Egyptian banks’ foreign deposits hit EGP42bn in March

Total foreign-currency deposits at Egyptian banks rose by 6.8 percent to register $42.9 billion between July 2018 and March 2019, according to official data released on Sunday.

While total local-currency deposits increased by 10.2 percent, while the ratio of foreign currency deposits to total deposits represented about 22.7 percent by the end of March 2019.

Banks’ net foreign assets declined by $ 1.1 billion between July 2018 and March 2019, compared with an increase of about $ 1 billion in the corresponding period of the previous year, according to a report by the Central Bank of Egypt

The decline was attributed to a decline in Special Drawing Rights (SDRs) by about $ 2.2 billion, and the increase in foreign currencies by $ 1.9 billion, and gold by $ 0.2 billion.