The Central Bank of Egypt (CBE) said that the net foreign assets of the local banking system rose by equivalent of EGP 23.923bn to about EGP 186.313bn in September 2021, compared to about EGP 162.390bn in August 2021.

In its monthly report on Wednesday, the CBE explained that this rise came as a result of an increase in its net foreign assets at the CBE by EGP 6.314bn, reaching EGP 238.897bn in September, compared to EGP 232.583bn in August. In addition, foreign assets at banks operating in the local market increased by EGP 17.609bn, reaching EGP 52.584bn in September, compared to EGP 70.193bn in August.

In a different context, the CBE revealed an increase in net domestic assets, during the period from July to September 2021, by EGP 282.8bn, or 5.5%, as a result of an increase in domestic credit by EGP 121.2bn, at a rate of 2.2%, and a decrease in the negative balance of net budget items by EGP 161.6bn at a rate of 51.2%.

The domestic credit rose as a result of an increase in net liabilities from the government by EGP 65bn, and liabilities from the private business sector by EGP 27.5bn, with a decline from the household family sector by EGP 29.6bn, and the public business sector by EGP 900m.