Central Bank of Egypt Announces Historic Increase in Foreign Deposits: What Does this Mean for the Exchange Market?

What is happening at the Central Bank of Egypt, what is the story of the new numbers that have been announced, what is their effect on the exchange market and the price of the dollar in the coming period, and what will be the fate of the Egyptian pound in the coming days.. We will find out all this with you in this report.

It is known that the indicators, numbers and data of the Central Bank of Egypt are an important indicator of the general economic situation and tell you where the exchange market is going. strong of the stability of the exchange market, and there will be any stability in the exchange market for the Egyptian pound because its price rises only in times of crisis.

OK, what did the Central Bank data say? , compared to 1.572 trillion pounds at the end of the previous February, and I hope you focused on the numbers, meaning that the increase is greater than the text, and this is a historic and most height for the Central Bank, and he says that the dollar has remained under control, and that there are strong flows in the Central Bank of hard money, and that the dollar has been stabilized in the banks there the big way after the end of the black market says that the official exchange market is developing very quickly, and this will be seen in the economic performance in general and in the price of the pound, which is increasing a lot against the dollar.
We return to the figures of the Central Bank, which said that the new increase in non-government deposits in foreign currencies is estimated at about 17.681 billion dollars, according to the current dollar exchange rate of the Central Bank of the -Egypt, which comes to 47.79. pounds, and this is a very large number compared to the difficult conditions that existed before the Ras al-Hikma agreement. He also said that the total balance of non-government deposits in foreign currencies on demand rose by the end of the March to 633 billion. pounds, from 412 billion pounds in February 2020, and the balance of deposits in the private business sector in foreign currencies in banks rose to 431.3 billion pounds at the end of March 2024, compared to 271.89 billion pounds in February.

We continue with the positive numbers of the Central Bank, which includes an increase in the total deposits of the housing sector in foreign currencies in banks, reaching 175.1 billion pounds at the end of March from 109.5 billion pounds at the end of February 2024. Term deposits and savings certificates in foreign currencies at banks also increased to 1,784 at the end of March last year, up from 1.159 trillion pounds.
Not only that, other important numbers have been announced by the Central Bank, namely the reduction in the net foreign asset deficit of the Egyptian banking system last March, which registered $4.2 billion compared to $21.9 billion in February, supported by the money from the Ras al-Hikma contract and the liberalization of the exchange rate This means that we are talking about a reduction in the deficit by $17 billion at the same time, and the numbers are all that to say that the crisis of the dollar has officially ended, and this will be seen in its price in the coming days, which is expected to go down, of course.