$1.9 billion foreign direct investments
Egypt, Economics, 10/10/2005

A recent report released by the Central Bank of Egypt estimated local cash liquidity at LE 505.9 billion in July 2005, up LE 12 billion. Analysts attributed such an increase to the rise in quasi money by LE8.2 billion.

The report said that total deposits in local currency amounted to LE 3l3.4 billion in last July or 71.2% of non-governmental deposits.

Banks' financial positions, to the exclusion of the Central Bank of Egypt, increased by LE 8.9 billion during July 2005 to hit LE 7l4 billion.

The report pointed out that the balance of payments achieved a surplus of 53.5 billion during July-March 2004-2005 compared to $2.6 billion in the same period of the fiscal year 2003-2004.

Foreign direct investments in Egypt climbed to $ 1.9 billion.

As for exports proceeds, the report said, they accounted for $9.8 billion during July-March of the fiscal year 2004-2005, with $2.4 billion increase compared to the same period a year earlier. This increase was ascribed to a rise in non-petroleum and petroleum exports proceeds by 32.2% and 31% respectively.

International reserves with the Central Bank of Egypt surged up last August by $ 1.5 billion to $ 20.8 billion, the report noted, adding that trade balance deficit jumped up by 31% to $7.2 billion.

The Central Bank of Egypt's monthly report said foreign debts amounted to $ 30.2 billion, with a $ 400-million increase during July-March of the FY 2004-2005 while foreign debts burdens declined by $ 44.2 million to $1.9 billion.

Local public debt accounted for L.E 510.8 billion in last June, the report added.

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