. In another matter, the CBE said that net foreign assets rose by the equivalent of EGP 150.2bn during the period from July 2020 to April 2021, to reach the equivalent of about EGP 272.294bn. It also said that this increase came as a result of the increase in net foreign assets with banks, equivalent to EGP 88.5bn. This was also driven by the rise in net foreign assets with the CBE, equivalent to EGP 61.7bn. It pointed out that the local assets of Egypt's banking system rose during the same period by EGP 495bn, or 11.2%. This was due to the increase in domestic credit by EGP 414.1bn, at a rate of 8.5%, and a decrease in the negative balance of the net budget items by EGP 80.9bn, at a rate of 18.8%. The CBE said that domestic credit rose as a result of: the increase in net liabilities from the government by EGP 180.3bn; from the private sector by EGP 140bn; and from the household sector by EGP 97.4bn. There was also a decline in liabilities from the public business sector by EGP 3.6bn.
