Foreign investment in Egypt fell by US$806 million in the second quarter of the current financial year, dropping to US$894 million from US$1.7 in the first quarter, according to a recent report issued by the Central Bank of Egypt (CBE). The decrease was attributed to drops in investment among US, EU and Arab investors.
The report also noted that remittances home sent by Egyptian expatriates fell from US$1.8 in the first quarter to US$1.7 in the second. Commodity exports, meanwhile, fell by 15.3 percent for the same period, the report stated, largely as a result of a 16.6-percent drop in Egypt’s petroleum exports.
The CBE report went on to note that Egyptian banks’ net foreign assets reached LE7 billion in the first half of the current fiscal year, and that banks’ financial positions had risen by LE64.2 billion as of the end of January.
It also revealed that 64.3 percent of bank credit loans had gone to the private sector, and that the CBE’s international reserves had risen from US$31.3 billion to US$34 billion as of the end of February.
Translated from the Arabic Edition.
