Daily News Egypt

Egypt’s foreign debt grows by $5.6bn at end of Q3 FY 2015/2016: CBE - Daily News Egypt

Advertising Area




Advertising Area



Egypt’s foreign debt grows by $5.6bn at end of Q3 FY 2015/2016: CBE

The new figure marks an increase of $5.6bn (11.8%), the CBE reported


Egypt’s foreign debt rose to $53.4bn at the end of the third quarter of the current fiscal year (FY) 2015/2016, according to the Central Bank of Egypt (CBE), compared to $47.7bn at the end of the previous quarter.
The new figure marks an increase of $5.6bn (11.8%), the CBE reported. This increase boosts the external debt to 16.5% of the GDP.

In its monthly bulletin released on Thursday, the CBE said that Egypt’s foreign debt to the Paris Club countries rose to $3.5bn at the end of March, compared to $2.6bn at the end of December 2015. Debts owed to international and regional institutions increased from $12.9bn to $13.8bn in the same period, an increase of $902m.

Short-term external debt increased by $2.4bn to register $6.8bn at the end of March, from $4.4bn in December 2015.

The CBE also stated that domestic public debt increased to EGP 2.49tr at the end of March this year, versus EGP 2.37tr in December 2015. Domestic debt increased by 5.4%, which is EGP 128.2bn, an equivalent to 88.1% of the GDP.

According to the CBE, net domestic debt rose to EGP 2.25tr at the end of March, compared to EGP 2.13tr in December 2015. The debt accumulated by public bodies recorded EGP 22.93bn in March from EGP 15.89bn in December.

The net debt of the National Investment Bank increased to EGP 297.98bn, versus EGP 282.97bn in December 2015. Debt between the National Investment Bank and government agencies registered EGP 71.78bn.

In terms of the banking sector, the CBE’s report noted that deposits at banks increased by EGP 71.905bn, increasing to EGP 2.006tr from EGP 1.934tr in February 2016.

Government deposits amounted to EGP 314.69bn at the end of March, including EGP 216.58bn in the local currency and EGP 98.11 worth in foreign currencies. Non-governmental deposits registered EGP 1.69bn, including EGP 1.37tr in Egyptian pounds and EGP 320.49bn in foreign currencies.

In another indicator, the CBE pointed out that loans granted by banks increased to EGP 847.57bn at the end of March, compared to EGP 799.75bn at the end of the previous month, an increase of EGP 47.8bn (5.9%).

The total government loans balance recorded EGP 121.3bn, including EGP 50.7bn in Egyptian pounds and EGP 70.57bn in foreign currencies. Non-governmental loans rose to EGP 726.27bn, of which EGP 529.9bn are in Egyptian pounds and EGP 196.36bn in foreign currencies.

 

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2016/06/11/egypts-foreign-debt-grows-5-6bn-end-q3-fy-20152016-cbe/
Breaking News

No current breaking news

Subscribe to the Newsletter List Subscribe by clicking on the Subscribe
Subscribe
Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View