The Central Bank of Egypt (CBE) said the net foreign assets of the local banking system increased by an equivalent of EGP 23.923 billion to around EGP 186.313 billion in September 2021 from around EGP 162.390 billion. EGP in August 2021.
In its monthly report on Wednesday, the CBE explained that the rise resulted from an increase in its net foreign assets at the CBE by EGP 6.314 billion, reaching EGP 238.897 billion in September from EGP 232.583 billion in August. In addition, foreign assets of banks operating in the local market increased by EGP 17.609 billion, reaching EGP 52.584 billion in September from EGP 70.193 billion in August.
In a different context, the CBE revealed an increase in net domestic assets, during the period July to September 2021, of EGP 282.8 billion, or 5.5%, due to an increase in credit of EGP 121.2 billion, at a rate of 2.2%, and a decrease in the negative balance of net budgetary items by EGP 161.6 billion at a rate of 51.2%.
Domestic credit increased due to an increase in government net liabilities of EGP 65 billion and corporate private sector liabilities of EGP 27.5 billion, with the household family sector falling by 29. EGP 6 billion and the public business sector. by EGP 900m.
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