Cairo – Mubasher: The deficit in the Egyptian banking sector steeply widened by 1065% in 2016.
Data released by the Central Bank of Egypt (CBE) showed an annual deficit of EGP 200.45 billion ($10.9 billion) by 31 December 2016, compared with EGP 17.20 billion ($934 million) in 2015.
The biggest deficit increase was recorded in November 2016 following a revaluation of assets due to the free float of the Egyptian pound.
Foreign asset liabilities in the banking sector rose by EGP 90 billion month-on-month to EGP 837.9 billion by the end of December 2016 from EGP 747.9 billion.
Meanwhile, net foreign asset increased by EGP 81 billion to EGP 637.5 billion in December, versus EGP 556.5 billion in November.
