Egypt's banking sector net foreign assets reach $28.4 billion in July

This figure, which includes the Central Bank of Egypt and other banks, was equivalent to LE 1.454 trillion in July, an increase from LE 1.378 trillion in June. The rise coincided with an increase in the dollar exchange rate against the Egyptian pound, reaching LE 51.1934 at the end of July from LE 49.2763 in June. Total foreign assets for the banking sector grew to LE 5.146 trillion in July from LE 4.939 trillion in June, while foreign liabilities also rose to LE 3.691 trillion from LE 3.591 trillion.

Net foreign assets serve as a key indicator of the banking sector’s external financial position. Additionally, domestic liquidity in Egypt’s banking sector climbed to LE 15.499 trillion in July, up from LE 15.261 trillion in June. The money supply saw a slight decrease to LE 4.489 trillion from LE 4.492 trillion, and currency in circulation outside the banking system fell to LE 1.631 trillion from LE 1.649 trillion.

Local-currency demand deposits at banks increased to LE 2.858 trillion in July from LE 2.842 trillion the previous month.