Tangible increase in foreign currency reserves, liquidity
Egypt's Foreign currency reserves, domestic liquidity, credits, lending and discounts increased, while annual inflation rates dropped at the end of November compared to the previous month.
A monthly report by the Central Bank of Egypt (CBE) said foreign currency reserves in November rose by dlrs 170 million to reach dlrs 14.329 billion compared to dlrs 14.159 billion in October.
It said domestic liquidity in November totaled L.E 268.062 billion, compared to L.E 266.113 billion in the previous month.
Money supply in November hit LE 50.954 billion, compared to LE 51.296 billion in October, while quasi money in the same period rose to LE 217.108 billion from LE 214.817 billion in October.
The report said total deposits including government deposits with the banking sector rose to LE 274.106 billion in November from LE 272.011 billion in October.
Of the total deposits, LE 41.287 billion were government deposits and LE 232.819 billion were non-government deposits, compared to LE 40.794 government deposits in October and LE 231.217 billion non-government deposits.
The report added that total volume of domestic credits in November reached L.E 307.608 billion compared to L.E 304.794 billion in October.
It said domestic credits in the local currency in November reached LE 290.839 billion compared to LE 287.276 billion in October.
Net foreign assets with the banking sector in November reached LE 24.205 billion from LE 24.925 billion in the previous month.
Total lending and discount in November reached LE 231.264 billion, compared to LE229.387 billion in October, the report added.
It said average annual inflation rate reached 2.3 percent in November, compared to 2.5 percent in October.
The trade balance in the first quarter of financial year (FY) 2000/01 (which begins in July and ends in June the following the year) showed a dlr 2,372,500,000 deficit, the report said.
The volume of total exports in the first quarter of the same period hit dlrs 1,654,900,000 while imports reached dlrs 4,027,400,000.
In the free trade zones, exports reached in the same period dlrs 173,600,000 and imports dlrs 289 million.
The CBE report said that total expenditure during the same period reached LE 27.331 billion and capital expenditure hit LE 4.619 billion.