Egyptian banks’ balances abroad surge to $20bn at December-end

Balances and reserves held by Egyptian banks abroad leapt to more than $20 billion at the end of December 2020 from about $10 billion at the end of April, according to a senior official at the Central Bank of Egypt (CBE).

Haitham Adel, Head of Treasury and Capital Markets at the Industrial Development Bank, said this leap in the balances of banks abroad reflects the sound management of the banking sector and the unprecedented measures taken by the CBE to protect banks against the pandemic.

At the end of December 2020, Egypt’s net international reserves rose by $841 million to $40.063 billion billion.