Global Arab Network | Central Bank of Egypt : Net international reserves Up .7 billion

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Central Bank of Egypt : Net international reserves Up $34.7 billion

Global Arab Network - - Gamal Ragay

Saturday, 26 June 2010 10:24

Net international reserves (NIR) with the Central Bank of Egypt (CBE) rose by $3.3 billion or 10.7 per cent to $34.7 billion at the end of April, from $31.3 billion at the end of June 2009, the Central Bank of Egypt (CBE) said in its monthly statistical bulletin.

The bulletin, said the amount covers 8.9 months of merchandise imports.

It said official reserves and foreign currency liquidity reached $35.006 billion at the end of March, with a rise of $0.4 billion as compared with the end of February.

Other foreign currency assets also went up by $1.1 billion to $4.2 billion at the end of March.

The CBE report said reserve money increased by LE 21.0 billion or 12 per cent during July/March of fiscal year (FY) 2009/2010 as a result the currency in circulation outside the CBE rose by LE 10.2 billion and banks' deposits in the local currency with the CBE by LE 10.8 billion.

The monthly report said domestic liquidity amounted to LE 888.2 billion at the end of March with an increase of LE 57.0 billion or 6.9 per cent during July 2009 to March 2010, as a result of the increase in money supply by LE 18.9 billion or 10.3 per cent and in quasi money by LE 38.1 billion or 5.9 per cent.

The report said banks' credit balances rose by LE 11.4 billion during July/March, with the private business sector accounting for 64.9 per cent of the total non-government credit balances at the end of March.

Net foreign assets of the banking system increased by LE 23.3 billion worth or 8.8 per cent during July/March, as a result of the increase in net foreign assets at banks and the CBE, the statistical bulletin said.

It said foreign debt increased by about $1.8 billion to $33.3 billion at the end of December 2009, as compared with the end of June last year.

It said foreign debt service decreased by about $405.5 million during July to December to $1.3 billion at the end of last year as compared with the end June.

The CBE report said domestic public debt totalled LE 863.3 billion at the end of March, of which the government debt represented 77.3 per cent, public economic authorities debt 6.2 per cent and National Investment Bank (NIB) debt 16.5 per cent.

The balance of net government domestic debt totalled LE 667.2 billion at the end of March, up by LE 104.9 billion during July to March.

The debt of public economic authorities reached about LE 53.5 billion, up by LE 4.2 billion, while net NIB debt reached LE 142.6 billion, up by LE 1.9 billion, the monthly report added.

The CBE report said the volume of foreign trade, including exports and imports reached $34.9 billion in July to DEC. down by 16.4 per cent during FY 2008/09, compared with the previous year.

The EU was the main trade partner accounting for 36.8 per cent of the total volume, followed BY Asian countries 18.2 per cent and the U.S. 15.5 per cent.,

Merchandise exports reached about $11.5 billion, a drop of 15.3 per cent due to the decline of 16.6 per cent in oil exports to about $5.00 billion and of 14.3 per cent in non oil exports to $ 6.5 billion.

Exports of most groups decreased, with semi finished goods falling by 25.1 per cent, fuel and mineral oils and products by 17.1 per cent and finished goods by 15.2 per cent.

Conversely exports of raw materials rose by 45.8 per cent.

Import payments decreased by 16.9 per cent to $23.4 billion due to a decline in oil imports by 48.5 per cent and in non oil imports by 11.3 per cent, the CBE report said.(SIS)

Global Arab Network

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