Banks’ Securities Portfolios Drop EGP 6.2 Bln For 1st Time In 2 Years

The securities portfolio held by local banks registered a retreat of 1% (EGP 6.256 billion) for the first time in the last two years, registering EGP 606.4 billion at the end of last January, compared to EGP 612.7 billion at the end of December 2012.

According to the recent report released by the Central Bank of Egypt (CBE), the public-business sector accounted for EGP 688 million of the portfolio, compared to EGP 704 million at the end of 2012, registering a retreat of EGP 16 million.

The private-business sector’s investments fell 0.6% (EGP 450 million) to reach EGP 40.7 billion at the end of last January, down from EGP 41.03 billion at the end of December, 2012.

Foreign investments registered EGP 21.8 billion at the end of last January, compared to EGP 20.6 billion at the end of 2012.

The report reveals that the volume of local-currency investments rose 2% (EGP 11 billion) to reach EGP 528.7 billion at the end of last January, compared to EGP 539.7 billion at the end of last year.

Foreign-currency investments reached EGP 77.7 billion at the end of last January, compared to EGP 73 billion at the end of 2012, registering an increase of 6.5% (EGP 4.7 billion).