Egypt Banks’ foreign currency assets rise to $20bn

An Egyptian vendor walks past a poster depicting a US dollar outside an exchange office in Cairo, Egypt. (AP/File)

• The official said the increase in value was achieved despite the impact of the coronavirus pandemic

CAIRO: The total value of net assets that Egyptian banks held abroad in foreign currencies rose to $20 billion in February, compared to $10 billion in April 2020, according to an official from the Egyptian Central Bank (ECB).

The official said the increase in value was achieved despite the impact of the coronavirus pandemic.

Haitham Adel, who is the head of treasury capital markets at the Industrial Development Bank, said the rise reflected the strength of the Egyptian banking sector and that the amount was in addition to the $41 billion held by the ECB in foreign currencies.

He added that ECB policies since 2016 had succeeded in supporting the country’s banking sector, as the amount in foreign currencies before the liberalization of the exchange rate was equivalent to $14 billion.