2023-09-03 09:15:00
In the biggest improvement since the beginning of the Russian-Ukrainian crisis
Cairo – Al Arabiya.net
Posted on: September 03, 2023: 01:15 PM GST Last updated: September 03, 2023: 01:33 PM GST
The net foreign assets deficit of the banking sector decreased by about $805 million last July, which is the largest improvement since the beginning of the economic crisis in Egypt following Russia’s invasion of Ukraine, according to data from the Central Bank of Egypt.
The average exchange rate of the dollar against the pound at the end of July recorded about 30.95 pounds, to settle at levels at the end of June itself.
The difference between the foreign assets of the banking sector and its liabilities in foreign currency towards non-residents decreased to $26.2 billion, compared to $27.1 billion in June, according to the Egyptian newspaper, Al Borsa.
The decline came despite the expansion of the net foreign assets deficit of the Central Bank by about $149 million, supported by the improvement in the net foreign assets of commercial banks, to decrease their deficit by about $954 million in July.
Banks’ net foreign assets deficit decreased, supported by the rise in foreign assets, to $13.8 billion, compared to $12.8 billion in June. At the same time, liabilities rose only marginally to $29.98 billion, compared to $29.86 billion.
According to the data, the central bank’s liabilities rose in July by about $263 million, which is a much faster pace than the increase in assets by about $114 million.
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