The Central Bank of Egypt (CBE) revealed that non-governmental foreign currency deposits (FCDs) in banks operating in the Egyptian market increased by $1.2bn during the first five months of this year. The foreign currency deposit balances rose from $50.4bn in December 2023 to $51.6bn in May 2024. In May alone, non-governmental foreign currency deposits in banks increased by approximately $780m. The growth in foreign savings flowing into banks had a positive impact on the net foreign assets owned by banks and the central bank. Net foreign assets at commercial banks alone rose to about $32.2bn in May, compared to $24.95 bn in April—an increase of approximately 29%.

Source: Daily News Egypt July 02, 2024 21:17 UTC