Cairo – Mubasher: The Central Bank of Egypt’s (CBE) said the Egyptian banking system’s foreign assets recorded a surplus of the banking sector in May for the first time since October 2015.
Foreign assets’ surplus reached $69.2 billion by the end of May 2017 against a deficit of $82.79 billion in May 2016, the CBE added.
In November 2016, the CBE liberalised the exchange rate of the EGP against foreign currencies and raised the government interest rates which increased cash inflows to the Egyptian market.
The banking sector’s total cash inflows exceeded $54 billion during the last seven months or since November 2016.
Since liberalisation of the EGP in November, cash inflows have been distributed between $25 billion as funding packages and $20 billion from individuals selling the US dollar, and remittances of Egyptians working abroad.
