Egypt’s banking net foreign assets hit $14.35B by end of February

CAIRO – 1 April 2019: Net foreign assets at the Egyptian banking Sector reached a surplus of $14.349 billion in February, compared to LE 8.312 billion in January, according the Central Bank of Egypt (CBE).

CBE’s data showed that surplus of net foreign assets of the banking sector recorded an increase of $6.037 billion during February.

The data read that this increase came by the support of foreign assets in banks which recorded $19.328 billion, compared to $13.978 billion, with an increase of $5.4 billion.

It added that during February, banks received huge inflows from foreign customers to invest in governmental debt instruments, in addition to the increase of the remittances of the Egyptian expatriates.

Foreign assets in the central bank rose to $42.877 billion by the end of February, compared to $41.676 billion in January, with an increase of $1.2 billion.

Egypt received that fifth tranche of the IMF-loan worth $2 billion in February.

As per foreign liability, it reached $47.856 billion by the end of February, compared to $47.522 billion by the end of January.

Liabilities at the Central Bank of Egypt recorded $28.349 billion in February, down from $28.76 billion by the end of January, while liabilities at banks hit $17.462 billion by the end of February, compared to $18.761 billion by the end of January.