The net foreign assets of Egypt’s banking sector increased by the equivalent of about EGP 51.958bn during September 2020, the Central Bank of Egypt (CBE) has revealed. They reached about EGP 220.358bn, up from the equivalent of about EGP 168.4bn in August.
In a recent report, the CBE stated that the increase in net foreign assets came as a result of the increase in the volume of foreign assets in the banking sector, equivalent to about EGP 32.308bn during September 2020. It reached the equivalent of about EGP 924.696bn, compared to the equivalent of about EGP 892.388bn in August.
This came in addition to the decrease in the volume of foreign liabilities, equivalent to about EGP 19.65bn. It reached the equivalent of about EGP 704.338bn in September, compared to the equivalent of about EGP 723.988bn in August.
The CBE report added that the volume of foreign assets at the CBE decreased during September to the equivalent of about EGP 592.976bn, compared to the equivalent of about EGP 595.085bn during August. In contrast, the volume of foreign assets with banks increased to the equivalent of about EGP 331.72bn compared to the equivalent of about EGP 297.303bn.
It pointed out that the volume of foreign liabilities with the CBE also decreased to the equivalent of about EGP 405.077bn in September 2020, compared to the equivalent of about EGP 409.323bn in August 2020. At the same time, the volume of liabilities with banks decreased to the equivalent of about EGP 299.261bn, compared to the equivalent of about EGP 314.665bn.
