Cairo – Mubasher: Banks’ net foreign assets surged 889% year-on-year to $2.1 billion in the first quarter of the fiscal year 2017/18, from $216.6 million a year earlier, the Central Bank of Egypt’s (CBE) data showed.
Net outflows and liabilities amounted to around $3.6 billion in Q1-17/18 compared to net inflows of $4.8 billion.
CBE ascribed the rise of inflows to the growth of banks' assets on the back of currency float in November 2016.
CBE said that Egypt's foreign reserves increased to $36.723 billion in November 2017 versus $36.703 billion in the previous month.
