CBE Net Foreign Assets Rise to $11.8 Billion

The net foreign assets of the Central Bank of Egypt (CBE) rose to $11.8 billion (equivalent to about EGP 585.363 billion) by the end of November, compared to about $10.5 billion (EGP 520.121 billion), according to a recent report issued by the Central Bank. Note that the dollar was calculated at about EGP 49.5.

It is noteworthy that the net foreign assets of the banking sector had achieved a surplus for the first time, amounting to EGP 676.4 billion during last May, compared to EGP 174.385 billion by the end of last April.

The net foreign assets of banks mean the assets owed by non-residents minus the liabilities owed to non-residents, and therefore it means what banks own in deposits and savings in foreign currency.

It is noteworthy that the Monetary Policy Committee of the Central Bank of Egypt had decided in its last meeting to maintain the overnight deposit and lending rates and the Central Bank's main operation rate at 27.25%, 28.25% and 27.75% respectively. It also decided to maintain the credit and discount rate at 27.75%.