By: Heba El Kordy
Cairo – Mubasher: Egypt’s banking sector net foreign assets dropped to EGP 218.2 billion (12.12 billion) in September, from EGP 188.6 billion ($10.4 billion) during the same month a year earlier, registering its lowest level in eight months, according to the Central Bank of Egypt’s (CBE) data on Sunday.
Month-on-month, the lenders’ net assets slid 17% in September, from EGP 264.03 billion a month earlier, the CBE added.
SHUAA Securities Egypt stated previously that the drop in bank foreign assets is a temporary and assets will see more support on the medium-term over the coming period.
Egypt further noted previously that it was aiming to finance its budget deficit with EGP 511.2 billion during fiscal year 2018/2019.
In September, Egyptian domestic liquidity increased to EGP 3.54 trillion, from EGP 3.05 trillion in the same month in the year before.
The most populous Arab country previously said that it was planning to issue EGP 409.6 billion in treasury bills (T-bills), and bonds worth EGP 101.6 billion during the current fiscal year.
