Central Bank: 351 billion pounds as deposits in the bank and 268 billion pounds as credit facilities
Egypt, Economics, 1/25/2003

The most modern report from the Central Bank revealed yesterday the continued improvement in economic indicators.

The increase in revenues of foreign currency and the international reserves showed improvement in its totality to reach 14.12 billion pounds at the end of last October, covering more than 11 months from imports with an increase of about 65 million dollars for last September.

The report shows the growth of reserve money with an amount of 4.9 billion pounds with an increasing amount of 6.6% during the period from July to October 2002.

The gross reserve money in last October reached about 78.7 billion pounds. Furthermore, the volume of currency outside the Central Bank rose up to reach about 47. 6 billion pounds at the end of October 2002.

The clear improvement in the volume of the local liquidity continued to rise up to 339.4 billion pounds at the end of October with an increase of 10.6 billion dollars with an increase of about 3.2%.

The net foreign assets for the banking sector also went up with an amount of 2.2 billion pounds at a rate of 12.7 % during the period from July to October 2002 as a result of increasing the foreign assets net for both the Central Bank, commercial banks and investment banks, making the net foreign asset reach 19.5 billion pounds in last October.

The gross of deposits in banks apart from the Central Bank rose up to reach 351.2 billion pounds in last October, 55.5 billion pounds from this sum are governmental deposits with foreign and local currencies.

The gross of non-governmental deposits reached 295.6 billion pounds, 215.7 billion pounds are local currency deposits. 79.9 billion pounds from these deposits are non-governmental foreign currency. The family sector continues to top the volume of deposits in local and foreign currencies making the gross of deposits reach 228.6 billion pounds at the end of last October.

ÊÊÊ At the same time, the credit facilities apart from the Central Bank attained extreme little growth, rising to not more than one million pounds to reach 267.8 billion pounds at the end of last October.

The report also shows the continuity in improvement in the payment balance, which achieved a current surplus that reached 45.1 million dollars during the period from July to September 2002 compared to a deficit of 21.4 million dollars in the same period from the previous fiscal year.

This improvement is due to the deficit in commercial balance with an amount of 9.3% as a direct reason for the retreat of payments of imports at a rate of 7% and the increase of payments at a rate of 3.9%. The surplus in the balance of services rose to 1.9% rate.

The total of the external debt reached 28.3 billion dollars at the end of September 2002 with a decrease of about 400 million dollars during the period from July to September from the fiscal year 2002-2003.

The report shows the total rise of local debt on the government to reach 234.2 billion pounds at the end of September 2002 with an increase of 13 billion pounds during the period from July to September from the fiscal year 2002-2003.

The total debt of economic bodies reached 42.3 billion pounds with an increase of 1.2 billion pounds.

Previous Stories:
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