Banking deposits, in foreign currencies, in Egyptian banks witnessed a decline by the end of March to record the equivalent of EGP 644.4 million ($41.1 million), down from EGP 649.8 million in January and EGP 666.6 billion by end of FY2019/2020, the Central Bank of Egypt (CBE) announced.
On the other hand, deposits in local currency increased to reach EGP 3.8 billion by end of March, up from EGP 3.7 billion in February and EGP 3.2 billion by end of FY2019/20, according to data published by the CBE on Thursday.
The data showed that domestic liquidity in the Egyptian market rose to EGP 5.1 billion by the end of March, up from EGP 5 billion in February and EGP 4.5 billion by end of FY2019/20.
In this regard, the CBE said that money supply inched up to EGP 1.18 billion by the end of March, up from EGP 1.14 billion in February and about EGP 1 billion by the end of FY2019/20.
It added that currency that is circulated outside the banking system increased to about EGP 626 million by the end of March, up from EGP 619 million in February and EGP 600 million by the end of FY2019/20.
Meanwhile, net foreign assets dropped to the equivalent of EGP 276 million by end-March, down from EGP 320 million recorded in February, but higher than the amount recorded by the end of FY2019/20, which reached EGP 122 million.
Also, domestic assets also declined to reach EGP 4.8 billion by the end of March, down from EGP 4.7 billion recorded in February, but up from EGP 4.4 billion posted by the end of FY2019/20.
On external debt, the data showed that it increased in the second quarter (2Q) of FY2020/21 to post $129.1 billion, up from $125.3 billion in the 1Q of the fiscal year and $123.4 billion recorded by the end of FY2019/20.
Total long-term external debt edged up to $117.2 billion in the 2Q of FY2020/21, up from $113 billion recorded in the 1Q and $112.6 billion posted by the end of FY2019/20.
On the contrary, total short-term external debt declined in the 2Q of FY2020/21 to reach 119.5 billion, down from $123.2 billion in the 1Q, but up from $108.6 billion recorded by the end of FY2019/20.