A recent report issued by the Central Bank of Egypt reports there has been a decline in net foreign assets of the banking system, equivalent to 16.4 billion EGP (U.S. $2.8 billion), and by 5.8 percent from July 2010 to March 2011. The general decline was due to the decline in net foreign assets of the central bank. The report added the net domestic assets rose by 87 billion EGP (U.S. $14.6 billion), a rate of 13.7 percent from July to March of the fiscal year 2010-2011. The outcome was caused by the increase in domestic credit by 95.2 billion EGP (U.S. $16 billion) at a rate of 12.3 percent. The report also said the escalation of the financial position of banks, excluding the central bank, increased by 52.9 billion EGP (U.S. $8.9 billion) and increased by 4.3 percent during July to March 2010-2011, up to 1.3 trillion EGP (U.S. $218.5 billion) at the end of 529March 2011. Central Bank of Egypt
