(MENAFN- Daily News Egypt) The Central bank of Egypt (CBE) revealed that the net foreign assets of the Egyptian banking system achieved a surplus of $10.3bn, equivalent to EGP 498.6bn in September compared to $9.7bn, equivalent to EGP 473.261bn the end of August.
Net foreign assets reached a surplus for the first time in May 2024, recording EGP 676.4bn, compared to a deficit equivalent to EGP 174.385bn in April. Foreign assets achieved a surplus for the first time since January 2022 of EGP 9.674bn.
According to CBE, the total foreign assets of the banking system amounted to EGP 3.562trn in September, compared to EGP 3.531trn in August 2024.
The volume of liabilities amounted to EGP 3.064trn in September, compared to EGP 3.058trn in August.
Local cash flows
CBE revealed an increase in the volume of local liquidity in the Egyptian banking sector to EGP 11.081trn in September 2024, compared to EGP 8.877trn in December 2023.
CBE said the money supply recorded EGP 2.760trn in September, compared to EGP 2.370trn in 2023. Cash flows outside the banking system recorded EGP 1.168trn compared to EGP 1.068tn.
Non-governmental deposits in local currency
CBE said that non-governmental deposits in local currency with banks operating in the local market increased to EGP 7.207trn in September 2024, compared to EGP 6.247trn in December 2023.
According to CBE, the volume of demand deposits in local currency amounted to EGP 1.592trn, compared to EGP 1.301tn. The public business sector's share of these deposits was EGP 106.778bn and the private sector EGP 908.391bn, while the household sector EGP 577.570bn.
The volume of time deposits and savings certificates in local currency also jumped to about EGP 5.615trn in September 2024, compared to 4.946 trillion pounds by the end of December 2023.
According to CBE, the public business sector acquired about EGP 68.252bn of these deposits, the private sector EGP 348.131bn, and the household sector EGP 5.199tn.
Non-governmental deposits in foreign currencies
CBE revealed an increase in the total non-governmental deposits in foreign currencies with banks to about EGP 2.705trn in September 2024, compared to EGP 1.561trn in December 2023.
According to CBE, the volume of demand deposits in foreign currencies amounted to EGP 672.933bn, while the volume of time deposits and saving certificates amounted to about EGP 2.032tn.
CBE indicated that the public business sector acquired the equivalent of EGP 31.839bn of demand deposits, the private business sector about EGP 453.052bn, and the household sector about EGP 188.206bn. The public business sector acquired nearly EGP 141.172bn of time deposits and savings certificates in foreign currencies, the private business sector with about EGP 454.468bn, and the household sector acquired nearly EGP 1.437tn.
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