Foreign Asset Surplus In Egypt's Banking Sector Reaches $5.2Bn In 2024

(MENAFN- Daily News Egypt) The Central bank of Egypt (CBE) reported that the net foreign assets of the Egyptian banking sector recorded a surplus of $5.224bn (EGP 265.898bn) in December 2024, down from $5.95bn (EGP 295.6bn) in November.

According to the CBE's latest report, total foreign assets in the banking sector, including both the central bank and commercial banks, increased to EGP 3.506trn in December, up from EGP 3.325trn in November. Meanwhile, foreign liabilities declined to EGP 3.240trn from EGP 3.029trn.

Net foreign assets first recorded a surplus in May 2024, reaching EGP 676.4bn after a deficit of EGP 174.385bn at the end of April.

Local Liquidity Growth

In a separate statement, the CBE revealed that total local liquidity in the banking sector surged to EGP 11.636trn in December 2024, compared to EGP 8.877trn in December 2023. The money supply (M1) rose to EGP 2.803trn, up from EGP 2.370trn, while currency in circulation outside the banking system increased to EGP 1.121trn from EGP 1.068trn.

Non-Governmental Deposits in Local Currency

Total non-governmental deposits in local currency at banks operating in Egypt rose to EGP 7.555trn by the end of December 2024, up from EGP 6.247trn a year earlier.

Demand deposits in local currency reached EGP 1.682trn, compared to EGP 1.301trn in December 2023. The public business sector accounted for EGP 117.189bn, the private business sector held EGP 922.387bn, and the household sector had EGP 642.666bn.

Time deposits and savings certificates in local currency increased to EGP 5.873trn, up from EGP 4.946trn. The public business sector held EGP 70.381bn, the private business sector had EGP 369.672bn, and the household sector accounted for EGP 5.433trn.

Foreign Currency Deposits

Total non-governmental deposits in foreign currencies at banks reached EGP 2.959trn by the end of December 2024, compared to EGP 1.561trn a year earlier.

Foreign currency demand deposits stood at EGP 701.434bn, while time deposits and savings certificates in foreign currencies totaled EGP 2.258trn.

The public business sector held EGP 36.234bn in foreign currency demand deposits, while the private business sector had EGP 467.669bn, and the household sector accounted for EGP 197.645bn.

For time deposits and savings certificates in foreign currencies, the public business sector held EGP 136.462bn, the private business sector had EGP 537.940bn, and the household sector accounted for EGP 1.583trn.

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