Egypt - The Central Bank of Egypt (CBE) has announced that the Egyptian banking system’s net foreign assets achieved a surplus of $9.2bn in October 2024, equivalent to EGP 450.861bn, compared to $10.3bn, equivalent to EGP 498.6bn in September 2024.

Net foreign assets achieved a surplus for the first time, amounting to EGP 676.4bn in May, compared to a deficit of EGP 174.385bn in April. The banking system’s total foreign assets amounted to EGP 3.584trn in October, compared to EGP 3.562trn in September.

Liabilities increased to EGP 3.133trn in October, compared to EGP 3.064trn in September.

Local liquidity

In the same context, CBE revealed an increase in the volume of local liquidity in the Egyptian banking sector to EGP 11.247trn in September 2024, compared to EGP 8.877trn in December 2023.

CBE said that the money supply recorded EGP 2.778trn, compared to EGP 2.370trn, while the cash in circulation outside the banking system recorded EGP 1.163trn, compared to EGP 1.068trn. Auasi-money recorded EGP 8.469trn, compared to EGP 6.507trn.

Non-governmental deposits in local currency

CBE indicated that the total non-governmental deposits in local currency with banks operating in the local market increased to EGP 7.307trn in October 2024, compared to EGP 6.247trn in December 2023.

According to CBE, the volume of demand deposits in local currency reached EGP 1.614trn, compared to EGP 1.301trn in December 2023. The share of the public business sector in these deposits amounted to EGP 107.434bn, the private sector EGP 907.222bn, and the household sector EGP 600.035bn.

The volume of time deposits and savings certificates in local currency amounted to EGP 5.693trn, compared to EGP 4.946trn. The public business sector acquired about EGP 65.393bn of these deposits, the private sector EGP 325.964bn, and the household sector EGP 5.301trn.

Foreign currency deposits

In the same context, CBE revealed an increase in the total non-governmental deposits in foreign currencies at banks to EGP 2.776trn in October 2024, compared to EGP 1.561trn in December 2023.

The volume of demand deposits in foreign currencies reached EGP 684.987bn, while the volume of time deposits and savings certificates amounted to EGP 2.091trn.

According to CBE, the public business sector acquired about EGP 32.478bn in demand deposits, the private business sector about EGP 467.198bn, and the household sector about EGP 185.434bn.

The public business sector also acquired about EGP 142.847bn in time deposits and savings certificates in foreign currencies, the private business sector acquired the equivalent of about EGP 465.631bn, and the household sector about EGP 1.482trn.

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