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Assets and reserves of Egyptian banks abroad hit $19 billion in July: CBE

MENA , Tuesday 20 Aug 2019
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Views: 1518

Assets and reserves of Egyptian banks abroad hit $19 billion last month, a record figure compared to around $16 billion in June, according to an official source at the Central Bank of Egypt.

In statements to MENA on Tuesday, the source said the assets are divided to $17.7 billion in deposits and $1.3 billion in current accounts.

The Head of the Treasury and Money Market Sector at the Industrial Development Bank Haytham Adel said the rise in the assets and reserves abroad asserts the success of the monetary policy and the positive outcome of the economic reform program adopted by Egypt for three years now.

The rise is also the result of a positive change in the foreign currency flow and a high turnout in investments in the Egyptian treasury bonds, which reflected on the economic indices of the state, he added.

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