By: Heba El-Kordy
Cairo – Mubasher: Deposits denominated in foreign currencies held by the Egyptian banking sector rose for the third month in a row in April, reaching its highest level since June 2020.
According to official data, foreign deposits increased to EGP 659.108 billion ($41.98 billion) in April, compared to EGP 645.114 billion ($41.09 billion) in March.
Year-on-year (YoY), the banking sector’s foreign deposits grew by 2.7% from EGP 641.537 billion ($40.86 billion) in April 2020.
In the first four months of the year, foreign deposits advanced by EGP 10.24 billion from EGP 648.868 billion at the end of December 2020.
The country’s net international reserves grew to $40.343 billion at the end of April from $40.337 billion in March.
Egypt is expected to obtain $1.6 billion in funding from the International Monetary Fund (IMF) as a new tranche of the $5.2 billion standby loan within the coming weeks.
Translated by: Zeinab Adel
