Complex Made Simple

Egypt: Banks’ foreign assets decline to EGP10.5 billion by end of September

This represents a decline of EGP36.22bn compared with EGP46.72bn in July 2015

The net foreign assets at the banking system in Egypt fell by the end of September 2015 to EGP10.502 billion compared with EGP29.98bn in August, down by EGP19.5bn.

According to the Central Bank of Egypt (CBE), this represents a decline of EGP36.22bn compared with EGP46.72bn in July 2015, reports Egypt-based El-Balad.

The CBE’s latest report shows that the central bank’s liabilities and foreign assets items registered a deficit of EGP4.5bn in September 2015, down by EGP6.023bn compared with EGP10.523bn in August, and down by EGP9.54bn compared with EGP14.04bn in July 2015.

The report pointed out that banks’ liabilities and foreign assets declined by EGP14.994bn during the same month, down by EGP4.506bn compared with EGP19.5bn in August, and down by EGP17.706bn compared with EGP32.billion in July 2015.

On the other hand, the report noted that the deficit improved in the net budget items – which included capital accounts, net unclassified assets and liabilities and net debt and credit between banks – recording a deficit of EGP250.94bn in September compared with EGP272.4bn in August.

(EGP1 = AED0.47, at the time of publishing)