Egypt's Net Foreign Asset Deficit Drop to $4.2 Billion, Says CBE

The Central Bank of Egypt (CBE) said that banks operating in Egypt attracted deposits in foreign currencies worth EGP 845 billion, an increase of 53.75% during March, bringing their total to EGP 2.417 trillion, compared to EGP 1.572 trillion, month-over-month.

The bank added that the net foreign assets deficit of the Egyptian banking system decreased to $4.2 billion last March, compared to $21.9 billion in February, supported by funds from the Ras El Hekma deal and the liberalization of the exchange rate.

The new increase in non-governmental deposits in foreign currencies is estimated at about $17.681 billion, according to the current dollar exchange rate at the Central Bank of Egypt, which amounts to EGP 47.79.

CBE said today that the total balances of non-governmental deposits of foreign currencies on demand rose by March to EGP 633 billion, from EGP 412 billion in February 2024.

The public business sector's foreign currency deposits in banks decreased to EGP 27 billion from EGP 30.67 billion last February, while the private business sector's foreign currency deposits in banks increased to record EGP 431.3 billion at the end of March 2024, compared to EGP 271.89 billion last February.

The household sector’s foreign currency deposits in banks also increased, reaching EGP 175.1 billion in March from EGP 109.5 billion in February 2024.

The balances of time deposits and savings certificates in foreign currencies at banks also increased to record at the end of March EGP 1.784 trillion, up from EGP 1.159 trillion.