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Net foreign assets in banking sector rise EGP 20.991bn in December 2020 - Daily News Egypt

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Net foreign assets in banking sector rise EGP 20.991bn in December 2020

Household sector added EGP 643.108bn in local currency deposits during 2020


The Central Bank of Egypt (CBE) has revealed that the net foreign assets in Egypt’s banking sector increased by the equivalent of about EGP 20.991bn in December 2020.

As a result of the rise, the value of the sector’s total foreign assets reached about EGP 270.692bn, compared to the equivalent of about EGP 249.701bn in November 2020.

In a recent report, the CBE stated that the increase in net foreign assets came as a result of the increase in the volume of foreign assets in the banking sector. This was equivalent to about EGP 28.999bn during December 2020, to reach the equivalent of about EGP 960.618bn compared to the equivalent of about EGP 931.619bn in November 2020.

Meanwhile, the foreign liabilities increased by the equivalent of about EGP 8.008bn to the equivalent of about EGP 689.926bn in December 2020. This compared to the equivalent of about EGP 681.918bn in November.

The CBE noted that the volume of foreign assets it holds increased during December 2020 to the equivalent of about EGP 617.681bn, compared to the equivalent of about EGP 600.155bn during November 2020. At the same time, the volume of foreign assets with banks increased to the equivalent of about EGP 342.937bn, compared to the equivalent of about EGP 331.464bn.

The volume of foreign liabilities also increased at the CBE to the equivalent of about EGP 405.871bn in December 2020, compared to the equivalent of about EGP 402.086bn in November 2020. The volume of liabilities with banks increased to the equivalent of about EGP 284.055bn compared to the equivalent of about EGP 279.832bn.

In another context, the CBE revealed that customers’ deposits in local currency with the banking system increased, by the end of December 2020, by EGP 712.442bn. As a result of the rise, this segment reached about EGP 3.66trn, compared to about EGP 2.948trn by the end of December 2019.

It explained that the volume of time deposits and the savings certificates in local currency with banks rose by EGP 641.445bn during 2020. It reached about EGP 3.128trn during the month, compared to about EGP 2.486trn by the end of 2019.

It added that local currency deposits amounted to about EGP 532.34bn by the end of December 2020, compared to about EGP 461.341bn by the end of December 2020, an increase of EGP 70.999bn.

According to the CBE, the household sector added about EGP 643.108bn to its domestic deposits in banks during 2020, to reach about EGP 3.116trn. This compared to about EGP 2.472trn by the end of 2019.

The household sector’s share of domestic on-demand deposits reached about EGP 194.424bn at the end of December 2020, compared to EGP 184.374bn at the end of December 2019. The CBE also noted that total savings in time deposits and savings certificates amounted to EGP 2.921trn in December 2020, compared to EGP 2.288trn in the same month of the previous year.

The CBE indicated that the public business sector’s share of total deposits in local currency reached about EGP 62.681bn by the end of December 2020. Of this amount, about EGP 30.762bn were demand deposits, and about EGP 31.919bn were time deposits and savings certificates.

The private sector’s share amounted to about EGP 455.194bn of total local currency deposits in banks by the end of December 2020. Of this, about EGP 307.337bn were demand deposits, and about EGP 147.857bn were time deposits and savings certificates.

In the same context, the CBE revealed a decrease in the volume of foreign currency deposits with banks during 2020, equivalent to about EGP 6.222bn to reach the equivalent of about EGP 648.864bn compared to the equivalent of about EGP 655.086bn by the end of 2019.

It explained that demand deposits in foreign currencies amounted to about EGP 135.919bn by the end of December 2020, compared to the equivalent of about EGP 128.537bn by the end of December 2019, an increase of about EGP 7.382bn.

On the other hand, the volume of time deposits and savings certificates in foreign currencies with banks decreased by about EGP 13.604bn during 2020. As a result, this segment reached the equivalent of about EGP 512.945bn, compared to the equivalent of about EGP 526.549bn by the end of 2019.

It explained that the public sector’s share of demand deposits in foreign currencies reached the equivalent of about EGP 6.303bn by the end of December 2020. The private sector’s share was equivalent to about EGP 77.189bn, while the household’s share was the equivalent of about EGP 52.455bn.

The public sector’s share amounted to the equivalent of about EGP 24.087bn in time deposits and savings certificates in foreign currencies. This compared to the equivalent of about EGP 87.695bn for the private sector, and the equivalent of about EGP 401.163bn for the household sector.

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https://dailyfeed.dailynewsegypt.com/2021/02/02/net-foreign-assets-in-banking-sector-rise-egp-20-991bn-in-december-2020/
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