Recent data revealed The Central Bank of EgyptThe deposits of banks operating in the Egyptian local market reached a record level estimated at EGP 6.191 trillion at the end of last October, compared to EGP 5.374 trillion at the end of February 2021, with an increase of EGP 817 billion, an increase of about 15.2%.
A few days ago, the Central Bank of Egypt announced that net foreign exchange reserves rose to the level of 40.935 billion dollars at the end of last December, compared to 40.909 billion dollars at the end of November last year, an increase of about 26 million dollars.
Informed banking sources revealed to Al Arabiya.net that the strong rise in deposits is directly due to the stagnation in the market due to the repercussions of the Corona virus, which caused the collapse of all investment activities globally.
The sources stated that the national projects implemented by the Egyptian government contributed greatly to reducing the rate of stagnation, especially that a large number of private companies are working in these projects, and with the stagnation left by the Corona pandemic, a large number of private companies prefer to work with the government sector, especially in implementing national projects.
At the same time, an official source at the Central Bank of Egypt revealed that foreign investors have returned strongly to the Egyptian market since the beginning of January.
The source said, according to a statement issued by the Central Bank of Egypt, that foreign investors have pumped about $970 million since the beginning of the year until January 16, in financial investments including long-term bonds and treasury bills.
He explained that the Egyptian economy exceeds the repercussions of international monetary policy, and this is a new and not insignificant boost, noting that the balance of investments in long-term bonds exceeds the balance of short-term treasury bills.