CENTRAL BANK OF EGYPT...GDP at Current Market Prices 2048.3 2565.6 Annual Growth Rate (%) 10.2 25.3...
147
CENTRAL BANK OF EGYPT ECONOMIC REVIEW Vol. 57 No. 3 2016/2017 Economic Research Sector
Transcript of CENTRAL BANK OF EGYPT...GDP at Current Market Prices 2048.3 2565.6 Annual Growth Rate (%) 10.2 25.3...
CENTRAL BANK OF EGYPT
ECONOMIC REVIEW
Vol. 57 No. 3
2016/2017
Economic Research Sector
The Economic Review is issued by the Economic Research Sector at the Central Bank of
Egypt (CBE) in Arabic and English languages. It aims to review the performance of the
Egyptian economy during the reporting period.
Contents
Main Macroeconomic Indicators Page
1- Macroeconomic Developments 1/1 - Gross Domestic Product (GDP) ………………………………………… 1 1/2 - Labor Force, Employment and Unemployment........................................ 6 1/3 – Inflation…………………………………………………………………. 7 1/4 – Tourism………………………………………………………………….
11
2- Monetary and Banking Developments
2/1 – Monetary and Banking Policy and Monetary Aggregates………........... 15 2/1/1 – Monetary Policy………………………………………………………... 15 2/1/2 – Reserve Money (M0)……………………………………………............ 18 2/1/3 – Domestic Liquidity (M2) and Counterpart Assets ………………........... 21 2/1/4 – Payment Systems and Information Technology (IT)……………........... 26 2/1/5 – RTGS and SWIFT Local Services …………………………………….. 28 2/2 – Banking and Credit Developments .…………….………………............ 30 2/2/1 – Supervision Sector………………………………………………............ 30 2/2/2 – Overview of the Aggregate Financial Position of Banks………............. 34 2/2/3 – Interbank Transactions…………………………………………………. 35 2/2/4 – Deposits ………………………………………………………………... 36 2/2/5 – Lending Activity ……………………………………….......................... 37
3- Non-Banking Financial Sector
3/1 – Stock Market ……………………………………………………………. 39 3/2 – Mutual Funds ………………………………………………......................
42
4- Public Finance and Domestic Public Debt
4/1 – Fiscal Operations of the State Budget………………………………… 43 4/1/1 – Budget Sector (administrative system, local administration and service
authorities) ……………………………………………………………..
44 4/1/2 – The General Government………………………………………………. 49 4/2 – Domestic Public Debt ………………………………………………...... 51 4/2/1 – Net Debt of the Government …………………………………………… 51 4/2/2 – Net Debt of Public Economic Authorities……………………………… 53 4/2/3 – Net Debt of the NIB…………………………………………………….. 53 4/2/4 – Intra-Debt……………………………………………………………..... 54
Page
5- External Transactions
5/1 – Foreign Exchange Market and NIRs…………………………................. 55 5/2 – Balance of Payments…………………………………………...………. 57 5/2/1 – Current Account ………...…………………………………...…………. 57 5/2/1/1 – Trade Balance……………………………………..……………………. 58 5/2/1/2 – Balance of Services ...………………………………...………………... 59 5/2/1/3 – Investment Income Balance………………………...…………..……… 61 5/2/1/4 – Net Unrequited Current Transfers ...………………..…………………... 62 5/2/2 – Capital and Financial Account………………………..………….……... 62 5/3 – Foreign Trade………………………………………..………….……..... 65 5/3/1- Structure of Export Proceeds and Import Payments …..……….………. 65 5/3/2 – Sectoral Distribution of Merchandise Transactions………..….….……. 68 5/3/3 – Geographical Distribution of Merchandise Transactions..……..………. 69 5/3/4 – Breakdown of Trade by Main Merchandise Group……….…..……....... 71 5/4 – International Finance…………………………………….……............... 73 5/4/1 – Foreign Direct Investment (FDI) in Egypt………………….……….…. 74 5/4/2 – Portfolio Investments in Egypt ………………………………………… 75 5/4/3 – External Official Grants …………………………..……….…............... 75 5/4/4 – External Debt……………………………………………….……..…… 77
Annex
Statistical Section……………………………………..………..………. 83
Main Macroeconomic Indicators
GDP (LE bn) July/March
2015/2016 2016/2017 Real GDP at Factor Cost 1423.3 1468.4 Annual Growth Rate (%) 2.3 3.2 Real GDP at Market Prices 1432.3 1488.2 Annual Growth Rate (%) 4.3 3.9 GDP at Current Market Prices 2048.3 2565.6 Annual Growth Rate (%) 10.2 25.3
Real GDP Growth Rate ( at Factor Cost) by Sector (%)
A) Commodity Sectors, of which:
Agriculture, Forests and Fishing 3.1 3.1 Extractions -4.8 -1.0 Manufacturing 0.6 2.7 Construction & Building 11.7 8.5
B) Productive and Social Services Sectors, of which:
Wholesale and Retail Trade 4.9 4.7 Tourism -22.5 -6.7 Real Estate 4.0 4.3 General Government 5.5 2.9 Social Services 4.0 3.4
Price Indices (%) July/March
2015/2016 2016/2017 Rate of Change in Consumer Price Index (urban) (January 2010=100) 8.4 24.5
Rate of Change in Producer Price Index (2004/2005=100) -0.7 28.8
Monetary and Credit Developments July/March 2015/2016 2016/2017 End of Period
Growth rate of domestic liquidity (M2) % 12.6 31.0 Growth rate of domestic liquidity (M2) % (excluding the effect of change in exchange rate)1
14.6
Growth rate of time and saving deposits in local currency % 14.0 20.2
______________________________________ 1 Due to the CBE's decision of liberalizing the exchange rate on 3 November 2016.
Growth rate of deposits in foreign currencies % 19.6 108.0 Growth rate of deposits in foreign currencies (excluding
the effect of change in exchange rate)1 1.9 Foreign currency deposits/Total deposits (dollarization rate) % 18.8 28.6 Foreign currency deposits/Total deposits (dollarization rate) % (excluding the effect of change in exchange rate)1
16.4
Credit to the private business sector/Total credit % 20.7 23.3 Net claims on the government/Total credit % 67.1 64.3 Credit to the household sector/Total credit % 8.6 7.6 Credit to the public business sector/Total credit % 3.6 4.8 Change in credit to the private business sector/Change in total credit % 10.0 34.1 Change in net claims on the government/Change in total credit % 77.1 52.7 Change in credit to the household sector/Change in total credit % 7.4 4.4 Change in credit to the public business sector/Change in total credit % 5.5 8.8 Loans/Deposits with banks % 42.6 47.0 Investment in securities, TBs and equity participations/Deposits % 59.0 54.5 Net international reserves (US$ mn) at the end of the period 16561 28526 Number of months of merchandise imports covered by NIR 3.5 6.0
Annual Discount and Interest Rates (%) July/March
2015/2016 2016/2017 End of Period
CBE Lending and Discount Rate 11.25 15.25 Interest Rates on Main Operations at the CBE* Deposit Acceptance Operations at the CBE (7-days) with fixed interest rate** 11.25 15.25 Overnight Deposit and Lending Rates at the CBE Deposit 10.75 14.75 Lending 11.75 15.75 Deposits of More than One Month and Less than or Equal to Three Months 7.10 11.30 One Year or Less Loans 12.50 16.60
_______________________ 1 Due to the CBE's decision of liberalizing the exchange rate on 3 November 2016. * According to the MPC press release dated 21/3/2013, the CBE main operations would be Repos or
deposit auctions, depending on the prevailing market liquidity conditions. **
It was decided to start accepting longer-term deposits with a variable interest rate to absorb excess liquidity at banks since the decision of liberalizing the exchange rate on 3 November 2016.
US Dollar Exchange Rate Announced by the CBE
LE/Dollar
Buy and Sell Exchange Rates (Average of the Period) 7.821 13.671
End of the Period (Buy Rate) 8.8572 18.0835
Consolidated Fiscal Operations of the General Government (Budget Sector)
(Actual) July/March
2015/2016 2016/2017 (LE bn)
Total Revenues 291.1 363.7 Total Expenditures 533.3 631.4 Cash Deficit 242.2 267.7 Net Acquisition of Financial Assets 12.7 5.6
Overall Deficit
254.9 273.3 Primary Deficit 78.1 41.6
Total Finance 254.9 273.3
- Domestic Finance 371.3 362.0
Banking 281.9 266.5
Non-Banking 89.4 95.5
- External Borrowing -14.9 141.0
- Others -12.3 -13.1
- Revaluation Differences 1.4 0.0
- Net Privatization Proceeds -1.2 0.0
- Difference between TBs Face and Present Value 8.3 -28.1
- Discrepancy -97.7 -188.5
- Cash Deficit / GDP (%) 8.9 7.9
- Overall Deficit / GDP (%) 9.4 8.0
- Primary Deficit / GDP (%) 2.9 1.2
- Revenues / GDP (%) 10.7 10.7
- Expenditures / GDP (%) 19.6 18.6
Domestic Public Debt End of
June 2016 March 2017 (LE bn)
Gross, due on: 2620.7 3073.7
- Government (net) 2285.6 2648.7 - Public Economic Authorities (net) 103.7 180.6 - NIB, Minus Intra-Debt (net) 231.4 244.4
Balance of Payments (US$ bn)
July/March 2015/2016 2016/2017
Current Account and Transfers (15.0) (13.2) Trade Balance (29.8) (27.0) Merchandise Exports 13.4 16.0
Oil and its Products % 31.4 29.1 Others % 68.6 70.9
Merchandise Imports 43.3 43.0 Intermediate Goods % 25.9 27.5 Investment Goods% 18.1 16.5 Consumer Goods % 26.0 23.0 Fuel, Raw Materials and Others % 30.0 33.0
Services Balance 5.5 4.5 Receipts, of which: 12.5 11.5
Transportation % 58.0 58.0 Travel % 26.0 24.7
Payments, of which: 7.0 7.0 Transportation % 14.5 13.3 Travel % 41.7 31.2
Investment Income Balance (3.1) (3.2) Receipts % 0.3 0.3 Payments % 3.4 3.5
Transfers 12.4 12.6 Official % 0.5 0.7
Private % 99.5 99.3 Capital and Financial Account 14.6 24.6 Overall Surplus/(Deficit) (3.6) 11.0
External Debt End of
June 2016 March 2017 (US$ bn)
Gross External Debt 55.8 73.9 Long-& Medium-Term Debt 48.7 61.3 Short-term Debt 7.1 12.6 External Debt/ GDP (%) 16.6 31.5
-1-
1-Macroeconomic Developments
1/1- Gross Domestic Product (GDP) According to the data issued by the Ministry of Planning, Monitoring and
Administrative Reform1, real GDP growth at factor cost rose to 3.2 percent in July/March of FY 2016/2017, compared with 2.3 percent in the corresponding period a year earlier. This was attributed to the notable growth during Q2 and Q3 of FY 2016/2017, in which the real GDP rose to 3.6 percent and 4.3 percent, in order, against 2.1 percent and 1.6 percent in the same quarters a year earlier.
Meanwhile, real GDP growth at market prices posted 3.9 percent (against
4.3 percent), registering as such 3.9 percent and 4.4 percent during Q2 and Q3 (against 4.1 percent and 3.7 percent), in order.
Real GDP*
Value (in LE bn) Rate of Change (%)
(July/March) (July/March) 2015/2016 2016/2017 2015/2016 2016/2017
GDP at factor cost 1423.3 1468.4 2.3 3.2 Indirect taxes (net) 9.0 19.8 - - GDP at market prices 1432.3 1488.2 4.3 3.9 Source: Table (1/1) in the Statistical Annex. * The base year is 2011/2012.
1 It is worth mentioning that the Ministry of Planning, Monitoring, and Administrative Reform revised the GDP estimates based on the economic census for FY 2012/13 that was issued by the CAPMAS in December 2014 for the first time after a halt of 15 years. The results of the economic census helped to cover a larger number of enterprises, and enabled access to new and actual sources of data. This, in turn, helped in improving the estimates of the size of the informal sector. In addition, data were revised to better cover the tourism and communication sectors. The results were used to revise the GDP series during the period 2011/2012 up to the date of report.
2.2 2.2
2.93.4
2.3
0.3 0.4
5.2
3.32.9
2.2 2.01.7 1.6 1.6
3.4
5.14.6
4.1
2.22.5
3.2
2.11.6
2.3
1.7
3.6
4.3
0
1
2
3
4
5
6
2011/2012
2012/2013
2013/2014
2014/2015
2015/2016
July/Sept.
Oct./Dec.
Jan./Mar.
Apr./June
July/Sept.
Oct./Dec.
Jan./Mar.
Apr./June
July/Sept.
Oct./Dec.
Jan./Mar.
Apr./June
July/Sept.
Oct./Dec.
Jan./Mar.
Apr./June
July/Sept.
Oct./Dec.
Jan./Mar.
Apr./June
July/Sept.
Oct./Dec.
Jan./Mar.
2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017
Real GDP Growth Rates
(at Factor Cost)%
-2-
- GDP (at factor cost and 2011/2012 prices)
On the supply side, real GDP growth at factor cost rose to 3.2 percent during July/March of FY 2016/2017, compared with the same period a year earlier. This was owed to the improvement in the negative contributions of both tourism sector (-0.1 percentage point against -0.6 point), and extractions (-0.2 point against -0.6 point); and the higher contributions of both manufacturing (0.4 point against 0.1 point) and real estate (0.4 point against 0.3 point). This is besides the lower contributions of the general government (0.3 point against 0.5 point); Suez Canal (nil against 0.1 point); and construction & building (0.4 point against 0.5 point). In addition, the contributions of other sectors combined remained unchanged at 2.0 percentage points.
As regards the private and public sectors' contributions to real GDP growth
(3.2 percent), the private sector's contribution increased to 2.7 percentage points during July/March of FY 2016/2017, (from 1.8 point during the same period a year earlier). This came as a combined result of the higher contributions of manufacturing (0.5 percentage point against nil); tourism (-0.1 point against -0.6 point); real estate (0.4 point against 0.3 point); and communications (0.3 point against 0.2 point). Meanwhile, the contributions of transportation and storage rolled back (0.1 point against 0.2 point); agriculture, forests, and fishing (0.3 point against 0.4 point); and construction & building (0.4 point against 0.5 point). Moreover, the contributions of other sectors combined remained stable at 0.8 point.
3.1
-1.0
2.7 2.4 3.4
8.5
4.7
11.3
3.9
-1.3
4.7 3.7 3.6
-6.7
4.32.9 3.4
-25
-20
-15
-10
-5
0
5
10
15
20
25
Agri
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& F
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Extr
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Man
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Ele
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Wate
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& R
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Con
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& B
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Tra
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Sto
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Com
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Info
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Ca
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Wh
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Reta
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Fin
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term
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Au
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Soc
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% Rates of Change in Real GDP during July/March (Annual Basis)
2015/2016 2016/2017
-3-
On the other hand, the contribution of the public sector in July/March of
FY 2016/2017 remained unchanged at 0.5 percentage point. This was ascribed to the improvement in the negative contribution of extractions (-0.1 percentage point against -0.5 point) and the higher contribution of agriculture, forests, and fishing (0.1 point against nil). Meanwhile, the contribution of manufacturing declined (-0.1 point against 0.1 point), general government (0.3 point against 0.5 point), and Suez Canal (nil against 0.1 point). Moreover, the contributions of other sectors combined remained unchanged at 0.3 point. - GDP by Expenditure (at 2011/2012 market prices)
On the demand side, the domestic demand (consumption and investment) continued to have the lion's share in real GDP growth at market prices (3.9 percent) during July/March of FY 2016/2017. Its contribution amounted to 6.1 percentage points (against 5.9 points in the same period a year earlier). Meanwhile, the share of external demand (exports of goods and services less imports of goods and services) stood at -2.2 points (against -1.6 point), reflecting the pickup in exports by 72.4 percent (against a decline of 19.2 percent), and in imports by 47.0 percent (against a retreat of 4.9 percent).
The share of domestic demand (6.1 percentage points) resulted from the
contributions of final consumption (government and private) that registered 4.1 points (against 5.1 points) and of capital formation that posted 2.0 points (against 0.8 point). Such an increase was driven by the higher investments (at constant prices) by 15.0 percent in the period under review, to LE 224.3 billion (against LE 195.0 billion in the corresponding period a year earlier).
-1.7
0.2
-1.6-2.2
0.9 1.00.8
2.0
4.5
3.2
5.1
4.13.7
4.4 4.33.9
-3
-2
-1
0
1
2
3
4
5
6
Jan./March 2015/2016 Jan./March 2016/2017 July/March 2015/2016 July/March 2016/2017
Contributions of Demand Side Categories to Real GDP Growth
(at Market Prices)
Net Exports Capital Formation Final Consumption Real Growth Rate
Percentage point
-4-
Investments (at current prices) increased by 38.4 percent during the period under review to register LE 376.0 billion (against LE 271.6 billion). The bulk of these investments (94.9 percent) ran as follows: the productive services accounted for 23.4 percent; real estate (15.5 percent); extractions (13.1 percent); electricity (13.0 percent); manufacturing (11.3 percent); social services (10.3 percent); agriculture, irrigation, and reclamation (5.3 percent); and construction & building (3.0 percent).
The private sector implemented 61.1 percent of total current investments
(mostly in real estate; manufacturing; extractions; agriculture, irrigation, and reclamation; transportation and storage; communications; and wholesale and retail trade sectors). Meanwhile, the public sector implemented 38.9 percent of total investments (largely in electricity; transportation and storage; Suez Canal; and real estate sectors).
Rates of Change and Share of Demand Components
in Real GDP Growth at Market Prices
Rates of Change + (-)
(July/March)
Contribution in Growth Rate (July/March)
2015/2016 2016/2017 2015/2016 2016/2017
(%) (Percentage Point)*
Real GDP Growth 4.3 3.9 4.3 3.9 1- Domestic Demand 5.4 5.5 5.9 6.1
A- Final Consumption 5.3 4.2 5.1 4.1
Private 5.6 4.5 4.7 3.8
Public 3.6 2.4 0.4 0.3
B- Capital Formation
(Including Change in Stock) 5.6 13.6 0.8 2.0 2- Net External Demand 16.6 20.6 -1.6 -2.2
A- Exports of Goods and Services (19.2) 72.4 -2.7 7.8
B- Imports of Goods and Services (4.9) 47.0 -1.1 10.0 Contributions of individual sectors may not sum to total growth due to rounding. Source: Rates of change are illustrated in Table (1/2) of the Statistical Annex. Contributions of demand
components are calculated by researchers.
-5-
- GDP and Sectoral Analysis of Output Gap
As a consequence of the above-mentioned developments in supply and demand, the output gap2 reversed from negative to positive, registering 0.9 percent in Q3 of FY 2016/2017, compared with -1.2 percent in the same quarter a year earlier. The reversal to a positive output gap during the quarter under review as compared with the corresponding one reflects the relative increase in actual GDP growth to 4.2 percent compared with the potential GDP growth of 3.3 percent.
As a reflection of the positive output gap in the quarter under review, inflation rate in Q4 (April/June 2016/2017) noticeably rose to 30.3 percent, from only 12.2 percent in the same quarter a year earlier.
The tourism sector topped the list of the key sectors that contributed to the
positive output gap during the quarter under review, achieving a gap of 52.8 percent (up from -36.3 percent); then extractions with 5.0 percent (up from -2.3 percent); communications (3.6 percent against -2.1 percent); and manufacturing (1.4 percent against 0.5 percent).
However, some other sectors registered a negative gap, mainly; construction and building (-2.8 percent against 2.6 percent); general government (-3.2 percent against -1.0 percent); Suez Canal (-1.3 percent against 0.3 percent), trans-portation (-1.3 percent against 0.3 percent); and wholesale and retail trade (-1.5 percent against -0.9 percent).
2 The trend component (which represents the potential or GDP growth trend) was calculated by applying the
approach of Hodrick-Prescott Filter. Then, the cyclical component, which reflects the output gap (the difference between actual GDP growth rate and potential GDP growth rate) was derived by using the quarterly data of real GDP at constant prices (for FY 2011/2012) during the period from Q1 2006/07 to Q2 2016/17 (seasonally adjusted by using Multiplicative Moving Average approach).
0.9
4.2
-8-6-4-202468
10
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017
% Actual Growth Rate of Real GDP (Seasonally Adjusted), disaggregated into Potential GDP and GDP Gap (annual basis)
GDP Gap (Business Cycle) Actual GDP Growth Rate Potential GDP (Trend)
-6-
1/2- Labor Force, Employment and Unemployment
According to CAPMAS quarterly Labor Force Sample Survey (LFS) for Q3 (Jan./March 2016/2017), the size of the labor force increased by 710.0 thousand persons or 2.5 percent, compared with the same quarter of FY 2015/2016, to reach 29.149 million persons. Similarly, the number of employed persons moved up by 828 thousand persons or 3.3 percent to 25.646 million. The sector of agriculture and fishing continued to account for the lion's share of the total number of employed persons during the quarter under review (20.7 percent); followed by construction and building (13.7 percent); wholesale and retail trade (12.8 percent); manufacturing (12.5 percent); and lastly the education and transportation & storage sectors (7.7 percent each).
Against this background, the number of unemployed persons fell to only
3.503 million during the quarter under review compared with the corresponding quarter of the previous FY. Thus, unemployment decreased to 12.0 percent of the total labor force (from 12.7 percent in the corresponding quarter of FY 2015/2016). According to the quarterly LFS for Q3, the number of jobless males declined to 8.2 percent (from 8.9 percent in the corresponding quarter) and jobless females to 24.7 percent (from 25.7 percent). Likewise, unemployment in the urban sections retreated to 13.7 percent (from 15.2 percent) and in rural areas to 10.8 percent (from 10.9 percent). Data also showed that unemployment among youth (15-29 years old) accounted for 79.0 percent of total jobless persons; and 91.9 percent of total jobless persons are holders of intermediate, above intermediate, university and post graduate degrees.
-2
-1
0
1
2
3
4
10.5
11.0
11.5
12.0
12.5
13.0
13.5
14.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017
Emp
loym
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lab
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forc
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row
th r
ate
s
(an
nu
al b
asis
) (
%)
Un
em
plo
yme
nt
rate
(%)
Developments of Labor Force Indicators
Unemployment Rate Labor Force Employment
-7-
1/3 – Inflation
A- Consumer Price Index (Urban)
In July/March of FY 2016/2017, headline CPI inflation (urban) markedly increased to 24.5 percent (from 8.4 percent in the same period a year earlier). The noticeable rise in inflation was largely ascribed to the measures taken under the comprehensive economic reform program adopted by the government in the reporting period. The most salient measures were the liberalization of the exchange rate; the application of the value added tax (VAT); and the pickup in fuel prices within the framework of reforming the subsidy system.
Accordingly, increases were seen in the shares of most of the main CPI groups of goods and services during the periods of review and comparison, except for healthcare, and communications, whose shares stayed at the same levels. In detail, the contributions of food and beverages climbed to 15.8 percentage points (against 4.7 percentage points); alcoholic beverages & tobacco to 1.3 point (against nil); restaurants and hotels to 1.2 point (against 0.7 point); and transportation to 1.1 point (against 0.1 point). Increases were also observed in the shares of housing, water, electricity, gas, and fuel (1.0 point against 0.7 point); furnishings, household equipment and routine maintenance (0.9 against 0.4 point); miscellaneous goods and services (0.8 point against 0.1 point); education (0.7 point against 0.6 point); clothing and footwear (0.6 point against 0.2 point); and culture and recreation (0.4 point against 0.2 point).
0
5
10
15
20
25
30
35
2014/2015 2015/2016 2016/2017
Rate of Change in Headline CPI and Food & Beverages during July/March (Urban)
(Jan 2010 = 100)
Headline CPI Food & Beverages
%
-8-
The higher share of food and beverages (15.8 points against 4.7 points) reflected the larger contributions of all subgroups, mainly meat and poultry (3.9 points against 0.8 point); vegetables (3.3 points against 2.5 points); milk, cheese and eggs (2.2 points against 0.3 point); oil and fats (1.4 point against 0.1 point); cereals and bread (1.5 point against 0.7 point); and fish and seafood (1.3 point against nil). Also, the shares of all other groups combined registered 2.2 points against 0.3 point.
CPI Change Rates and Shares of Main CPI Groups in Headline Inflation in the Periods of Review and Comparison
(Jan. 2010 = 100)
Main CPI Groups Relative Weight
Rates of Change (%) in July/March
Share in Headline Inflation (Percentage Point)
in July/March
2015/2016 2016/2017 2015/2016 2016/2017
General Index 100.0 8.4 24.5 8.4 24.5 Food and beverages 39.92 9.9 32.6 4.7 15.8 Alcoholic beverages and tobacco 2.19 0.6 33.9 0.0 1.3 Clothing and footwear 5.41 3.3 15.6 0.2 0.6 Housing, water, electricity, gas & fuel 18.37 5.3 7.7 0.7 1.0 Furnishings, household equipment and routine maintenance 3.77 10.4 27.6 0.4 0.9 Healthcare 6.33 13.8 12.6 0.7 0.7 Transportation 5.68 1.7 25.8 0.1 1.1 Communications 3.12 0.0 1.8 0.0 0.0 Culture and recreation 2.43 8.7 15.0 0.2 0.4 Education 4.63 11.2 12.3 0.6 0.7 Restaurants and hotels 4.43 14.8 22.6 0.7 1.2 Miscellaneous goods & services 3.72 4.4 31.4 0.1 0.8 Source: For inflation rates: Table (1/3) in the Statistical Annex. As for the contributions of CPI groups:
Economic Research Sector.
0 5- .0 0.0 5.1 0.1 5.2 0.2 5.3 0.3 5.4 0.4 5.
Bread &Cereals
Meat & Poultry Fish &Seafood
Milk, Cheese &Eggs
Vegetables Non-AlcoholicBeverages
PercentagePoint
Contributions of Main Items of Food & Beverages to Inflationduring July/March
2015/2016 2016/2017
-9-
The headline CPI inflation (m/m) rose to 2.5 percent on average during
July/March 2016/2017 (against 0.9 percent in the period of comparison). This was mainly attributed to the notable rise in monthly inflation for three consecutive months, recording 4.8 percent in November 2016, 3.1 percent in December 2016, and 4.1 percent in January 2017. However, inflation started to take a downward trend in February and March 2017, dropping to 2.6 percent and 2.0 percent, respectively.
B- Producer Price Index (PPI)
The headline PPI inflation accelerated sharply by 28.8 percent in July/March 2016/2017, (against a decline of 0.7 percent in the corresponding period a year earlier). The rise came on the back of the aforementioned economic reforms. Hence, the contributions of all main PPI groups increased, except for water supply, sanitation, and waste treatment and management. In figures, the shares of manufacturing rose to 16.6 percentage points (against 0.5 point); agriculture and fishing to 9.6 points (against 2.0 points); mining and quarrying to 0.6 point (against negative 4.1 points); food services and accommodation to 1.1 point (against 0.1 point); electricity, gas, steam, and air conditioning supplies to 0.6 point (against 0.2 point); and transportation and storage to 0.3 point (against 0.1 point).
-1
0
1
2
3
4
5
6
Mar
2015
.
April
May
June
July
Aug
.
Sept.
Oct
.
Nov
.
Dec
.
Jan
2016
.
Feb
.
Mar.
April
May
June
July
Aug
.
Sept .
Oct
.
Nov
.
Dec
.
Jan
2017
.
Feb
.
Mar2017
.
Monthly Rate of Change in CPI (Urban)%
-3.5 -0.7
28.8
-10-505101520253035
2014/2015 2015/2016 2016/2017
Rate of Change in PPI during July/March(2004/2005=100)
%
-10-
PPI Change Rates and Shares of Main PPI Groups in Headline Inflation in the Periods of Review and Comparison
(2004/2005=100)
Main PPI Groups Relative Weight
Rates of Change + (-) (%)
in July/March
Share in Headline Inflation
(Percentage Point) in July/March
2015/2016 2016/2017 2015/2016 2016/2017
General Index 100.0 (0.7) 28.8 -0.7 28.8
Agriculture and fishing 25.1 5.5 24.3 2.0 9.6
Mining and quarrying 21.8 (30.7) 7.2 -4.1 0.6
Manufacturing 38.9 1.4 43.4 0.5 16.6
Electricity, gas, steam, and air conditioning supplies 2.3 6.3 20.5 0.2 0.6 Water supply, sanitation, and waste treatment and management 2.0 24.9 0.0 0.5 0.0 Transportation and storage 2.8 3.0 12.8 0.1 0.3 Food services and accommodation 5.0 2.8 30.3 0.1 1.1 Information and communications 2.1 0.0 0.0 0.0 0.0
Source: For inflation rates: Table (1/4) in the Statistical Annex. As for the shares of PPI groups: Economic Research Sector.
-11-
1/4- Tourism
The statistics issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) during the period July/March 2016/2017 showed a decline in tourism for the second period consecutively. This was due to the fact that the flow of Russian tourism to Egypt almost ceased as it declined by 95.1 percent, compared with the same period a year earlier.
The number of arrivals dropped by 15.6 percent to 4.8 million (from 5.7 million in the previous corresponding period), due to the retreat in both the number of tourists by 42.7 percent during Q1 (July/September) 2016/2017 and by 18.4 percent during Q2 (October/December) compared with the corres-ponding quarters a year earlier. This decline was mitigated by the 51.0 percent rise in the number of tourists during Q3 (January/March) compared with the same quarter a year earlier.
In parallel, the number of tourist nights by departure fell by 25.9 percent to 33.5 million nights (against 45.1 million during the corresponding period of the preceding FY). Accordingly, the average length of stay declined to 7.1 nights from 7.9 nights. In Q1 (July/September), the number of tourist nights sharply declined by 61.3 percent and in Q2 (October/December) by 31.1 percent. However, Q3 (January/March) witnessed a significant improvement as the number of tourist nights picked up by 107.6 percent compared with the corresponding quarter.
The above-mentioned developments took their toll on tourism revenues as
they declined in July/March 2016/2017 to US$ 2.8 billion (representing 7.1 percent of total current receipts, including private transfers), compared to US$ 3.3 billion (or 8.5 percent) in the same period a year earlier.
73.4
45.1
33.5
0
2
4
6
8
2014/2015 2015/2016 2016/20170
20
40
60
80
Million
Tou
rist
s
Million
Nig
hts
Number of Tourists and Tourist Nights during
July/March
Number of Tourists Number of Tourist Nights
-12-
On the other hand, investments in the tourism sector rose to LE 4.3 billion or
1.2 percent of total investments in July/March 2016/2017 (compared to LE 2.7 billion or 1.0 percent in the corresponding period).
Tourism Indicators
(July/March) Rate of Change
+ (-) %
2015/2016 2016/2017
Number of arrivals (000s) 5688 4801 (15.6)
Number of tourist nights by departure (000s) 45134 33451 (25.9)
GDP at current prices (US$ mn)* 336112 234872 (30.1)
Tourism revenues (US$ mn) 3257 2841 (12.8)
Tourism revenues / GDP (%) 1.0 1.2 20.0 Tourism revenues/ Total current receipts including
net private transfers (%) 8.5 7.1
(16.5)
Investments in tourism sector/ Total investments (%) 1.0 1.2 20.0
Average spending per tourist a night (US$) 72 85 17.6
Average length of stay (night) 7.9 7.1 (10.1)
Source: CAPMAS, Ministry of Planning, Monitoring and Administrative Reform, and Ministry of Tourism. * The drop in GDP is ascribed to the devaluation of the Egyptian pound during the period under review.
0
2
4
6
8
10
12
2014/2015 2015/2016 2016/20170
1
2
3
4
5
6To
uri
sm R
eve
nu
es/
Tota
l C
urr
en
t R
ece
ipts
(%)
Tou
rism
Re
ven
ue
s (U
S$ b
n)
Tourism Revenues during July/March
Tourism Revenues (US$ bn) Tourism Revenues/Total Current Receipts (%)
-13-
1-Number of Arrivals:
During July/March 2016/2017, total arrivals declined by 887 thousand tourists or 15.6 percent (compared with the corresponding period) to register 4.8 million. Such a drop was driven in large part by the fall of 37.0 percent or 1402 thousand in the number of arrivals from European countries, to 2.4 million during the period under review (against 3.8 million in the Corresponding period). That was mainly due to the suspension of Russian flights to Egypt as the number of arrivals reached only 50 thousand tourists during the period under review (against 1 million in the corresponding period). In addition, arrivals from other countries declined by 13.3 percent.
This retreat was mitigated by the rise in the number of arrivals from the
Middle East, Asia and the Pacific, Africa and the Americas by 517 thousands or 27.4 percent to 2402 thousand tourists (or 50 percent of total number of tourists) during the period under review against 1885 thousand tourists or 33.1 percent.
Number of Arrivals
July/March
Change + (-)
2015/2016 2016/2017 No.
(000) Relative
Weight No.
(000) Relative Weight
No. (000)
Change Rate (%)
Total 5688 100.0 4801 100.0 (887) (15.6) Europe 3788 66.6 2386 49.7 (1402) (37.0) Middle East 1092 19.2 1367 28.5 275 25.2 Africa 300 5.3 389 8.1 89 29.7 The Americas 213 3.7 222 4.6 9 4.2 Asia and the Pacific 280 4.9 424 8.8 144 51.4 Others 15 0.3 13 0.3 (2) (13.3)
Geographical Distribution of Tourist Flows
0
50
100
150
200
250
300
Jul-15
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar-16
Jul-16
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar-17
2015/2016 2016/2017
In Thousand
Number of Tourist Arrivals from RussiaDuring July/March
-14-
2- Tourist Nights by Departure:
The number of tourist nights by departure slumped by 11.7 million or 25.9 percent, to 33.5 million. This retreat was largely due to the decrease in the number of tourist nights by departure from European countries by 14.5 million or 46.8 percent, to 16.4 million nights during the period under review (against 30.9 million). By contrast, the number of tourist nights by departures from other geographical groups (the Middle East, Asia and the Pacific, Africa and the Americas) increased by 19.5 percent to 17.0 million nights (or 50.7 percent of total tourist nights by departure) against 14.2 million in the corresponding period.
Number of Tourist Nights by Departure (July/March)
Change + (-) 2015/2016 2016/2017
No.
(000s)
Relative
Weight
No.
(000s)
Relative
Weight
No.
(000s)
Change Rate (%)
Total 45134 100.0 33451 100.0 (11683) (25.9)
Europe 30893 68.4 16443 49.2 (14450) (46.8)
Middle East 8976 19.9 10649 31.8 1.673 18.6
Africa 2060 4.6 2388 7.1 328 15.9
The Americas 1630 3.6 1850 5.5 220 13.5 Asia and the
Pacific 1540 3.4 2092 6.3 552 35.8
Others 35 0.1 29 0.1 (6) (17.1)
-15-
2- Monetary and Banking Developments
2/1- Monetary and Banking Policy and Monetary Aggregates
2/1/1- Monetary Policy
As the ultimate objective of the monetary policy is price stability, the CBE
seeks to bring inflation to an appropriate and stable level conducive to building confidence, stimulating investment and achieving the targeted economic growth.
The overnight interbank interest rate is considered the operational target of
the monetary policy, whereby a framework based on the corridor system is applied, within which the ceiling is the overnight interest rate on lending from the Central Bank, and the floor is the overnight deposit interest rate at the Bank. Below are the monetary policy decisions taken in July/March of FY 2016/2017:
The MPC's decisions in its periodic meetings (six meetings) during July/March of FY 2016/2017 were consistent with inflation developments and the MPC's inflationary pressure forecasts. The Committee decided in its first two meetings held on 28 July and 22 September 2016 to keep the overnight deposit and lending rates unchanged at 11.75 percent and 12.75 percent, respectively. Also, the CBE's main operations (repos or deposit auctions, depending on market liquidity conditions) and the CBE's discount rate remained unchanged at 12.25 percent, each.
Out of its keenness to shore up confidence in the Egyptian economy and
achieve monetary stability by targeting lower levels of inflation, the CBE decided on November 3, 2016 to embark on several measures to adjust the foreign currency trading policy through liberalizing the exchange rates. According to this decision, banks are at liberty to quote and trade at any exchange rate. The decision was intended to restore FX trading to formal banking channels and eliminate the parallel market. The decision came in line with a broader package of reforms that will ensure macroeconomic stability through fiscal consolidation as announced by the government. This can be achieved by completing the subsidy reform program, rationalizing government spending, reducing imports especially random imports, increasing exports, and
-16-
encouraging up to standard domestic investment. By doing so, the government aims - through the fiscal and monetary package of reforms - to empower the Egyptian economy to face the longstanding challenges, unleash its vast potentials, and achieve the aspired growth and employment rates in a way that is commensurate with Egypt's capabilities and utilizes the full range of its human, natural, and material resources. In this regard, the CBE has taken the following decisions:
1. Giving banks operating in Egypt the liberty to quote and trade at any exchange rate through reactivating the interbank mechanism.
2. Raising the overnight deposit and lending rates by 300 basis points to 14.75
percent and 15.75 percent, respectively. The rate of the CBE's main operations and the discount rate were also raised by 300 bps to 15.25 percent, each.
Following the economic reform measures taken on 3 November 2016, net international reserves (NIRs) at the CBE increased and inflationary pressures stemming from the economic reform measures decreased. Against these developments, the headline inflation (m/m) gradually tapered off, registering 1.95 percent at end of March 2017, 2.63 percent at end of February 2017, and 4.07 percent at end of January 2017. Also, the annual inflation rate stood at 30.91 percent at end of March 2017.
The inflationary pressures narrowed as a result of the MPC's decisions
during the reporting period. In detail, the Committee decided in its third, fourth, fifth, and sixth periodic meetings held on 17 November, 29 December 2016, 16 February, and 30 March 2017, in order, to keep the overnight deposit and lending rates unchanged at 14.75 percent and 15.75 percent, respectively. Also, the CBE's main operations and the discount rate were kept unchanged at 15.25 percent, each.
It is worth mentioning that (during the preparation of this Review), the MPC
decided in its periodic meeting held on 21 May 2017 to raise the overnight deposit and lending rates by 200 bps to 16.75 percent and 17.75 percent, respectively. Also, the rate of the CBE's main operations and the discount rate were also raised by 200 bps to 17.25 percent, each.
-17-
The following are the key developments that took place during July/March of FY 2016/2017:- First: Interest Rates: 1- Overnight Interbank Interest Rates
The MPC's decisions taken in the reporting period affected the overnight interbank interest rates as the overnight deposit and lending rates were kept unchanged in Q1, then raised by 300 bps in Q2, and were kept unchanged in Q3. Given the continuous increase in liquidity levels at the banking system and under the agreement made with the IMF in support of the economic reform program, the CBE adopted a tightening monetary policy through absorbing the excess liquidity at the banking system via longer-term deposit acceptance operations. Accordingly, the weighted average of the overnight interbank interest rate moved close to the corridor ceiling rate during the period under review, as illustrated in the following chart:
2- Interest Rates on LE Deposits and Loans
The MPC's decisions also affected the interest rates in the money market that
trended upwards as shown in the following table:
7.58.08.59.09.5
10.010.511.011.512.012.513.013.514.014.515.015.516.016.517.0%
O/N Interbank Rate and Policy Rates
Overnight Interbank Rate Overnight Deposit Rate Overnight Lending Rate
-18-
Weighted Average Interest Rate
Month June 2016
(%) March 2017
(%) Deposits More than one month and up to three months 7.5 11.3 More than three months and up to six months 8.2 10.8 More than six months and up to one year 8.9 11.1 Loans* For one year or less 13.4 16.6
* The interest rate on corporate loans after the application of Domestic Money Monitoring System (DMMS).
Second: Open Market Operations
In July/March 2016/2017, the average liquidity absorbed by the CBE via its
monetary policy instruments markedly increased to LE 394.1 billion at end of March 2017 (against LE 155.2 billion at end of June 2016), up by LE 238.9 billion. This was mainly ascribed to the rise in net government spending on various activities during the period under review. The new procedures adopted as of 3 November 2016 highlighted the need for adopting a more tightening monetary policy for excess liquidity to increase the effectiveness of liquidity management and quell FX speculations especially given the high volume of excess liquidity at the banking system. In this context, some adjustments were made to the operational structure of the monetary policy, to include longer-term deposit acceptance operations. Hence, an operational structure for operations with maturities ranging between 28, 56, 112, and 210 days was implemented. The balance of deposits averaged LE 321.6 billion or 81.6 percent of total liquidity absorbed by the CBE at the end of March 2017 (mainly in operations with maturities of 112 and 210 days).
2/1/2- Reserve Money (M0)
Reserve money is considered the base of money in its broader definition and
is also known as the monetary base or high-powered money. It is composed of money in circulation outside the CBE and local currency deposits of banks therewith. The counterpart assets of reserve money are made up of the CBE's net foreign assets and net domestic assets. The latter includes net claims on both the government and banks, and net balancing items.
-19-
At end of March 2017, reserve money reached LE 527.8 billion, up by LE
49.7 billion or 10.4 percent during July/March 2016/2017 (against a retreat of LE 55.5 billion or 11.4 percent in the previous corresponding period). The rise in reserve money was a reflection of the pickup in: (i) currency in circulation outside the CBE by LE 42.1 billion or 11.4 percent, to LE 410.5 billion or 77.8 percent of reserve money; and (ii) banks' local currency deposits at the CBE by LE 7.6 billion or 7.0 percent, to LE 117.3 billion at end of March 2017.
Reserve Money and Counterpart Assets*
(LE mn)
Balances at End of
March 2017
Change during July/March + (-) 2015/2016 2016/2017
Value % Value %
A- Reserve Money 527751 (55498) (11.4) 49675 10.4 - Currency in circulation
outside the CBE
410514 17363 5.5 42055 11.4 - Banks' local currency
deposits 117237 (72861) (42.3) 7620 7.0 B- Counterpart Assets 527751 (55498) (11.4) 49675 10.4 Net Foreign Assets 5504 (65640) (259.7) 50367 (112.3) Foreign assets 529479 (8447) (5.7) 379536 253.1 Foreign liabilities 523975 57193 46.6 329169 169.0 Net Domestic Assets 522247 10142 2.2 (692) (0.1) Net claims on government 732473 119691 22.8 113063 18.3 Net claims on banks 73769 22481 (85.4) 14148 23.7 Net balancing items -283995 (132030) 357.2 (127903) 81.9
* Derived from the CBE's balance sheet.
2.7
(15.0)
1.6
1.7 3.6 8.84.4
(11.4)
10.4
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
2014/2015 2015/2016 2016/2017
Banks' deposits in loca l currency Currency in circulation outside the CBE
Growth rate o f reserve money
(%)
Contribution of the Components of Reserve Moneyto its Growth Rate during July/March
-20-
The pickup in currency in circulation outside the CBE was a reflection of the increase in banknote issue by LE 42.6 billion or 11.5 percent in July/March 2016/2017, to LE 412.0 billion at end of March 2017 or 11.9 percent of GDP for FY 2016/2017. Components of the note issue cover at end of March 2017 ran as follows: gold made up LE 47.4 billion worth or 11.5 percent, and foreign currencies and notes LE 364.6 billion worth or 88.5 percent. It is worthy to note that the available issue cover in the CBE's financial statement recorded LE 1220.9 billion (2.96 times coverage rate) on 31 March 2017, against LE 544.1 billion and 1.47 times at end of June 2016.
The breakdown of currency in circulation by denomination revealed a rise in
the relative importance of the LE 200 note from 52.6 percent at end of June 2016 to 55.1 percent at end of March 2017. Conversely, the relative importance of the LE 100 note retreated from 35.9 percent to 35.1 percent, and that of the LE 50 note from 7.9 percent to 6.7 percent. Added to this was the decline in medium denominations (LE 5, 10, and 20) from 3.1 percent to 2.6 percent. As a result, the average value of the note increased to LE 60.29 at end of March 2017 (from LE 57.78 at end of June 2016).
Regarding the counterpart assets of reserve money, net foreign assets
increased by LE 50.4 billion, causing as such an expansionary effect on reserve money by 10.5 percentage points. Meanwhile, net domestic assets decreased by LE 0.7 billion, with a negative contribution of 0.1 percentage point to the reserve money growth.
0
100
200
300
400
500
600
700
800
900
1000
June 2015 March 2016 June 2016 March 2017
LE bn
Net Claims on Government and Its Componentsat End of
Claims on government Deposits Net claims on government
-21-
The decline in net domestic assets at the CBE during the reporting period
came on the back of the following developments:-
The rise in the CBE's net claims on the government by LE 113.1 billion or 18.3 percent due to the increase in the CBE's claims on the government by LE 104.9 billion, and the retreat in the government's deposits at the CBE by LE 8.2 billion.
The increase in the CBE's net claims on banks by LE 14.1 billion as a result
of the increase in the CBE's claims on banks by LE 84.4 billion, and the pickup in their foreign currency deposits at the CBE by LE 70.3 billion worth.
The LE 127.9 billion surge in the negative balance of net balancing items
causing as such a contractionary effect on reserve money. This was attributed to the rise in deposits accepted by the CBE by LE 255.7 billion, on the one hand, and the growth in other assets and liabilities (net) by LE 127.8 billion, on the other.
As for net foreign assets at the CBE, its balance became positive for the
first time since September 2015, scoring LE 5.5 billion worth at end of March 2017, up by LE 50.4 billion worth (decreasing to LE 22.1 billion worth or 49.2 percent after excluding the effect of changes in exchange rates following the CBE's decision on November 3, 2016). That rise was driven by the pickup in both foreign assets at the CBE by LE 379.6 billion worth, and foreign liabilities by LE 329.2 billion worth.
2/1/3- Domestic Liquidity and Counterpart Assets
Domestic liquidity (M2) consists of currency in circulation outside the
banking system and non-government deposits at banks (in both local and foreign currencies). In July/March 2016/2017, domestic liquidity grew by LE 649.3 billion or 31.0 percent (or by LE 305.7 billion or 14.6 percent when excluding the effect of the exchange rate liberalization on 3 November, 2016), against LE 222.3 billion or 12.6 percent in the same period a year earlier. This brought total domestic liquidity to LE 2743.8 billion at end of March 2017, representing 79.1 percent of GDP for FY 2016/2017.
-22-
The rise in domestic liquidity during the reporting period reflected the
growth in money supply and quasi-money. In figures, money supply rose by LE 58.1 billion or 10.1 percent (compared to LE 30.8 billion or 6.2 percent in the previous corresponding period), reaching LE 631.0 billion at end of March 2017. The increase in money supply was attributable to both the pickup in currency in circulation outside the banking system by LE 38.3 billion or 11.0 percent, to LE 385.1 billion at end of March 2017; and the rise in local currency demand deposits at banks by LE 19.8 billion or 8.8 percent. The increase in the latter came due to the higher deposits of the household sector by LE 10.6 billion or 13.8 percent, to LE 87.5 billion; those of the private business sector by LE 7.2 billion or 5.5 percent, to LE 137.0 billion; and those of the public business sector by LE 1.6 billion or 7.6 percent, to LE 22.2 billion.
Quasi-money augmented by LE 591.2 billion or 38.9 percent during the period (against LE 191.5 billion and 15.1 percent in the corresponding period a year earlier), to register LE 2112.8 billion, or 77.0 percent of total domestic liquidity at end of March 2017. That rise came on the back of the following developments:- ● The LE time and saving deposits grew by LE 241.4 billion or 20.2 percent, to
LE 1439.1 billion at end of March 2017. This was due to the rise in the deposits of the household sector by LE 237.2 billion or 22.8 percent, to LE 1276.5 billion, and those of the private business sector by LE 3.5 billion or 2.6 percent, to LE 138.8 billion. In the meantime, deposits of the public business sector grew by LE 0.7 billion or 3.1 percent, posting LE 23.8 billion.
Currency in circulation outside the
banking system14.0%
Demand deposits in
local currency9.0%
Quasi-money77.0%
Money supply23.0%
Domestic Liquidity ComponentsEnd of March 2017
-23-
● Foreign currency deposits scaled up by LE 349.8 billion worth or 108.0 percent (or by LE 6.2 billion worth or 1.9 percent after excluding the effect of exchange rate liberalization on 3 Nov. 2016), against LE 51.5 billion worth or 19.6 percent, reaching LE 673.7 billion worth. The increase in foreign currency deposits was traced to the higher deposits of the household sector by LE 239.0 billion worth, of the private business sector by LE 92.0 billion worth, and of the public business sector by LE 18.8 billion worth.
The ratio of foreign currency deposits to total deposits at banks (dollari-
zation rate) constituted 28.6 percent at end of March 2017 (against 18.5 percent at end of June 2016). When excluding the effect of the liberalized exchange rate, this ratio went down to 16.4 percent at end of March 2017.
Regarding the contribution of the counterpart assets of domestic liquidity
to its growth, both domestic assets (net) and foreign assets (net) positively contributed 29.0 percentage points and 2.0 percentage points, in order.
15.0
20.0
25.0
30.0
35.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Dollarization Rate (Deposits in US$/Total Deposits) & Interest Rates on Deposits in LE & US$
Interest Rate on 3-month Deposits in LE(left axis) Interest Rate on 3-month Deposits in US$ (left axis)
Dollarization Rate (right axis)
(%)(%)
(3.5)(6.5)
2.0
16.020.3
30.7
(1.6) (1.2) (1.7)
10.9 12.6
31.0
(10)(5)05
101520253035
2014/2015 2015/2016 2016/2017
Percentage Point
Domestic Liquidity Growth by Counterpart Assets during July/March
Net Foreign Assets Domestic Credit
Net Balancing Items Domestic Liquidity Growth Rate
-24-
Net domestic assets during the period surged by LE 607.1 billion or 27.8
percent, to LE 2789.0 billion at end of March 2017. This was mainly attributed to the rise in banks' domestic credit by LE 642.5 billion or 26.1 percent, to LE 3102.7 billion at end of March 2017. Another factor at work was the rise in the negative balance of net balancing items by LE 35.4 billion or 12.7 percent (as net unclassified assets and liabilities rose by LE 125.0 billion and capital accounts by LE 160.4 billion).
The rise in domestic credit in the reporting period was attributed to the
following developments:-
Net credit to the government from the banking system surged by LE 338.6 billion or 20.5 percent in July/March 2016/2017 (against LE 276.2 billion or 21.4 percent in the same period a year earlier), reaching LE 1993.5 billion, and representing as such 64.3 percent of total credit at end of March 2017. The surge was a reflection of: (i) the rise in banks’ holdings of government securities and TBs by LE 559.6 billion; (ii) the decline in loans to the government by LE 98.0 billion; and (iii) the increase in government deposits at the banking system by LE 123.0 billion.
Banks' credit to the private business sector grew during the period by LE 219.3 billion or 43.5 percent (against LE 35.7 billion or 8.0 percent), amounting to LE 723.6 billion, and representing 23.3 percent of total domestic credit at end of March 2017.
Net claims on government
64.3%Claims on public business sector
4.8%
Claims on private business
sector23.3%
Claims on household sector
7.6%
Domestic Credit by Sector End of March 2017
-25-
Credit to the public business sector augmented by LE 56.7 billion or 61.0
percent (against LE 19.8 billion or 31.3 percent), to LE 149.8 billion at end of March 2017.
Credit to the household sector rose by LE 27.9 billion or 13.4 percent (against LE 26.6 billion or 15.1 percent), to LE 235.8 billion at end of March 2017. Net foreign assets at the banking system (expressed in LE) reached a
negative LE 45.2 billion at end of March 2017, with a pickup of LE 42.2 billion or 48.2 percent in the reporting period (or up by LE 32.2 billion worth or 36.8 percent after excluding the effect of exchange rate liberalization on 3 Nov. 2016), against a retreat of LE 115.0 billion in the same period a year earlier. This increase was brought about by the surge in net foreign assets at the CBE by LE 50.4 billion, and their fall at banks by LE 8.2 billion.
Change in Foreign Assets & Liabilities at the Banking System
(LE mn)
Change during July/March + (-) 2015/2016 2016/2017
Value Growth Rate (%)
Value Growth Rate (%)
Net Foreign Assets at the
Banking System (114994) (223.3) 42148 (48.2)
Net Foreign Assets at the CBE (65640) (259.7) 50367 (112.3)
- Assets (8447) (5.7) 379536 253.1
- Liabilities 57193 (46.6) 329169 169.0
Net Foreign Assets at Banks (49354) (188.3) (8219) 19.3
- Assets 2930 3.4 142275 174.5
- Liabilities 52284 87.1 150494 121.3
-26-
2/1/4- Payment Systems and Information Technology (IT)
The payment systems and information technology sector witnessed a number
of developments and achievements in July/March 2016/2017, as summarized below:
The company responsible for implementing the permanent Disaster Re-
covery (DR) site for the CBE completed its work. A preliminary handover committee was formed, in preparation for installing the techno-logical equipment for the operation of the site. The project is expected to be completed in Q2 2017/2018.
The CBE's BoD agreed on Dec. 17, 2015 to entrust the National Defense Council with implementing the project of “developing and upgrading the main Information Center in El-Gomhoreya Building” and readjusting its infrastructure to meet the work requirements of the CBE and banking sector. The project is scheduled to be completed in Q3 2017/2018.
Under the plan of developing the CBE's branches and upgrading their electronic systems, the automation of all operations was completed in the three branches of the Bank (Alexandria, Port Said and El- Mohandeseen). These branches have already been connected to the Head office and are being operated via the same electronic systems applied in Cairo branch and the Head office.
As four major banks; namely the National Bank of Egypt, Banque Misr, Banque du Caire and Alex Bank, along with their branches in governorates, are entrusted, under an agreement with the CBE, with exercising government finance, (e.g. payment of cheques drawn on the CBE - receipts on behalf of the CBE) signatures of governmental authorities' represen-tatives, as well as any other authorized signatories, were uploaded on the electronic systems of these banks. Accordingly, government signature forms were copied and sent to the said financing banks via “the Secure FTP Server”. The server allows for the easy transfer of these signatures to banks' internal information systems for inquiry purpose. The system has been run using the new mechanism, while the old one has been disabled.
-27-
A gap analysis of the IT infrastructure of archives and microfilm was completed. Accordingly, the work methods were modernized and a new work-procedures manual was approved. Moreover, a scientific reference for archiving and microfilming (including reviewing quality requirements and retention periods for paper and microfilm documents) is under approval. The archive and microfilming system was developed through a digital to microfilm conversion project. A digital archive will be maintained for internal retrieval. In addition, the paper archive platforms will be developed, and an alternative microfilms library will be established at the archives of the Printing Press. The project was entrusted to the National Defense Council for implementation.
The CBE is currently gearing to join the Regional Payment and Settlement
System (REPSS) run by the COMESA Clearing House. This system aims at enhancing trade exchange with the COMESA countries, being crucial for the national security of Egypt. At present, the required technical systems are being prepared and the relevant CBE's internal rules and procedures are being examined.
The CBE is working on fostering financial inclusion by enhancing access to
simple banking services. An example of these services is the mobile wallet, whose users exceeded five and half million persons.
The CBE is upgrading the current version of RTGS in Egyptian pound.
Related software is being modified and upgraded, as a step towards the actual implementation of the project.
The SWIFT software will be changed from Turbo to Alliance system.
Proposals of specialized companies in this regard are currently examined for making a decision.
The CBE has tightened control over import operations through automating
Form 4, for commodity imports, and linking it with both the Customs Authority and banks via an electronic system. The project parallel operation has started as of April 20th, 2016.
The CBE has completed the preparation of the system of the SMEs
financing initiative. The system testing is being carried out before the actual operation.
-28-
The CBE is revamping its branches in Alexandria and Port Said. All
technical requirements have been specified and discussed with the project consultant after giving him a copy thereof. Such requirements are being taken into account while preparing the engineering drawings and bills of quantities.
The CBE is upgrading its telephony communication network in the Head office and connecting it with some branches. The project is currently under construction and is expected to be completed in Q2 2017/2018.
2/1/5- RTGS and SWIFT Local Services
Local bank transfers in Egyptian pound under the RTGS showed an increase in the number and value of executed messages to 885.3 thousand in July/March 2016/2017 (from 789.2 thousand in the corresponding period a year earlier). Their value also increased to LE 26396 billion (from LE 22050 billion). Notably, such transactions included transfers of banks and clients and trans-actions of treasury bills, Misr for Central Clearing, Depository and Registry (MCDR), and the National Debit Switch, in addition to corridor operations and deposits for monetary policy purposes.
RTGS and SWIFT Local Services
(in Local Currency)
During July/March
Number of Messages
(Unit)
Value of Transfers
(LE bn)
Change during the Period + (-)
Number Value
2014/2015 754055 16676 (26309) 4606
2015/2016 789233 22050 35178 5374
2016/2017 885300 26396 96067 4346
According to the statistics of the CBE Automated Clearing House that
applies the RTGS system, the number of exchanged papers dropped, reaching 9.6 million (from 10.2 million). Their values, however, increased from LE 776 billion to LE 920 billion. As a result, the average value per paper moved up to LE 95.7 thousand (from LE 76.3 thousand).
-29-
CBE Automated Clearing House Activity
During July/March
Number of Papers (Thousand)
Value of Papers (LE bn)
Change (%)
Number Value
2014/2015 9973 709 5.4 25.5
2015/2016 10172 776 2.0 9.4
2016/2017 9610 920 (5.5) 18.6
Transactions executed in foreign currencies under the Fin-Copy system, via SWIFT, revealed an increase in their number and a retreat in their value during the period under review. Specifically, their number decreased to 5.5 thousand, at a value of US$ 4.9 billion, against 3.0 thousand, at a value of US$ 5.1 billion in the corresponding period a year earlier.
SWIFT Local Services (in US Dollar)
During
July/March
Number of
Messages
(Unit)
Value of
Transfers
(US$ mn)
Change during the Period
+ (-)
Number Value
2014/2015 4061 5144 386 (1175)
2015/2016 3042 5083 (1019) (61)
2016/2017 5509 4850 2467 (233)
-30-
2/2- Banking and Credit Developments
2/2/1-Supervision Sector
The CBE conducts supervision over banks operating in Egypt to ensure their sound financial positions and evaluate their performance from the perspective of risk - based supervision. In addition, it ascertains banks’ compliance with the CBE established regulatory standards, including the minimum reserve require-ment and liquidity ratios, the maximum limits of a bank’s concentration of investments with a single customer, along with his related parties, and investments abroad, as well as the asset-liability matching in terms of maturity and currency. This is in addition to a number of qualitative standards that ensure – alongside the above – the soundness of banks’ performance and the safety of depositors’ funds. Among these standards are governance rules; information systems efficiency rules; and ''Fit and Proper'' criteria for officials and managers of key sectors at banks.
The CBE has prepared and implemented the Banking Sector Reform
Program, through which banks have been restructured, their capital has been raised and their risk management has been strengthened. It is worth mentioning that the said Program was mainly fruitful as regards Basel II implementation as the CBE's BoD has approved in its session dated December 18, 2012 the regulations of the minimum capital adequacy requirement.
In line with Basel Committee's proposal to introduce a ''leverage ratio'' to act
as a supplementary measure to the risk-based capital adequacy requirements (in line with the timeline for applying Basel III accords), the CBE's BoD approved in its session held on 7 July 2015 the leverage ratio regulations. Under these regulations, banks are required to meet Basel III leverage ratio; first as an indicative ratio starting from the end of September 2015 till 2017, then as a mandatory ratio as of 2018.
To enhance the link between a bank’s risk profile and its internal risk
management and capital adequacy assessment, the CBE started applying the second pillar of Basel II requirements based on two pivotal points, as follows:-
a. In its meeting held on the 2nd of March 2016, the CBE's BoD approved the
regulations of the Internal Capital Adequacy Assessment Process (ICAAP), required to be conducted by banks in accordance with each bank's risk profile, to address all types of risks (including the risks that were not tackled in the first pillar).
-31-
b. The CBE has taken several measures to apply the Supervisory Review and
Evaluation Process (SREP). The key purpose of SREP is to ensure that banks maintain adequate capital to guarantee a sound coverage of their risks, as well as to encourage them to develop and use appropriate risk-management techniques to monitor, manage, measure and address all the risks they are vulnerable to.
Out of its keenness to apply the international best practices, especially Basel III requirements, the CBE's BoD approved in its two sessions on 7 April 2016 and 13 July 2016 the implementation of the Capital Conservation Buffer and the issued supervisory regulations of liquidity risk management, as follows:
1. Capital Conservation Buffer
To ensure the coverage of losses that may arise during times of stress or
financial crises and to maintain the capital base of Egyptian banks, banks operating in Egypt are required to adhere to these regulations starting from either the 1st of January 2016 or the 1st of July 2016 (depending on the beginning of the fiscal year in each bank) so that the required capital ratio of 2.5 percent can be met by January/July 2019.
2. Regulations of Liquidity Risk Management
First: Liquidity Coverage Ratio (LCR)
This aims at maintaining a minimum ratio for each of the local and foreign
currencies, according to the following schedule:
2016 2017 2018 2019 70% 80% 90% 100%
Second: Net Stable Funding Ratio (NSFR)
Banks must comply with this ratio within a maximum period of three months starting from July 2016, as follows:
Maintain a total minimum ratio of 100%.
Maintain a minimum ratio of 100% for each of local and foreign
currencies.
-32-
Under the CBE's ongoing follow-up of the key tasks of banks' executive managers according to Article (43) of Law No. 88 of 2003 of the Central Bank, the Banking Sector and Money, instructions were issued by the CBE on 4 August 2016, requiring banks to submit to the Supervision Sector a list of the names of the staff in charge of key tasks at banks, attached with an organizational chart stating each incumbent's position, together with his reporting line. In order to boost the supervisory role and establish the instructions of banks' governance, the CBE as of the 1st of February 2017 issued a number of regulations, requiring banks to submit a copy of the minutes of the BoD's meetings and the BoD's committees within a month from the date of meeting.
In the light of the instructions which stated that in the event of running for the
post of Chairman or Vice Chairman of any bank, or executive board members, an interview shall be conducted before holding office, with Deputy Governor, or Sub- Governor in charge of the CBE's Supervision Sector. Thus, the CBE issued instructions on 19 February, 2017 stating that this procedure shall be applied to non- executive members in case of being a candidate for the first time or seeking re-nomination. In addition, the CBE intends to hold an annual meeting with non- executive board members provided that this meeting shall be determined in a timely manner so as to discuss and follow up the efficiency and effectiveness of the governance rules applied at banks.
During the period under review, (48) BoD members and (29) executive
managers were added to the register of banks, pursuant to Article (43) of Law No. 88 of 2003 of the Central Bank, the Banking Sector and Money, and in compliance with the applicable Fit and Proper criteria.
In accordance with Article 32/3 of the Law of the Central Bank, the Banking
Sector and Money which states that the Governor of the CBE, following the consent of the Board of Directors, shall approve the statute of the bank, and any amendments thereto, certain articles of the statute of (12) banks were amended during the period in question.
Moreover, (116) new branches [including (63) conventional branches, (1)
Islamic branch, (47) mini branches, (3) mini Islamic branches, (1) agency, and (1) seasonal branch] of (26) banks were added to the register of banks. This came in accordance with the regulations set by the CBE that give due regard to the soundness of the financial positions, internal controls, and the efficiency of
-33-
information systems of applicant banks to open new branches, together with their capital adequacy to ensure that they can better face the risks arising from the expansion in their activities.
In light of the rules applied for regulating the electronic payment services,
(15) banks were licensed to offer (32) e-banking services in the reporting period. Concerning on-site supervision, the Supervision Sector at the CBE
conducts supervision over banks, guided by the set plan. Specifically, the following points were observed:
Verifying banks' compliance with the instructions stated in the Banks Law
and its Executive Regulations as well as the instructions issued by the CBE.
Identifying the different kinds of risks to which the inspected bank is
vulnerable and performing quantitative and qualitative risk analysis to assess the risk level, then take the appropriate measures to minimize them and set plans for their avoidance; and making sure that the inspected bank secures enough provisions especially against non-performing loans, in order to guarantee the safety of depositors' and shareholders' funds.
Ensuring the soundness of banks' financial positions and verifying that the
financial data therein are identical to those in banks' records.
Ongoing follow-up of the economic, financial, and monetary develop-ments in light of forex trading policy decisions, particularly in light of the CBE's decision of liberalizing the exchange rate on November 3, 2016.
Inspecting a sample among the top 50 customers with the largest debt in
the banking system who obtained credit facilities, so as to monitor any risks related to those customers at banks.
Verifying the soundness of internal control at banks and compliance with
the principles of good governance.
Ensuring banks' compliance with the rules regulating E-banking services and that technology systems used at banks (including system upgrades), are adequately secured.
-34-
2/2/2 - Overview of the Aggregate Financial Position of Banks
The aggregate financial position of banks (excluding the CBE) hiked by
LE 1370.0 billion or 48.1 percent in July/March 2016/2017 (compared with LE 486.4 billion or 22.1 percent in the same period of the previous FY), to reach LE 4216.0 billion at end of March 2017.
The increase on the liabilities side stemmed from the growth of LE 739.9
billion or 35.0 percent in banks' deposits, against a rise of LE 265.0 billion or 15.3 percent during the period of comparison, to LE 2856.0 billion at end of March 2017. Increases were also seen in obligations to banks in Egypt by LE 153.7 billion, equities at banks by LE 149.2 billion, and obligations to banks abroad by LE 107.3 billion worth. Furthermore, bonds & long-term loans went up by LE 68.7 billion, provisions by LE 42.9 billion, as well as other liabilities by LE 108.3 billion.
On the assets side, the increase reflected the growth in balances with banks
in Egypt by LE 440.2 billion or 117.5 percent (primarily as a result of the increase in banks' balances at the CBE by LE 335.4 billion), to stand at LE 814.8 billion at end of March 2017. Likewise, lending and discount balances rose by LE 400.9 billion, banks' investments in securities and bills by LE 273.4 billion, balances with banks abroad by LE 115.8 billion worth, cash balances by LE 19.1 billion, and other assets by LE 120.6 billion.
Provisions2.6%
Bonds & Long-term Loans
2.8%
Obligations to Local Banks
5.1%
Obligations to Banks Abroad
4.6%
Total Deposits67.7%
Other Liabilities9.8%
Equities7.4%
Relative Importance of the Items of Shareholders' Equities
and Liabilities
(End of March 2017)
-35-
The increase in banks' investments in securities and bills was an outcome of
higher investments in treasury bills by LE 199.7 billion, government bonds by LE 36.1 billion, corporate equities by LE 25.1 billion, banks' investments in foreign securities by LE 10.5 billion worth, and banks' investments in non-government bonds by LE 2.0 billion.
2/2/3- Interbank Transactions
In July/March 2016/2017, transactions of local banks with corres-pondents abroad unfolded a decline in their net debit balances with banks abroad by LE 8.5 billion worth or 24.3 percent, to post a debit balance of LE 26.5 billion worth at end of March 2017 (against a debit balance of LE 35.0 billion worth at end of June 2016). This decline resulted from the increase in their balances with banks abroad by LE 115.8 billion worth, and in their obligations thereto by LE 107.3 billion worth.
As for interbank transactions in Egypt (excluding the CBE), the volume of transactions in money market (in terms of deposits) surged by LE 104.8 billion or 183.4 percent in the period under review (against LE 22.9 billion or 115.9 percent in the same period of the previous FY), bringing total deposits to LE 161.9 billion at end of March 2017. Such increase was an outcome of the pickup in foreign currency deposits by LE 88.9 billion worth and local currency deposits by LE 15.9 billion.
Cash1.2%
Securities & Investments in
TBs36.9%
Balances with Local Banks
19.3%
Balances with Banks Abroad
4.0%
Loan & Discount Balances
31.9%
Other Assets6.7%
Relative Importance of the Items of Assets (End of March 2017)
-36-
2/2/4 - Deposits
Banks' deposits grew by LE 739.9 billion or 35.0 percent during July/ March 2016/2017 (versus LE 265.0 billion or 15.3 percent), to LE 2856.0 billion at end of March 2017. The household sector accounted for 65.8 percent of the total increase in banks' deposits. The government sector came next with 16.9 percent, followed by the private business sector (14.0 percent). The increase in banks' deposits stemmed from the growth of both local and foreign currency deposits. Specifically, local currency deposits picked up by LE 294.8 billion or 17.4 percent to LE 1986.4 billion (accounting for 69.6 percent of total deposits at end of March 2017). Likewise, foreign currency deposits grew by LE 445.1 billion worth or 104.9 percent (or by LE 1.5 billion worth or 0.3 percent, after excluding the impact of exchange rate liberalization) to reach LE 869.7 billion worth at end of March 2017.
The household sector accounted for nearly 68.7 percent of the increase in
local currency deposits. Specifically, its deposits scaled up by LE 247.7 billion or 22.2 percent to LE 1364.1 billion at end of March 2017. Deposits of the government sector also mounted by LE 33.1 billion or 12.8 percent, to LE 291.1 billion. Likewise, deposits of the private business sector went up by LE 11.7 billion or 4.4 percent and those of the public business sector by LE 2.3 billion or 5.2 percent.
Foreign currency deposits (expressed in LE) increased by LE 445.1 billion,
mainly reflecting the rises in the deposits of the household sector by LE 239.0 billion, private business sector by LE 92.1 billion, and government sector by LE 91.6 billion.
60.9
2.1 29.7
118.6
(0.1)
33.1 2.3 11.7
247.7
0.0
(20)104070
100130160190220250
GovernmentSector
Public BusinessSector
Private BusinessSector
HouseholdSector
External Sector
Change in Sectors' Local Currency Deposits during July/March
2015/2016
2016/2017
LE bn
-37-
2/2/5- Lending Activity
Banks' lending and discount balances to customers reached LE 1343.6 billion (accounting for 31.9 percent of total assets and 47.0 percent of total deposits at end of March 2017), up by LE 400.9 billion or 42.5 percent in the period under review (against an increase of LE 134.3 billion or 18.7 percent during the same period a year earlier). Such an increase was ascribable to the rise in lending and discount balances in local currency by LE 130.5 billion or 19.4 percent to LE 803.1 billion, and those in foreign currencies by LE 270.4 billion worth or 100.1 percent (or a decline by LE 5.4 billion or 2.0 percent, after excluding the impact of exchange rate liberalization under the CBE's decision on November 3, 2016) to LE 540.5 billion worth at end of March 2017.
The pickup in lending and discount balances in local currency came on
the back of the rise in loans extended to all sectors during the period under review. Loans to the private business sector surged by LE 61.4 billion or 20.3 percent, to LE 363.8 billion, or nearly half (45.3 percent) the total lending and discount balances in local currency, at end of March 2017. Likewise, loans to the public business sector rose by LE 29.7 billion or 45.5 percent, the household sector by LE 24.5 billion or 12.0 percent, the government sector by LE 14.5 billion or 14.5 percent, and those to the external sector by LE 0.4 billion.
The rise in lending and discount balances in foreign currencies
(expressed in LE) over the period resulted from the higher loans extended to the private business sector by LE 133.2 billion or 84.7 percent, to register LE 290.5 billion (representing 53.7 percent of total balances in those currencies at end of March 2017). Moreover, loans to the government sector moved up by LE 106.4 billion, the public business sector by LE 27.0 billion, the household sector by LE 3.4 billion, and the external sector by only LE 0.4 billion.
1.3 2.3 21.7 27.5
1.0
91.6
18.8
92.1
239.0
3.7
(20)104070
100130160190220250
GovernmentSector
Public BusinessSector
Private BusinessSector
Household Sector External Sector
Change in Sectors' Foreign Currency Deposits during July/March
2015/2016
2016/2017
LE bn
-38-
The relative distribution of loans by economic activity indicates that the
manufacturing sector was the major recipient with a share of 40.2 percent of loans extended by banks in both local and foreign currencies at end of March 2017. The unclassified sectors, including the household, came next with a share of 26.3 percent, followed by services (24.3 percent), then trade (8.3 percent) and agriculture (only 0.9 percent).
At end of March 2017, banks' loans and advances (excluding discounts) by maturity registered LE 1336.3 billion, up by LE 399.2 billion or 42.6 percent during the reporting period. The increase was ascribable to the growth in long-term loans (more than one year) by LE 252.3 billion or 46.9 percent (owing to the rise in foreign currency loans by LE 177.1 billion worth or 135.6 percent) and the increase in short-term loans (one year or less) by LE 146.9 billion or 36.8 percent (primarily due to the growth in foreign currency loans by LE 93.3 billion worth or 66.9 percent).
050
100150200250300350400450500
June 2016 March 2017 June 2016 March 2017
LE bn
One Year or Less Over One Year
Loans & Advances by Banks Excluding Discounts(End of)
Local Currency Foreign Currencies
39.9
11.1 28.4 26.3
(0.0)
15.0 8.7 5.6
0.2
(0.9)
14.529.7
61.4
24.5
0.4
106.4
27.0
133.3
3.4 0.4
(10)1030507090110130150170
Government
sector
Public
business
sector
Private
business
sector
Household
sector
External
sector
Government
sector
Public
business
sector
Private
business
sector
Household
sector
External
sector
2015/2016
2016/2017
LE bnLocal currency Foreign currencies
Change in Lending and Discount Balances by Sectorduring July/March
-39-
3- Non-Banking Financial Sector*
3/1- Stock Market
During July/March 2016/2017, the Egyptian Exchange (EGX) showed an
increase in all the indices, except for Nile index. Its benchmark index (EGX 30) increased by 87.2 percent to 12994.8 points at end of March 2017 (from 6942.5 points at end of June 2016). Also, EGX 20 Capped rose by 78.2 percent to 12435.4 points from 6977.4 points; EGX 50 EWI by 64.4 percent to 2071.1 points from 1259.9 points; EGX 70 by 62.3 percent to 569.7 points from 351.0 points; and EGX 100 by 78.5 percent to 1327.7 points at end of March 2017 (from 743.7 points at end of June 2016). On the contrary, NILEX index –which reflects the performance of small and medium enterprises listed on the Nile Stock Exchange – retreated by 11.7 percent to 557.8 points at end of March 2017 (from 631.6 points at end of June 2016).
Sectoral Indices
During July/March 2016/2017, all sectoral indices witnessed increases. The
basic resources topped the list, up by 163.6 percent, followed by personal and household products (158.2 percent). The sector of construction and building materials, as well as food and beverages, recorded the smallest increase (18.2 percent each).
* Source: EFSA and EGX's monthly reports.
0
2000
4000
6000
8000
10000
12000
14000
Point The Benchmark EGX 30 Index
-40-
Sectoral Indices
Sector
At End of Change +(-) in July/March
2016/2017 (%) June 2016 March 2017 Basic resources 325.1 857.0 163.6 Personal and household products 629.1 1624.6 158.2 Chemicals 628.7 1307.1 107.9 Financial services (exc. banks) 352.2 651.7 85.0 Banks 3263.2 5776.9 77.0 Communications 369.6 651.7 76.3 Industrial goods and services & cars 945.6 1602.6 69.5 Real estate 1052.7 1764.3 67.6 Tourism and leisure 136.8 203.6 48.8 Healthcare and pharmaceuticals 2562.5 3607.2 40.8 Construction and building materials 1041.5 1231.3 18.2 Food and beverages 1106.5 1308.1 18.2
Concerning the primary market, the number of new issues approved by
EFSA in the period under review reached 3258, with a total value of LE 58.4 billion (against 3087 issues, totaling LE 64.2 billion in the same period of the previous FY). Of this figure, issues for new businesses reached 2450 in number (75.2 percent of total issues), at a value of LE 15.0 billion. Meanwhile, the number of issues for capital increases of existing companies stood at 808, totaling LE 43.4 billion (74.4 percent of the total value of issues).
The listing activity on the EGX showed that the number of listed
companies increased to 224 at end of March 2017, against 222 companies at end of June 2016. In the meantime, the nominal capital of these companies also rose by 12.1 percent to LE 211.8 billion (from LE 188.8 billion). In addition, their market capitalization grew by 71.2 percent to LE 655.0 billion at end of March 2017 (from LE 382.5 billion at end of June 2016), on the back of the increase in the prices of most shares traded on the EGX.
The value of issued and listed bonds went down by LE 17.9 billion or 2.4
percent during the period under review, to LE 738.9 billion at end of March 2017 (against LE 756.7 billion at end of June 2016). This was attributed to the decrease of LE 13.3 billion in the value of Egyptian treasury bonds (primary dealers) to record LE 731.7 billion or 99.0 percent of the total value of listed bonds at end of March 2017. Add to this the redemption of legal entities' bonds -that were listed on the EGX in December 2010 and then delisted in July 2016 - in an amount of LE 5.0 billion and the decline in securitization bonds by LE 1.1 billion, on the one hand, and the rise of corporate bonds by LE 1.5 billion, on the other.
-41-
Concerning trading in the secondary market (including NILEX), its three
indicators (the number of traded securities (shares and bonds), their value and the number of transactions) increased during the period under review. In figures, the number of traded securities rose by 14.2 billion papers or 31.0 percent, to 60.0 billion. Moreover, their value stepped up by LE 74.0 billion or 39.5 percent to LE 261.4 billion, and the number of transactions moved up by 1.3 million or 32.4 percent to 5.3 million.
Trading in shares on the EGX surged to 86.4 percent of the total value of
transactions (against 59.3 percent in the same period a year earlier). However, trading in bonds decreased to 12.7 percent (against 40.0 percent), and trading in mutual funds' certificates represented 0.9 percent of the total (against 0.7 percent).
Trading in Securities
July/March 2015/2016 2016/2017
No. of Transactions (000s) 4009 5308
A- Shares, bonds and mutual funds' certificates (listed) 3915 5186
B- Shares, bonds and mutual funds' certificates (unlisted) 23 25
C- Small and medium enterprises market (NILEX) 71 97
No. of Traded Securities (mn) 45817 60039
A- Shares, bonds and mutual funds' certificates (listed) 43921 58338
B- Shares, bonds and mutual funds' certificates (unlisted) 1615 1147
C- Small and medium enterprises market (NILEX) 281 554
Value of Transactions (LE mn) 187390 261415
A- Shares, bonds and mutual funds' certificates (listed) 168305 236497
B- Shares, bonds and mutual funds' certificates (unlisted) 18627 24093
C- Small and medium enterprises market (NILEX) 458 825 Source: EFSA and EGX's monthly reports
Turning to the market of small and medium enterprises (NILEX), the number of listed companies reached 33 and the market capitalization of their listed shares stood at LE 1.3 billion at end of March 2017. Also, the number of traded securities reached 0.6 billion papers during the period in question, executed through 97 thousand transactions, with a value of LE 0.8 billion.
As for trading in the Exchange Traded Funds (ETFs) which track EGX 30
index, the number of their traded securities reached 9.8 million papers, through 0.6 thousand transactions, with a total value of LE 106.2 million during the reporting period.
-42-
Investors' Transactions*
Foreigners' transactions on the EGX (purchases and sales) noticeably surged
by 115.4 percent during July/March 2016/2017 to LE 102.7 billion (against LE 47.7 billion in the same period last year). Their dealings resulted in net purchases of LE 5.0 billion (against net sales of LE 0.4 billion in the corresponding period).
Egyptians' trading on the EGX accounted for 73.7 percent of total
transactions in July/March 2016/2017. On the other hand, dealings of foreign investors represented 26.3 percent of the total.
3/2- Mutual Funds
Compared with end of March 2016, the number of mutual funds increased
from 94 (93 open-end and 1 close-end) to reach 97 at end of March 2017 (96 open-end and 1 close-end).
* This statement does not include primary dealers' transactions.
(1)
9
19
29
39
49
59
69
2015/2016 2016/2017
Foreign Investors' Transactions during July/March
Purchases
Sales
Net
LE bn
-43-
4- Public Finance and Domestic Public Debt
4/1- Fiscal Operations of the State Budget Data on actual execution of the fiscal operations of the state budget (administrative system, local administration and service authorities) indicates that total revenues increased by LE 72.6 billion or 24.9 percent, to LE 363.7 billion or 10.7 percent of GDP in July/March 2016/2017. At the same time, total expenditures rose by LE 98.1 billion or 18.4 percent, to LE 631.4 billion or 18.6 percent of GDP. As a result, the cash deficit stood at LE 267.7 billion. By adding the LE 5.6 billion net acquisition of financial assets to the cash deficit, the overall deficit would pick up by LE 18.4 billion, to LE 273.3 billion (against LE 254.9 billion in the previous corresponding period). Despite the rise in the budget deficit as an absolute value, its ratio to GDP fell to 8.0 percent (against 9.4 percent). Additionally, the primary deficit as a percentage of GDP declined (down from 2.9 percent to 1.2 percent).
The drop in both primary and overall deficit as a percentage of GDP (during the period under review compared to the period of comparison) mirrored the impact of the corrective measures taken in the area of public finance to achieve fiscal sustainability under the comprehensive economic reform program currently adopted by the government.
9.0 9.4 8.0
3.72.9
1.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0.0
3.0
6.0
9.0
12.0
15.0
18.0
21.0
24.0
2014/2015 2015/2016 2016/2017
Revenues Expenditures Overall Budget Deficit Primary Deficit
Revenues, Expenditures , Overall and Primary Budget Deficitas a Percentage of GDP during July/March
Revenues & Expenditures
Overall and Primary Budget
Deficit (%) (%)
-44-
Hereunder is an analysis of the actual data released by the Ministry of
Finance on the fiscal operations of the state budget during July/March 2016/2017, as compared to their actual figures in the same period a year earlier.
4/1/1- Budget Sector (Administrative System - Local Administration - Service Authorities)
Total revenues rose during the period under review by LE 72.6 billion or
24.9 percent, as compared to the same period a year earlier, registering LE 363.7 billion or 10.7 percent of GDP (against LE 291.1 billion or 10.7 percent of GDP). Such an increase was triggered by the rise in both tax revenues by LE 56.5 billion (or 26.6 percent), to LE 268.9 billion (or 73.9 percent of total revenues) and non-tax revenues by LE 16.1 billion (or 20.4 percent), to LE 94.8 billion (or 26.1 percent of total revenues). This can be illustrated in the following chart:
- Tax revenues soared by LE 56.5 billion as a confluence of the following developments:
Taxes on goods and services rose by LE 30.3 billion (or 30.3 percent),
owing to the increase in revenues from taxes on both local & imported goods; and on international and local communications services. Add to this the rise in stamp duties on contracts of water, electricity, gas and telephone companies, as well as advertisements and transportation services and insurance.
73.0%
27.0%
73.9%
26.1%
2016/2017
Total Revenues during July/March
Non-Tax
Revenues
Tax Revenues
2015/2016
-45-
Taxes on income and capital gains augmented by LE 12.6 billion, due to
higher proceeds from taxes on: (i) Suez Canal by LE 5.2 billion, (ii) EGPC by LE 5.0 billion; (iii) individuals' income by LE 4.6 billion (reflecting the pickup in total wages of civil servants as of the beginning of the fiscal year), and (iv) other entities by LE 5.2 billion. By contrast, proceeds from taxes on profits from the CBE retreated by LE 7.4 billion (as the CBE made, in the previous corresponding period, partial repayments of the taxes for FY 2015/2016 in the amount of LE 6.0 billion under the income tax account).
Property taxes moved up by LE 3.2 billion (or 16.3 percent), reflecting the
rise in revenues from taxes on T-bills and bonds' payable interest.
Taxes on international trade (customs) increased by LE 2.2 billion. - The rise in non-tax revenues (LE 16.1 billion) was mainly explained by:
The increase in property income by LE 16.7 billion to LE 61.7 billion (or
16.9 percent of total revenues), because of collecting exceptional revenues resulting from selling the 4th Generation frequencies to mobile companies.
The surge in the selling proceeds of goods and services by LE 4.4 billion
(or 5.6 percent of total revenues) due to the rise in the proceeds collected during the period from the private funds and accounts.
The decrease in external grants by LE 2.8 billion during the period under
review, to LE 0.5 billion (or 0.2 percent of total revenues).
72.6 73.0 73.9
16.2 15.4 16.92.8 1.1 0.20.0
20.0
40.0
60.0
80.0
2014/2015 2015/2016 2016/2017
Tax Revenues, Property Income & Grants
as a Percentage of Total Revenues during July/March
Tax Revenues Property Income Grants
(%)
-46-
Fiscal Operations of the Budget Sector
(Public Revenues) (LE bn)
July/March 2015/2016 2016/2017 Change
+ (-) Value Actual
Relative Structure
(%) Actual
Relative Structure
(%) Total Revenues 291.1 100.0 363.7 100.0 72.6
Tax Revenues 212.4 73.0 268.9 73.9 56.5 Taxes on Income and Profits 70.1 24.1 82.7 22.7 12.6
From EGPC 0.0 0.0 5.0 1.4 5.0 From SCA 9.6 3.3 14.8 4.1 5.2 From CBE 11.3 3.9 3.9 1.0 (7.4) Payable by individuals 29.0 10.0 33.6 9.2 4.6 Other entities 20.2 6.9 25.4 7.0 5.2
Taxes on Property 19.9 6.8 23.1 6.4 3.2 Taxes on Goods & Services 100.0 34.3 130.3 35.8 30.3 Taxes on International Trade
(customs) 16.1 5.6 18.3 5.0 2.2 Other Taxes 6.3 2.2 14.5 4.0 8.2
Grants 3.3 1.1 0.5 0.2 (2.8) Current 2.7 0.9 0.3 0.1 (2.4) Capital 0.6 0.2 0.2 0.1 (0.4) Other Revenues 75.4 25.9 94.3 25.9 18.9 Property Income 45.0 15.4 61.7 16.9 16.7
From EGPC 0.0 0.0 0.9 0.3 0.9 From SCA 12.0 4.1 19.8 5.4 7.8 From CBE 27.0 9.3 17.9 4.9 (9.1) Economic authorities 3.2 1.1 7.6 2.1 4.4 Companies 0.9 0.3 2.0 0.5 1.1 Other 1.9 0.6 13.5 3.7 11.6
Selling Proceeds of Goods and Services 15.8 5.4 20.2 5.6 4.4
Financing Investments 6.6 2.3 5.7 1.6 (0.9) Others 8.0 2.8 6.7 1.8 (1.3)
Source: Table (4/1) in the Statistical Annex. Percentages are calculated in terms of LE million.
On the expenditures side, total expenditures increased by LE 98.1 billion or 18.4 percent, to record LE 631.4 billion, or 18.6 percent of GDP (compared with LE 533.3 billion or 19.6 percent of GDP). The following chart illustrates the developments in the main items of expenditures as a percentage of total expenditures.
-47-
The increase in total expenditures was an outcome of the following
developments: - The increase in interest payments on domestic and external debts by LE 55.0
billion to LE 231.8 billion (or 36.7 percent of total expenditures). - The increase in subsidy costs, grants, and social benefits by LE 21.5 billion,
to LE 127.9 billion (or 20.2 percent of total expenditures); including the following key items:
- The rise in subsidy costs by LE 18.6 billion to LE 76.9 billion (or 12.2
percent of total expenditures) against a decline of LE 36.5 billion during the same period a year earlier, as no settlements were made with the EGPC in the period under review.
- The increase in social benefits by LE 4.4 billion to LE 47.3 billion (or 7.4
percent of total expenditures) due to the rise in the state's contribution to pension funds (against an increase of LE 9.6 billion in the same period a year earlier).
- The drop in grants extended by the government to some international
institutions, foreign governments and government's public entities by LE 1.8 billion to LE 3.0 billion.
- The pickup in investments of budget sector related entities by LE 9.2
billion to LE 45.8 billion (or 7.3 percent of total expenditures), as the government continued to increase public investments to develop the infrastructure, and to expand both housing projects and investments in health and education sectors.
29.2%
4.0%
33.1%
19.9%
6.9%6.9%
25.0%
3.9%
36.7%
20.2%
7.3%
6.9%
Total Expenditures during July/March
Wages & Compensations
of Employees
Purchases
of Goods and
Services
Interest on Domestic and
External Debt
Subsidies,
Grants and Social
Benefits
Purchases of
Non-Financial
Asssets (Investments)
Other
Expenditures
2015/2016
2016/2017
-48- - The rise in purchases of goods and services by LE 3.4 billion, to LE 24.5
billion (or 3.9 percent of total expenditures) against a rise of LE 2.4 billion in the period of comparison.
- The hike in wages and compensations of employees by LE 2.3 billion to LE 158.0 billion (or 25.0 percent of total expenditures) against an increase of LE 12.4 billion in the same period a year earlier.
- The surge in other current miscellaneous expenditures by LE 6.7 billion to stand at LE 43.4 billion.
Fiscal Operations of the Budget Sector (Public Expenditures)
(LE bn) July/March
2015/2016 2016/2017 Change + (-)
Actual Relative
Structure (%) Actual Relative Structure (%) Value
Total Expenditures 533.3 100.0 631.4 100.0 98.1 Wages & Compensations of Employees 155.7 29.2 158.0 25.0 2.3
Salaries & Allowances 126.9 23.8 127.6 20.2 0.7 Insurance Benefits 15.1 2.8 16.1 2.5 1.0 Other 13.7 2.6 14.3 2.3 0.6
Purchases of Goods & Services 21.1 4.0 24.5 3.9 3.4
Goods 9.5 1.8 12.1 1.9 2.6 Services 9.5 1.8 10.9 1.7 1.4 Other 2.1 0.4 1.5 0.3 (0.6)
Interest 176.8 33.1 231.8 36.7 55.0 Domestic 173.2 32.4 225.6 35.7 52.4 To NIB & SIFs 18.3 3.4 26.3 4.1 8.0 To others 154.9 29.0 199.3 31.6 44.4 Foreign 3.6 0.7 6.2 1.0 2.6 Subsidies, Grants & Social Benefits 106.4 19.9 127.9 20.2 21.5 Subsidies 58.3 10.9 76.9 12.2 18.6
To EGPC 0.0 0.0 22.1 3.5 22.1 To GASC 22.9 4.3 23.1 3.7 0.2 Others 35.4 6.6 31.7 5.0 (3.7)
Grants 4.8 0.9 3.0 0.5 (1.8) Social Benefits 42.9 8.0 47.3 7.4 4.4 To SIFs 36.6 6.9 35.0 5.5 (1.6) Other 6.3 1.1 12.3 1.9 6.0 Other 0.4 0.1 0.7 0.1 0.3 Other Expenditures 36.7 6.9 43.4 6.9 6.7 Defense 30.9 5.8 36.5 5.8 5.6 Other 5.8 1.1 6.9 1.1 1.1 Purchases of Non-Financial Assets (Investments) 36.6 6.9 45.8 7.3 9.2 Fixed assets 32.1 6.1 38.9 6.2 6.8 Other 4.5 0.8 6.9 1.1 2.4
Source: Table (4/2) in the Statistical Annex. Percentages are calculated in terms of LE million.
-49-
Against the above – mentioned developments, the cash deficit of the budget
sector amounted to LE 267.7 billion or 7.9 percent of GDP in the period under review. By adding the net acquisition of financial assets (LE 5.6 billion) to the cash deficit, the overall deficit would surge by LE 18.4 billion, to post LE 273.3 billion or 8.0 percent of GDP (against LE 254.9 billion or 9.4 percent of GDP in the period of comparison).
As for financing the overall deficit of the state budget in July/March 2016/2017, the government used external sources (51.6 percent), while the rest was financed by local sources (banking and non-banking).
4/1/2- The General Government*
When adding the fiscal operations of the NIB and SIFs to those of the
budget sector, revenues would total LE 420.8 billion (12.3 percent of GDP), up by LE 57.1 billion as compared with the previous corresponding period. Likewise, total expenditures would increase by LE 65.2 billion to LE 696.6 billion or 20.4 percent of GDP during July/March 2016/2017.
Thus, the cash deficit of the consolidated fiscal operations of the general government would reach LE 275.8 billion. When adding the net acquisition of financial assets (LE 1.7 billion) to the cash deficit, the overall deficit would stand at LE 277.5 billion (8.1 percent of GDP) in July/March 2016/2017.
9.1
9.5
8.1
9.6
9.0
8.1
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2014/2015 2015/2016 2016/2017
Cash Deficit & Overall Deficit of the General Government as a Percentage of GDP during July/March
Cash Deficit Overall Deficit
(%)
* Includes the budget sector, NIB, and SIFs.
-50-
Summary of Consolidated Fiscal Operations of the General Government
(Budget Sector, NIB and SIFs)
(LE bn)
July/March
2015/2016 2016/2017
Budget Sector
Relative Structure
%
General Government
Relative Structure
%
Budget Sector
Relative Structure
%
General Government
Relative Structure
%
Total Revenues 291.1 331.7 363.7 420.8
Total
Expenditures 533.3 586.8 631.4 696.6
Cash Deficit 242.2 255.1 267.7 275.8
Net Acquisition of
Financial Assets 12.7 -10.4 5.6 1.7
Overall Deficit 254.9 244.7 273.3 277.5
Primary Deficit 78.1 78.1 41.6 62.3
Financing
Sources 254.9 100.0 244.7 100.0 273.3 100.0 277.5 100.0
Domestic
Financing 371.3 145.6 309.3 126.4 362.0 132.4 332.1 119.7
Banking
Financing 281.9 110.5 270.4 110.5 266.5 97.5 264.9 95.5
CBE 119.6 46.9 119.6 48.9 103.7 37.9 103.7 37.4
Other banks 162.3 63.6 150.8 61.6 162.8 59.6 161.2 58.1
Non-Banking
Financing 89.4 35.1 38.9 15.9 95.5 34.9 67.2 24.2
NIB 13.7 5.4 0.0 0.0 1.6 0.6 0.0 0.0
SIFs 57.8 22.7 0.0 0.0 31.5 11.5 0.0 0.0
Other non-banking
sources 30.8 12.1 30.8 12.6 72.2 26.4 72.2 26.0
Borrowing from
NIB 0.0 0.0 21.0 8.6 0.0 0.0 4.7 1.7
Special accounts
of economic
authorities -12.9 -5.1 -12.9 -5.3 -9.8 -3.6 -9.7 -3.5
External
Borrowing -14.9 -5.8 -14.8 -6.1 141.0 51.6 141.0 50.8
Others -12.3 -4.8 39.4 16.1 -13.1 -4.8 21.0 7.5
Revaluation
Differences 1.4 0.5 1.4 0.6 0.0 0.0 0.0 0.0
Net Privatization
Proceeds -1.2 -0.5 -1.2 -0.5 0.0 0.0 0.0 0.0
Difference
between Treasury
Bills Face Value
& Present Value 8.3 3.3 8.3 3.4 -28.1 -10.2 -28.1 -10.1
Unclassified -97.7 -38.3 -97.7 -39.9 -188.5 -69.0 -188.5 -67.9
Source: Table (4/3) in the Statistical Annex. Percentages are calculated in terms of LE million.
-51-
4/2- Domestic Public Debt
At end of March 2017, domestic public debt amounted to LE 3073.7
billion or 88.6 percent of GDP, (against LE 2620.7 billion or 96.7 percent of GDP at end of June 2016), up by LE 453.0 billion or 17.3 percent during July/March 2016/2017.
4/2/1- Net Debt of the Government
Despite its rise by LE 363.1 billion or 15.9 percent during July/March
2016/2017 to LE 2648.7 billion, net government domestic debt as a percentage of GDP remarkably decreased to 76.3 percent at end of March 2017, from 84.4 percent at end of June 2016. The rise was an outcome of the increase in the balances of treasury bonds and bills by LE 661.9 billion, and the decline in the value of issued Masri Dollar Certificates by LE 0.3 billion. Add to this the decrease of LE 298.5 billion in the net balances of the government at the banking system (due to the LE 201.9 billion decline in government loans; and the LE 96.6 billion rise in government deposits).
Domestic public debt comprises net debt of the government, of public economic authorities, and of the NIB,
minus the intra-debt of both the government and public economic authorities to the NIB.
2648.7
180.6
323.7
-79.3
3073.7
-500 0 500 1000 1500 2000 2500 3000 3500
Net domestic debt of government
Net debt of economic authorities
NIB debt (Net)
Intra-debt
Gross domestic debt
Gross Domestic Debt at End of March 2017 (LE bn)
-52-
Government Domestic Debt
(LE bn)
Balances at end of
June 2016 March 2017 Change + (-)
in July/March 2016/2017 Value % Value %
Government Domestic Debt (Net) 2285.6 100.0 2648.7 100.0 363.1
- Balances of Bonds and Bills 2290.5 100.2 2952.4 111.5 661.9
. Bonds of which; 1474.5 64.5 1856.4 70.1 381.9
Tradable on exchanges 753.9 33.0 746.5 28.2 (7.4)
. Treasury bills 816.0 35.7 1096.0 41.4 280.0
- Facilities from SIFs 0.3 0.0 0.3 0.0 0.0
- Masri Dollar Certificates 1.1 0.1 0.8 0.0 (0.3)
- Net Balances at the Banking
System
-6.3
-0.3
-304.8
-11.5
(298.5)
. Credit facilities 290.8 12.7 88.9 3.4 (201.9)
. Deposits )-( 297.1 13.0 393.7 14.9 96.6 Net Domestic Government
Debt/GDP (%) 84.4 76.3
Source :Table (4/4) in the Statistical Annex. Ratios are calculated in terms of LE million.
The LE 661.9 billion rise in the balances of treasury bills and bonds was distributed as follows:
- About 57.7 percent (or LE 381.9 billion worth) was in government bonds (of
which, LE 251.5 billion were in treasury bonds at the CBE, mostly to cover the cash deficit in government accounts; LE 72.3 billion worth were in international euro bonds issued for the CBE in November 2016; and LE 41.5 billion worth were in US dollar bonds issued for commercial banks).
- About 42.3 percent (or LE 280.0 billion worth) was in treasury bills (of which, LE 183.1 billion worth were in US dollar, LE 84.3 billion in Egyptian pound, and LE 12.6 billion worth in euro).
-53-
4/2/2- Net Debt of Public Economic Authorities
During July/March 2016/2017, net debt of public economic authorities
ramped up by LE 76.9 billion to LE 180.6 billion at end of March 2017. The surge was traceable to their higher borrowing (net) from the banking system by LE 77.1 billion (due to the rise in their claims on the banking system by LE 103.9 billion and the increase in their deposits therewith by LE 26.8 billion), on the one hand; and the decline in their borrowing from the NIB by LE 0.2 billion, on the other.
4/2/3- Net Debt of the NIB
Debt of the NIB (including intra- debt) netted LE 323.7 billion at end of
March 2017, with an increase of LE 14.1 billion during July/March 2016/2017. This came as a result of the rise in total resources invested at the NIB by LE 13.6 billion to LE 328.8 billion, and the fall in its deposits at the banking system by LE 0.5 billion.
Most of the increase was due to the rise in foreign currency claims resulting from the appreciation of the
exchange rates of these currencies versus the Egyptian pound after the Nov. 2016 exchange rate liberalization decision.
81.5 84.4 76.3
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
-400.0
100.0
600.0
1100.0
1600.0
2100.0
2600.0
3100.0
March 2016 June 2016 March 2017
Net Domestic Debt of the Government
Treasury bills Bonds & other credit facilities
Net government balances with the banking system Ratio of government debt /GDP
%LE bn
Netdom
estic debt o
f the g
ove
rnm
ent /G
DP
-54-
4/2/4- Intra-Debt
The intra-debt of public economic authorities and the government to the
NIB reached LE 79.3 billion at end of March 2017, up by LE 1.1 billion during July/March 2016/2017. NIB's investments in government securities (bills and bonds) reached LE 27.9 billion, up by LE 1.2 billion during the said period. Meanwhile, NIB's loans to these authorities declined by LE 0.1 billion to LE 51.4 billion.
SIFs16.8%
Proceeds of investment
certif icates & accumulated
interest46.2%
Post office saving deposits 36.3%
Proceeds of dollar
development bonds &others
0.7%
Resources of the NIB at End of March 2017
Loans to holding companies & aff iliate units, concessional
kending & others74.3%
Loans to public economic authorities
15.6%
Investment in treasury bills &
bonds8.5%
Deposits w ith the banking system
1.6%
Uses of the NIB at End of March 2017
-55-
5- External Transactions
5/1 – Foreign Exchange Market and NIRs
Out of its keenness to shore up confidence in the Egyptian economy and achieve monetary stability by targeting lower levels of inflation, the CBE decided on November 3, 2016 to embark on several measures to adjust the foreign currency trading policy through liberalizing the exchange rates. According to this decision, banks are at liberty to quote and trade at any exchange rate. The decision which came in line with a broader package of reforms that will ensure macroeconomic stability through fiscal consolidation, is intended to restore FX trading to formal banking channels and eliminate the parallel market.
The decision of liberalizing the exchange rates has positively affected the
market's foreign currency resources. Banks' foreign currency resources recorded US$ 12.1 billion in Q3 of FY 2016/2017 (customers sales made up US$ 7.4 billion and investment inflows US$ 4.7 billion), with an increase of 53 percent over the previous quarter in which these resources reached US$ 7.9 billion (customers sales constituted US$ 6.8 billion and investment inflows US$ 1.1 billion).
Meanwhile, the CBE's foreign currency resources amounted to US$ 23.1
billion in Q3 of FY 2016/2017, against US$ 18.3 billion in the previous quarter and US$ 7.9 billion in the same quarter a year earlier. Also, its uses of foreign currencies stood at US$ 16.8 billion in Q3 of FY 2016/2017, against US$ 10.8 billion in the previous quarter and US$ 7.8 billion in the same quarter a year earlier.
The average exchange rate of the US dollar recorded LE 18.1396 at end of
March 2017, compared to LE 8.7800 at end of June 2016, with a fall of 51.6 percent in the value of the Egyptian pound during July/March 2016/2017. At end of June 2017, the average exchange rate of the US dollar posted LE 18.0911, with a rise of 0.3 percent in the value of the Egyptian pound in April/June 2017.
-56-
Net international reserves (NIRs) at the CBE increased by US$ 11.0 billion or 62.6 percent in July/March 2016/2017, to US$ 28.5 billion at end of March 2017, thus covering 6.0 months of merchandise imports. NIRs rose to US$ 31.3 billion at end of June 2017, covering 6.6 months of merchandise imports.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
0
5
10
15
20
25
30
June-14 March-15 June-15 March-16 June-16 March-17
Net International Reserves & Months of Merchandise Imports
NIR NIR/Months of Merchandise Imports
MonthsUS$ bn
-57-
5/2- Balance of Payments
During July/March of FY 2016/2017, Egypt's transactions with the rest of
the world unfolded an overall BOP surplus of US$ 11.0 billion (of which US$ 9.0 billion were in the period following the decision of liberalizing the exchange rate), against an overall deficit of US$ 3.6 billion in the corresponding period a year earlier. This was due to the fact that the capital and financial account achieved a net inflow of US$ 24.6 billion (against US$ 14.6 billion). In the meantime, the current account deficit declined to only US$ 13.2 billion (against US$ 15.0 billion).
Hereunder is a detailed review of the main developments that affected
the BOP performance during the period under review compared with the same period a year earlier:
5/2/1- Current Account
The current account deficit declined to US$ 13.2 billion during the
reporting period (against US$ 15.0 billion in the corresponding period). This was mainly a result of both the retreat in the trade deficit by 9.4 percent to US$ 27.0 billion (against US$ 29.8 billion), and the increase in net unrequited current transfers by 1.6 percent to US$ 12.6 billion (against US$ 12.4 billion). Meanwhile, the services surplus decreased by 18.7 percent to only US$ 4.5 billion (against US$ 5.5 billion), and the investment income deficit registered US$ 3.2 billion (against US$ 3.1 billion), as detailed below:
-8
-6
-4
-2
0
2
4
6
8
10
12
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US $bnMain Items of BOP
Overall Balance Capital & Financial Account Current Account
-58-
5/2/1/1 - Trade Balance
The trade deficit stepped back during the period under review by 9.4 percent to only US$ 27.0 billion (from US$ 29.8 billion), on the back of the increase in export proceeds and the decrease in import payments, as illustrated below:
Merchandise export proceeds increased by 19.3 percent to US$ 16.0 billion (from US$ 13.4 billion), owing to the pickup in both the non-oil exports by US$ 2.1 billion and the oil exports by US$ 445.5 million.
Merchandise import payments decreased by 0.5 percent to US$ 43.0 billion (from US$ 43.3 billion), due to the drop in non-oil imports by US$ 1.3 billion and the rise in oil imports by US$ 1.1 billion.
-12
-10
-8
-6
-4
-2
0
2
4
6
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US $bnMain Items of Current Account
Trade Balance Services Balance Income Balance
Net Current Transfers Current Account
-20
-15
-10
-5
0
5
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US $bn Trade Balance
Exports Imports Trade Balance
-59-
Against this background, the coverage ratio of merchandise exports to
merchandise imports went up to 37.2 percent in the reporting period (from 31.0 percent in the period of comparison). This will be thoroughly illustrated hereafter in the commodity structure of foreign trade.
5/2/1/2- Balance of Services
Services surplus decreased by 18.7 percent to only US$ 4.5 billion (against US$ 5.5 billion), as a consequence of the drop in services receipts and the rise in services payments, as shown below: 1- Services Receipts
Services receipts declined by 8.0 percent to US$ 11.5 billion (against US$
12.5 billion), on the back of the drop in most items, as follows:
Tourism revenues by 12.8 percent to only US$ 2.8 billion (against US$ 3.3 billion), mainly owing to the fall in the number of tourist nights by 25.9 percent to 33.4 million nights (against 45.1 million).
Transportation receipts by 7.9 percent to US$ 6.7 billion (against US$ 7.3 billion). This was ascribed to the retreat in the receipts of Egyptian aviation and navigation companies. Add to this the decrease in Suez Canal transit receipts by 4.2 percent to US$ 3.7 billion (against US$ 3.9 billion), primarily due to the decline in the net tonnage of transiting vessels by 1.7 percent and the depreciation of SDR versus the US dollar by 1.6 percent on average.
0.5 0.5
0.2 0.20.2
0.3
0.7
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.00.20.40.60.81.01.21.41.61.82.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
%US $bn
Travel Receipts and their Percentage of GDP
Travel receipts Travel receipts as a percentage of GDP
-60-
Government receipts by 31.4 percent to only US$ 191.3 million (against US$ 278.7 million).
On the other hand, other services receipts increased by 4.6 percent to US$
1.8 billion (against US$ 1.7 billion), resulting from the pickup in services receipts of culture & recreation and renting of films; advertising services and marketing researches; computer services and subscription for magazines & journals; and communication services. 2- Services Payments
Services payments moved up during the period under review by 0.5 percent to US$ 7.03 billion (against US$ 6.99 billion), as a result of the rise in the following items: Other services payments by 22.6 percent to US$ 3.2 billion (against US$
2.6 billion), due to the increase in the amounts transferred abroad by foreign petroleum companies. Add to this the rise in the payments of computer services and subscription for magazines & journals; legal & consultation fees, and culture & recreation services and renting of films.
Government expenditures by 55.6 percent to US$ 700.1 million (against
US$ 449.9 million). On the other hand, the following items retreated: Travel payments by 24.8 percent to US$ 2.2 billion (against US$ 2.9
billion), mainly driven by the decrease in e-card payments abroad to US$ 1.4 billion (against US$ 1.7 billion), Umrah and pilgrimage fees, and expenses for educational missions and training.
220225230235240245250255260265
1.10
1.15
1.20
1.25
1.30
1.35
1.40
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
million ton US$ bn Suez Canal Receipts & Net Tonnage
Receipts Net Tonnage
-61-
Transportation payments by 8.3 percent to US$ 931.5 million (against
US$ 1.0 billion), due to the drop in the amounts transferred for repairing airplanes at foreign airports, and those transferred by foreign navigation companies.
5/2/1/3- Investment Income Balance
Investment income deficit reached US$ 3.2 billion in July/March
2016/2017, primarily due to the fact that investment income payments registered US$ 3.5 billion as profit transfers of foreign companies operating in Egypt (oil & non-oil) represented 63.1 percent of total payments. Meanwhile, investment income receipts amounted to only US$ 305.3 million (against US$ 273.2 million).
-2.0-1.00.01.02.03.04.05.06.07.0
TransportationBalance
Travel Balance GovernmentServices Balance
Other ServicesBalance
US $bn
Services Balances (Surplus/Deficit) July/March
2015/2016 2016/2017
-1.6-1.4-1.2-1.0-0.8-0.6-0.4-0.20.00.20.4
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US $bn Investment Income Balance
Investment Income Receipts Investment Income PaymentsInvestment Income Balance
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5/2/1/4- Net Unrequited Current Transfers
Unrequited current transfers (net) scaled up in July/March 2016/2017 by
1.6 percent to US$ 12.6 billion (against US$ 12.4 billion), as a consequence of the increase in both net private transfers to US$ 12.5 billion (against US$ 12.3 billion) and net official transfers to US$ 82.5 million (against US$ 60.7 million).
5/2/2- Capital and Financial Account
During July/March 2016/2017, the capital and financial account achieved
a net inflow of US$ 24.6 billion (against US$ 14.6 billion in the corresponding period). Below are the main developments of the capital and financial account:
Total inflows of FDI in Egypt picked up by 12.1 percent to post US$
10.8 billion in July/March 2016/2017 (from US$ 9.6 billion in the corresponding period), while total outflows registered US$ 4.2 billion (against US$ 3.7 billion). Accordingly, the net inflow of FDI in Egypt increased to US$ 6.6 billion (from US$ 5.9 billion), mainly reflecting the rise in the net inflows of oil sector investments by US$ 1.8 billion to US$ 3.3 billion (from US$ 1.5 billion). Moreover, greenfield investments recorded net inflows of US$ 3.1 billion (against US$ 3.7 billion).
0
0.5
1
1.5
2
2.5
3
0.00.51.01.52.02.53.03.54.04.55.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US $bn
Egyptian Workers’ Remittances and their Percentage of GDP
Egyptian Workers’ Remittances Egyptian Workers’ Remittances as a Percentage of GDP
(%)
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The following table shows the sectoral distribution of total FDI flows to
Egypt during the periods of review and comparison:
(US$ mn)
Activity Sector July/March
2015/2016* Share (%) 2016/2017* Share
(%)
Total FDI Flows to Egypt 9598.7 100.0 10760.8 100.0
1- Oil 4828.4 50.3 6607.9 61.4
2- Manufacturing 385.6 4.0 541.3 5.0
3- Agriculture 0.5 0.0 20.0 0.2
4- Construction 185.8 1.9 76.4 0.7
5- Services, of which: 1198.2 12.5 700.8 6.5
Real estate 386.7 4.0 97.2 0.9
Finance 473.6 4.9 195.6 1.8
Tourism 29.5 0.3 16.6 0.2
Communications & IT 57.6 0.6 22.0 0.2
Other services 250.8 2.6 369.4 3.4
6- Undistributed 3000.2 31.3 2814.5 26.2
* Preliminary
Portfolio investment in Egypt achieved a net inflow of US$ 7.8 billion in July/March 2016/2017 (against a net outflow of US$ 1.5 billion). This was attributed to the pickup in foreigners' investments in Egyptian TBs to record net purchases of US$ 4.3 billion (of which US$ 3.6 billion were during Jan./March 2017). In addition, the Egyptian government issued bonds abroad in an amount of US$ 3.9 billion during Jan./March 2017. Foreigners' investments on the EGX also rose to register net purchases of US$ 308.9 million in July/March 2016/2017 (against net sales of US$ 58.6 million). In the meantime, the Egyptian authorities made repayments of bonds that had fallen due in the reporting period in the amount of US$ 1.0 billion (outflow).
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Medium- and long-term loans and facilities unfolded net disbursements of
US$ 5.1 billion (against US$ 504.1 million). Other assets and liabilities (the change in banks' foreign assets and
liabilities; the CBE non-reserve foreign assets and foreign liabilities; and the counterpart to some items included in the current account) posted a net inflow of US$ 3.1 billion (against US$ 5.0 billion).
-2.0-1.00.01.02.03.04.05.06.07.08.09.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US $bn
Net Foreign Investment in Egypt
Net FDI in Egypt Net Portfolio Investment in Egypt
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Finished Goods Fuel, MineralOils & Products
Semi-FinishedGoods
Raw Materials
Exports by Degree of ProcessingJuly / March
2014/2015 2015/2016 2016/2017
US$ bn
Fuel, Mineral Oils &
Products30.2%
Raw Materials
7.6%Semi-Finished
Goods18.1%
Finished Goods
44.1%
Relative Structure of Exports by Degree of ProcessingJuly/March 2016/2017
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5/3 - Foreign Trade
In July/March 2016/2017, the volume of Egypt's foreign trade picked up to US$ 59.0 billion (against US$ 56.7 billion in the same period of the previous FY), constituting 24.9 percent of GDP. The increase came on the back of higher export proceeds by US$ 2.6 billion to US$ 16.0 billion, or 6.7 percent of GDP (owing to the rise in non-oil exports by US$ 2.1 billion and oil exports by US$ 445.5 million). Add to this the decline in import payments by US$ 212.7 million to US$ 43.0 billion or 18.1 percent of GDP (because of the drop in non-oil imports by US$ 1.3 billion and the rise in oil imports by US$ 1.1 billion). Consequently, the trade deficit narrowed to US$ 27.0 billion (of which, US$ 3.5 billion were oil balance deficit) compared to US$ 29.8 billion.
5/3/1- Structure of Export Proceeds and Import Payments
First: Export Proceeds by Degree of Processing:
During the period under review, export proceeds increased by US$ 2.6 billion, mainly due to the rise in exports of semi-finished goods by US$ 1.1 billion, finished goods by US$ 805.7 million, fuel, mineral oils and products by US$ 559.2 million, and exports of raw materials by US$ 96.4 million.
Hereunder is a detailed review of the exports of different merchandise groups: A) Semi-Finished Goods:
Exports of this group increased by 63.2 percent to US$ 2.9 billion in the period under review. This was ascribed to the rise in exports of gold by US$ 879.5 million, as compared to the same period of the previous FY.
Table (5/2) in the statistical annex shows the distribution of merchandise exports by degree of processing.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Fuel, MineralOils & Products
Raw Materials IntermediateGoods
InvestmentGoods
ConsumerGoods
Imports by Degree of UseJuly/March
2014/2015 2015/2016 2016/2017
US$ bn
Fuel, Mineral Oils &
Products19.6%
Raw Materials10.2%
Intermediate Goods27.5%
Investment Goods16.5%
Consumer Goods23.0%
Undistributed Goods3.2%
Relative Structure of Imports by Degree of UseJuly/March 2016/2017
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B) Fuel, Mineral Oils and Products:
Exports of this group moved up by 13.1 percent to US$ 4.8 billion during the period under review. This was mainly ascribed to the rise in exports of oil products (38.6 percent of total exports of the group) by 17.5 percent to US$ 1.9 billion, and crude oil (57.9 percent of total exports) by 6.4 percent to US$ 2.8 billion. C) Finished Goods:
Exports of this group augmented by 12.9 percent, to US$ 7.1 billion. This was attributable to the surge in exports of some goods, mainly; phosphate and mineral fertilizers; passenger cars; glass and glassware; medicines, serums, vaccines, pharmaceuticals; and automatic data processing machines. D) Raw Materials:
Exports of raw materials rose by 8.7 percent to US$ 1.2 billion during the period under review. That was ascribed to the higher exports of some goods, mainly; fresh & dried fruits and raw cotton. Second: Merchandise Imports by Degree of Use:
During the reporting period, import payments retreated by US$ 212.7 million as an outcome of the drop in imports of consumer goods by US$ 1.3 billion; and investment goods by US$ 707.6 million. In the meantime, imports of fuel, mineral oils and products rose by US$ 1.2 billion; intermediate goods by US$ 606.3 million; and raw materials by US$ 399.3 million.
Table (5/3) in the statistical annex shows the distribution of merchandise imports by degree of use.
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Hereunder is a detailed review of the imports of different merchandise groups: A) Consumer Goods:
Imports of consumer goods declined by 12.0 percent to US$ 9.9 billion, on the back of the retreat in:
- durables by 25.8 percent to US$ 2.3 billion, due to the decline in imports of
some goods, mainly; passenger cars; televisions; and household electrical appliances.
- non-durables by 6.7 percent to US$ 7.6 billion, due to the lower imports of
some goods, mainly; ready-made clothes; meat preparations; pharmaceuticals, gauze pads, and vaccines.
B) Investment Goods:
Imports of this group stepped down by 9.0 percent to US$ 7.1 billion. That was attributed to the decline in imports of some goods, mainly; appliances for telephone and communications; cranes and winches; and electrical appliances for circuits. C) Fuel, Mineral Oils and Products:
Imports of this group increased by 16.6 percent to US$ 8.5 billion, due to the rise in imports of both oil products (83.0 percent of total imports of this group) by 12.7 percent; and crude oil (13.9 percent of total imports) by 39.8 percent. D) Raw Materials:
Imports of this group inched up by 10.0 percent to US$ 4.4 billion. This was ascribed to the higher imports of some goods, mainly; iron ores, maize and wheat. E) Intermediate Goods:
Imports of intermediate goods increased by 5.4 percent to US$ 11.8 billion because of higher imports of some goods, mainly; animal and vegetable fats, greases, and oils; hot and cold flat-rolled products; cotton yarn; and scrap and cast iron wastes.
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5/3/2- Sectoral Distribution of Merchandise Transactions
On the level of economic sectors, the total volume of foreign trade of the investment sector rose during July/March 2016/2017 by 11.9 percent, of the public sector by 4.6 percent and of the private sector by 2.9 percent. In the meantime, the share of the investment sector inched up to 10.3 percent (against 9.6 percent) and of the public sector to 25.3 percent (against 25.2 percent). By contrast, the share of the private sector retreated to 64.4 percent (from 65.2 percent). The following diagram illustrates the sectoral distribution of foreign trade:
Hereunder is a detailed review of export proceeds and import payments by economic sector: A) The Private Sector
Export proceeds of the private sector rose by US$ 1.9 billion to US$ 11.7
billion in the reporting period. This came on the back of the rise in exports of gold by US$ 841.9 million; mineral and phosphate fertilizers by US$ 186.4 million; ethylene-propylene polymers by US$ 123.5 million; and passenger cars by US$ 101.3 million. Main exports of this sector were represented in crude oil; textiles; ready-made clothes; and household electrical appliances.
Foreign Trade US$ 59.0 billion
Public Sector
US$ 14.9 billion
Private Sector
US$ 38.0 billion
Investment Sector
US$ 6.1 billion
Exports US$ 1.8 billion
Imports US$ 13.1
billion
Exports US$ 11.7
billion
Imports US$ 26.3
billion
Exports US$ 2.5 billion
Imports US$ 3.6 billion
-69-
Meanwhile, imports of this sector decreased by US$ 796.8 million to only
US$ 26.3 billion in the reporting period. This came on the back of the fall in the imports of spare parts for machinery and appliances by US$ 413.5 million, passenger cars by US$ 412.1 million; and cranes and winches by US$ 390.8 million. Main imports of this group were maize; oil products; medicines; spare parts for cars and tractors; propylene polymers; and pharmaceuticals, gauze pads, and vaccines.
B-The Investment Sector
Export proceeds of the investment sector augmented by US$ 657.4 million to US$ 2.5 billion in the reporting period. This was mainly attributable to the rise in exports of oil products (57.0 percent of total exports of this sector) by US$ 605.6 million. The main oil exports were ethylene-propylene polymers; textiles; carpets and floor coverings; ready-made clothes; and cosmetics & skin care products.
Meanwhile, import payments of this sector slightly decreased by US$ 11.2
million to US$ 3.6 billion, ascribable to the decline in imports of oil products by US$ 121.4 million. Main imports were represented in crude oil; organic and inorganic chemicals; household electrical appliances; liquid and air pumps; textiles; and spare parts for machinery and appliances.
C-The Public Sector
In the reporting period, export proceeds of the public sector rose by US$ 65.1 million to US$ 1.8 billion. That was mainly attributed to the rise in exports of crude oil (72.9 percent of total exports of this sector) by US$ 108.9 million. Its key exports were aluminum and articles thereof; gold; and phosphate & mineral fertilizers.
Similarly, import payments of this sector rose by US$ 595.3 million to
US$ 13.1 billion. This was mainly due to the rise in imports of oil products (45.0 percent of total imports) by US$ 728.4 million. The key imports of this sector were crude oil; wheat; animal and vegetable fats, greases and oils; railway locomotives; and medicines.
5/3/3- Geographical Distribution of Merchandise Transactions
Egypt's foreign trade with Australia and other countries and regions increased by 28.2 percent, the USA by 21.3 percent, other European countries by 19.2 percent, non-Arab African countries by 13.1 percent, and Arab countries
Table (5/4) in the Statistical Section illustrates the geographical distribution of imports and exports.
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by 6.8 percent. Meanwhile, it retreated with the Russian Federation and the Commonwealth of Independent States by 8.9 percent, the non-Arab Asian countries by 5.8 percent, and the EU countries by 3.7 percent.
Country ranking in terms of the relative importance of trade exchange with
Egypt ran as follows: the UAE ranked first (7.7 percent), followed by the USA (6.0 percent), China (5.7 percent), Italy (4.9 percent), Saudi Arabia and Germany (4.6 percent each), the UK (4.0 percent), and Turkey and Switzerland (3.6 percent each). These countries combined represented 44.7 percent of the total volume of foreign trade.
The geographical distribution of export proceeds shows that the EU
countries came in the forefront (31.2 percent), followed by the Arab countries (30.9 percent), and Australia and other countries and regions (10.2 percent). At country level, the UAE came on top as the main importer, followed by Italy, the USA, the UK, Saudi Arabia, Switzerland, Turkey and India with a combined share of 53.2 percent of total export proceeds.
Turning to import payments, the EU countries ranked first (27.8 percent),
followed by the non-Arab Asian countries (19.1 percent), and the Arab countries (18.9 percent). Concerning the order of countries, China was the main exporter, followed by the USA, the UAE, Germany, Saudi Arabia, Russia, Turkey, Italy, Switzerland, the UK, Qatar and France with a combined share of 51.9 percent of total imports.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
EU ArabCountries
AsianCountries(Non-Arab)
USA Australia &Other
Countries &Regions
OtherEuropeanCountries
RussianFederation &
CIS.
Afr icanCountries
(Non-Arab)
US$ bnExports by Geographical Distribution
July/March
2015/2016 2016/2017
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
EU ArabCountries
AsianCountries
(Non-Arab)
OtherEuropeanCountries
Australia &Other
Countries &Regions
USA RussianFederation &
CIS
AfricanCountries
(Non-Arab)
US$ bnImports by Geographical Distribution
July/March
2015/2016 2016/2017
0.0
1.0
2.0
3.0
4.0
5.0
Oil Foodstuffs (Excl.Cereals)
Textile Materials& Articles thereof
Cereals & MillProducts
Vehicles, Cars &Other Means ofTransportation
ChemicalProducts
Base Metals &Products
ElectricMachinery,
Appliances &Equipment &Parts thereof
Exports by Main CommoditiesJuly/March
2015/2016 2016/2017
US$ bn
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5/3/4 - Breakdown of Trade by Main Merchandise Group
In July/March 2016/2017, the volume of Egypt's foreign trade in terms of
crude oil and products rose by 13.9 percent and in terms of other groups declined.
Breakdown of export proceeds by main commodity shows that crude oil
and products came first with a share of 29.1 percent of total exports (up by 10.6 percent), followed by foodstuffs (excluding cereals) with 12.1 percent (up by 2.1 percent), and chemical products with 9.4 percent (up by 17.7 percent).
0.01.02.0
3.04.05.0
6.07.08.09.0
Oil ElectricMachinery,
Appliances &Equipment &Parts thereof
Foodstuffs(Excl. Cereals)
ChemicalProducts
Cereals & MillProducts
Base Metals &Products
Vehicles, Cars& Other
Means ofTransportation
TextileMaterials &
Articles thereof
Imports by Main CommoditiesJuly/March
2015/2016 2016/2017
US$ bn
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In terms of imports, crude oil and products ranked first with a share of 19.0
percent (up by 15.9 percent), followed by electric machinery, appliances and equipment and parts thereof with 13.9 percent (down by 16.9 percent), then foodstuffs (excluding cereals) with 9.3 percent (down by 9.3 percent).
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5/4- International Finance
According to the international finance data during July/March 2016/2017,
international finance recorded a net inflow of US$ 24.1 billion (against US$ 9.0 billion during the same period a year earlier), up by US$ 15.1 billion. This came as an outcome of the following developments:
- Resources from abroad (inflows) rose by US$ 15.2 billion, to US$ 27.2 billion, most of which was due to:
the US$ 5.2 billion rise in net
external borrowing. the US$ 9.3 billion rise in port-
folio investment in Egypt. the US$ 679.3 million increase in
FDI in Egypt.
- Outflows of interest payments and profit transfers rose by US$ 70.7 million, to US$ 3.1 billion.
Net International Finance from Abroad
(US$ mn)
July/March 2015/2016 2016/2017* Change + (-)
Net International Finance from Abroad (A+B) 8967.0 24099.2 15132.2
A-Inflows 12032.5 27235.4 15202.9
1-Official grants (net) 60.7 82.5 21.8
2-External borrowing (net)** 7552.4 12755.7 5203.3
3-FDI in Egypt (net) 5885.7 6565.0 679.3
4-Portfolio investments in Egypt (net) (1501.4) 7801.2 9302.6
5-Direct investment abroad (113.5) (147.7) (34.2)
6- Portfolio investments abroad (net) 148.6 178.7 30.1
B- Interest Payments and Profit Transfers
(Outflows) (3065.5) (3136.2) (70.7)
1-Net profit transfers of investments in securities (109.4) (157.2) (47.8)
2-Net profit transfers of FDI (2586.5) (2471.8) 114.7
3-Interest on external loans and facilities (441.1) (658.6) (217.5)
4-Net interest on deposits 71.5 151.4 79.9 * Provisional. ** Including non-resident deposits.
3.69.0
24.1
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2014/2015 2015/2016 2016/2017
US$ bn Net International Finance from AbroadJuly/March
Net Resources from AbroadNet Interest Payments and Profit Transfers Net International Finance from Abroad
1) (1) Capital repatriation means that a direct investor recovers his share in the capital of an investment enter-prise–in case of partial or full disposal– and transfers part or all of it abroad.
-74-
Hereunder is a detailed review of key items of international finance:
5/4/1- Foreign Direct Investment (FDI) in Egypt
During July/March 2016/2017, net
FDI in Egypt rose by US$ 679.3 million (inflows), to US$ 6.6 billion. This was mainly owed to the increase in investment inflows by US$ 1.2 billion, to US$ 10.8 billion, and the increase in capital repatriation (1) by US$ 482.8 million, to US$ 4.2 billion.
Geographical Distribution of FDI in Egypt
(US$ mn)
* Provisional.
The rise in investment inflows, during the period under review, reflected
the increase in investments from both the EU countries and the USA; and the decline in those from Arab countries and the rest of the world.
Sectoral distribution of
FDI inflows indicated that the oil sector attracted US$ 6.6 billion of the total; followed by services (US$ 0.7 billion); manufacturing (US$ 0.5 billion); and construction (US$ 76.4 million).
July/March 2015/2016 2016/2017* Change
Net Flows of FDI in Egypt (A-B) 5885.7 6565.0 679.3
A-Total Inflows 9598.7 10760.8 1162.1 USA 624.8 1480.2 855.4 EU 5885.5 7233.7 1348.2 Arab countries 1852.5 1383.6 (468.9) Other countries 1235.9 663.3 (572.6)
B-Capital Repatriation(1) 3713.0 4195.8 482.8
0
5
10
15
2016/20172015/20162014/2015
US$ bnNet FDI in Egypt
July/March
Inflows
Net foreign direct investment in Egypt
Manufacturing 5.0%
Agriculture 0.2%
Construction 0.7%
Petroleum 61.4%
Undistributed26.2%
Tourism 0.2%
Other services3.4%
Communications0.2%
Real estate 0.9%
Finance1.8%
Services6.5%
Total FDI in Egypt by Economic SectorJuly/March 2016/2017
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The breakdown of total FDI inflows by investment purpose revealed that petroleum investments took the lead, with a share of US$ 6.6 billion or 61.4 percent of the total. Greenfield investments followed with a share of US$ 4.1 billion or 37.7 percent, then investments resulting from transfers for buying real estates with US$ 97.2 million or 0.9 percent.
5/4/2- Portfolio Investments in Egypt
During July/March 2017, portfolio
investments recorded a net inflow of US$ 7.8 billion (despite the repayment of treasury bonds that fell due in the reporting period in the amount of US$ 1.0 billion (outflow)) against a net outflow of US$ 1.5 billion in the previous corresponding period. This was due to the rise in foreigners' investments on the Egyptian Exchange (EGX), recording as such net purchases of US$ 308.9 million (against net sales of US$ 58.6 million); and in Egyptian treasury bills, resulting in net purchases of US$ 4.3 billion (against net sales of US$ 19.1 million). 5/4/3- External Official Grants
Net flows of official grants rose by
US$ 21.8 million as a result of the increase in total inflows by US$ 11.8 million during July/March 2016/2017 (compared with the same period a year earlier), to US$ 120.7 million. In figures, cash grants and in-kind grants made up US$ 58.1 million and US$ 62.6 million, respectively. Meanwhile, official grants transferred abroad fell by US$ 10.0 million to US$ 38.2 million.
0
1
2
3
4
5
6
7
2016/20172015/20162014/2015
US$ bn FDI Inflows by Investment PurposeJuly/March
Green field InverstmentTransfers for buying real estates in Egypt by non-residentsPetroleum investmentProceeds from selling local entities to non-residents
-4000
-2000
0
2000
4000
6000
8000
2014/2015 2015/2016 2016/2017
US$ mn Portfolio Investments in EgyptJuly/March
UAE2.2%
Belgium4.8%
Kuwait5.2%
UK9.3%
Germany11.5% Other
countries15.7%
USA51.3%
Geographical Distribution of Official Grants Inflows ofJuly/March 2016/2017
-76-
A breakdown of the geographical distribution of official grants showed that
the USA accounted for the bulk (US$ 61.9 million), followed by Germany (US$ 13.9 million), then UK (US$ 11.2 million), and Kuwait (US$ 6.3 million). Other countries and international organizations contributed US$ 27.4 million.
Total grant commitments fell by US$ 174.2 million to US$ 282.8
million during July/March 2016/2017 (relative to the corresponding period), according to the data from the Ministry of International Cooperation.
Official Grants: New Commitments (US$ mn)
July/March 2015/2016 2016/2017*
Total Commitments, of which : 457.0 282.8
USA 142.9 0.0
EU 175.8 202.7
Japan 18.8 20.0
France 16.8 5.4
China 61.8 0.0
Canada 0.0 21.9
Kuwait 20.7 16.0
African Development Bank 2.3 1.1
MENA Transition Fund – World Bank 5.0 5.0 * Provisional
As for the sectoral distribution
of grant commitments during the period, service sectors topped the list with US$ 237.8 million (of which, US$ 112.0 million went to the general government, and US$ 88.7 million to housing and utilities), followed by productive sectors with US$ 45.0 million (mostly in energy and electricity).
Insurance & social
solidarity0.2%
Agriculture & irrigation
0.1%
General gov ernment
39.6%
Housing & utilities31.4%
Energy & electricity
15.8%
Education, health & scientif ic research
12.5%
Others0.4%
Sectoral Distribution of GrantsJuly/March 2016/2017
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5/4/4- External Debt Gross external debt hit US$ 73.9 billion at end of March 2017, up by US$
18.1 billion or 32.5 percent compared with the end of June 2016. This was traced to the rise in net disbursements of loans and facilities by US$ 19.1 billion as well as the depreciation of most currencies of borrowing versus the US dollar by US$ 1.0 billion. External debt service amounted to US$ 4.9 billion during July/March 2017, including principal payments (US$ 4.1 billion) and interest payments (US$ 0.8 billion). A- External Debt Structure
The data on external debt by original maturity indicated that long- and -medium-term debts (guaranteed and non-guaranteed) amounted to US$ 61.3 billion at end of March 2017 or 82.9 percent of total external debt. In figures, long-term debt made up US$ 43.8 billion, while medium-term debt constituted US$ 17.5 billion (mostly owed to inter-national and regional organizations and deposits of Arab countries). Short-term debt stood at US$ 12.6 billion or 17.1 percent of total external debt.
Hereunder are the main components of external debt:
First: Medium- and Long-Term External Debt
- Bilateral rescheduled debt declined to US$ 4.2 billion at end of March 2017 down by 20.6 percent compared with end of June 2016, while other bilateral debt* rose to US$ 6.4 billion (up by 2.2 percent).
- Buyers' and suppliers' credit posted US$ 4.8 billion, up by 53.2 percent.
- Debt owed to international and regional organizations reached US$ 21.2 billion, up by US$ 7.1 billion or 50.3 percent compared with the end of June 2016.
______________________ Including the liquidity support facility provided by China Development Bank to the Central Bank of Egypt.
Long -term debt
59.3 %
Medium -term debt
23.6 %
Short -term debt
17.1 %
External Debt Structure by Original MaturityEnd of March 2017
International & regional
organizations 34.5 %
Long -term deposits 29.2%
Egyptian bonds and
notes 10.9%
Other bilateral
debt % 10.5
Rescheduled bilateral debt
% 6.8
Suppliers' & buyers'
credits 7.8%
Private sector (Non guaranteed)
0.3%
Medium and Long-Term External DebtEnd of March 2017
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- The balance of Egyptian bonds and notes floated abroad (held by non-residents) posted US$ 6.7 billion, up by US$ 3.2 billion or 91.3 percent. It comprises the following:
The Global Medium Term Notes Programme issued in 2017 in an
amount of US$ 3.9 billion (first tranche), and falling due in 2022, 2027, and 2047.
Sovereign bonds issued by the government in April 2010 at a value of
US$ 1.0 billion, and falling due over two tranches by 2020 and 2040. Government bonds+ issued by the government in June 2012 at a value
of US$ 0.5 billion, and falling due in June 2017. Global Medium-Term Notes (G.M.T.N) at a value of US$ 1.3 billion,
and falling due in 2025.
- Long-term deposits of non-residents (representing Arab countries' deposits at the CBE) posted US$ 17.9 billion at end of March 2017, with an increase of US$ 1.6 billion or 9.7 percent.
- Non-guaranteed debts of the private sector decreased to US$ 155.5 million
(against US$ 195.4 million at end of June 2016), with a decline of 20.4 percent.
Second: Short-Term External Debt
Compared with June 2016, short-term external debt (by original maturity) increased by US$ 5.6 billion to US$ 12.6 billion or 44.2 percent of NIRs. The rise was due to the pickup in short-term cash loans and trade facilities by US$ 2.7 billion or 48.6 percent, to US$ 8.2 billion, and short-term non-residents' deposits by US$ 2.9 billion or 195.9 percent, to US$ 4.4 billion.
______________________________________________
Issued by the Ministry of Finance for the Saudi Fund for Development.
0
2
4
6
8
10
12
14
March2016 June2016 March2017
(US$ bn)
Short-term External DebtEnd of
Loans and facilities Deposits
-79-
B-External Debt by Debtor
According to data on external debt by debtor at end of March 2017, debt of the central and local government increased by US$ 7.8 billion to US$ 32.3 billion (43.6 percent of gross external debt); the monetary authority by US$ 7.7 billion to US$ 29.9 billion; other sectors by US$ 2.5 billion to US$ 7.7 billion; and banks by US$ 64.6 million to US$ 4.0 billion.
C- External Debt by Main Creditor
The breakdown of external debt by creditor indicated that Arab countries accounted for US$ 21.6 billion, led by the UAE (10.2 percent); Saudi Arabia (9.9 percent); Kuwait (6.8 percent), and Libya (1.7 percent); international and regional organizations (US$ 21.2 billion); and Egyptian bonds and notes (US$ 6.7 billion). In the meantime, US$ 18.5 billion were owed to six major countries, namely, Germany (6.6 percent), China (6.2 percent), the UK (5.2 percent), Japan (3.0 percent), the USA (2.2 percent), and France (1.8 percent).
D- External Debt by Borrowing Currency
The breakdown of the currency composition of external debt revealed that the US dollar accounted for the bulk of gross external debt, with a relative importance of 70.5 percent due to the outstanding obligations in US dollar to creditors other than the USA. The euro came next with a share of 10.9 percent, then SDRs (7.5 percent), Chinese yuan (3.5 percent), and Kuwaiti dinar & Japanese yen (3.2 percent for each).
0%10%20%30%40%50%60%70%80%90%
100%
March2016 June2016 March2017
External Debt by DebtorEnd of
Other SectorsBanksMonetary AuthorityCentral & Local Government
US dollar 70.5%
Euro10.9%
SDRs7.5%
Chinese yuan3.5%
Kuwaiti dinar3.2%
Japanese yen
3.2%
Other currencies
1.2%
External Debt Structure by CurrencyEnd of March 2017
China6.2%
Arab countries
29.2%
International & regional
organizations28.7%
Other countries
8.1%
Egyptian bonds and
notes9.0%
Germany6.6%
United Kingdom
5.2%
Japan3.0%
USA2.2%
France1.8%
External Debt by CreditorEnd of March 2017
-80-
E-External Debt Service
During July/March 2016/2017, the service payments of external debt amounted to US$ 4.9 billion. Principal repayments and interest payments accounted for US$ 4.1 billion and US$ 0.8 billion, respectively (including interest on deposits and bonds during the period).
F-New Commitments of Loans and Facilities
During July/March 2016/2017, the new commitments on loans and facilities fell by US$ 0.5 billion to US$ 2.8 billion (against US$ 3.3 billion during the previous corresponding period). This was an outcome of the fall of commitments of international organizations and the increase of bilateral commitments.
G-External Debt Indicators
Despite its higher level in July/March 2016/2017, most of the external debt indicators are within the thresholds under the Joint World Bank-IMF Debt Sustainability Framework for Low-Income Countries, as illustrated below:
- The ratio of external debt to GDP posted 31.5 percent * at end of March 2017 against 15.9 percent at end of March 2016.
- The ratio of external debt to exports of goods and services during the year ending March 2017 reached 203.1 percent against 147.7 percent.
__________________________ * This was in part due to the decision of Egyptian pound liberalization on November 3, 2016.
0
1
2
3
4
5
6
7
2014/2015 2015/2016 2016/2017
(US$ bn)
New Commitments of Loans and Facilities during July/March
0
10
20
30
40
50
60
70
2015 2016 2017
%
Main Indicators of External Debt
End of March
Government external debt /Total External debt
External debt /GDP
Short-term debt / Net international reserves
Short-term debt / Total External debt
-81-
- The ratio of short-term external debt to total external debt posted 17.1 percent against 12.8 percent.
- The ratio of short-term external debt to NIRs reached 44.2 percent against 41.3 percent.
- The ratio of external debt service to exports of goods and services registered 18.1 percent against 16.3 percent.
0
5
10
15
20
25
2014/2015 2015/2016 2016/2017
% during July/March
Debt service / Current receipts(including transfers)Debt service / Exports of goods andservices
Annex
-83-
Statistical Section
(1) Indicators of Development and Economic Growth
(1/1) GDP at Factor Cost by Economic Sector (at 2011/2012 Prices) (1/2) GDP by Expenditure (at 2011/2012 Prices) (1/3) Consumer Price Index (Urban Population) (January 2010 = 100) (1/4) Producer Price Index (PPI) (2004/2005 = 100)
(2) Monetary Aggregates
(2/1/1) CBE Financial Position: Reserve Money and Counterpart Assets (2/1/2) Banking Survey: Domestic Liquidity and Counterpart Assets (2/1/3) Banking Survey: Deposits in Local Currency (2/1/4) Banking Survey: Deposits in Foreign Currencies (2/1/5) Banking Survey: Foreign Assets and Liabilities (2/1/6) Banking Survey: Domestic Credit / Other Items (Net) (2/1/7) Total Saving Vessels (2/1/8) Bank Lending and Discount Balances to Business Sector
Financial Sector
(2/2) Structure of the Egyptian Banking System
Activity of the Banking System
Central Bank of Egypt
(2/3/1) Note Issued by Denomination (2/3/2) Currency in Circulation outside CBE by Denomination (2/3/3) CBE: Transactions via RTGS and SWIFT
-84-
Banks (2/4/1) Aggregate Financial Position (2/4/2) Deposits by Maturity (2/4/3) Deposits by Sector (2/4/4) Deposits by Economic Activity (2/4/5) Portfolio Investments by Sector (2/4/6) Lending and Discount Balances by Sector (2/4/7) Credit by Sector (2/4/8) Lending and Discount Balances by Economic Activity
Interest Rates (2/5/1) Discount and Interest Rates on Deposits and Loans in Egyptian Pound (2/5/2) Domestic Interest Rates on 3- Month Deposits in Major Currencies (2/5/3) Interest Rates on Treasury Bills (Weekly Weighted Averages)
(3) Non-Banking Financial Sector (3/1) The Egyptian Exchange (3/2) Trading in Shares on the Egyptian Exchange (3/3) Trading in Bonds and Mutual Funds' Certificates on the Egyptian
Exchange (3/4) Foreigners' Transactions on the Egyptian Exchange (3/5) Global Depository Receipts (GDRs) (3/6) Outstanding Balance of Treasury Bills (Quarterly) (3/7) Outstanding Balance of Treasury Bills (Weekly)
(4) Public Finance & Domestic Public Debt (4/1) Consolidated Fiscal Operations of the General Government (Total Revenues) (4/2) Consolidated Fiscal Operations of the General Government (Total Expenditures) (4/3) Summary of the Consolidated Fiscal Operations of the General
Government (4/4) Gross Domestic Debt (4/5) National Investment Bank (Resources & Uses)
-85-
(5) External Transactions
(5/1) Balance of Payments
(5/2) Exports by Degree of Processing
(5/3) Imports by Degree of Use
(5/4) Geographical Distribution of Exports and Imports
(5/5) Average Foreign Exchange Rates (in Pound per Foreign Currency Unit)
(5/6) External Debt Structure
(5/7) Distribution of External Debt by Major Currencies
2015/2016 2016/2017 2016/2017
Public Private Total Public Private Total Public Private Total
Total GDP 476192 947157.4 1423349.4 482628.4 985708.1 1468336.5 1.4 4.1 3.2
Agriculture, Irrigation & fishing 122.6 163862.8 163985.4 129.9 168876.2 169006.1 6.0 3.1 3.1
Extractions 136500.5 42332 178832.5 135598.8 41386 176984.8 (0.7) (2.2) (1.0)
Oil 72444.1 12586.8 85030.9 67776.8 11405.3 79182.1 (6.4) (9.4) (6.9)
Gas 63071.8 12045.8 75117.6 66805.6 11773.5 78579.1 5.9 (2.3) 4.6
Others 984.6 17699.4 18684.0 1016.4 18207.2 19223.6 3.2 2.9 2.9
Manufacturing 69616.1 157965.7 227581.8 68492.4 165222 233714.4 (1.6) 4.6 2.7
Oil refining 52176.8 2694.8 54871.6 50241.8 2592.1 52833.9 (3.7) (3.8) (3.7)
Others 17439.3 155270.9 172710.2 18250.6 162629.9 180880.5 4.7 4.7 4.7
Electricity 20908.5 3351.9 24260.4 21409.8 3423.5 24833.3 2.4 2.1 2.4
Water, Sanitation and Recycling 8078.4 904.6 8983.0 8349.7 936.4 9286.1 3.4 3.5 3.4
Construction & Building 6880.8 61183.5 68064.3 7397.3 66432.3 73829.6 7.5 8.6 8.5
Transportation & Storage 11226.0 48332.2 59558.2 11845.8 50511.3 62357.1 5.5 4.5 4.7
Communication 8492.9 34184.9 42677.8 9454.5 38039.9 47494.4 11.3 11.3 11.3
Information 323.0 4098.6 4421.6 335.7 4257.6 4593.3 3.9 3.9 3.9
Suez Canal 24488.2 0.0 24488.2 24167.5 0.0 24167.5 (1.3) 0.0 (1.3)
Wholesale & Retail Trade 10673.1 182836.7 193509.8 11158.3 191509.0 202667.3 4.5 4.7 4.7
Financial Intermediaries & Auxiliary Services 34999.5 24017.7 59017.2 36204.7 24983.0 61187.7 3.4 4.0 3.7
Social Security and Insurance 7974.1 2488.6 10462.7 8258.9 2584.9 10843.8 3.6 3.9 3.6
Tourism 306.6 27845.6 28152.2 239.9 26014.7 26254.6 (21.8) (6.6) (6.7)
Real Estate 1385.6 126912.6 128298.2 1437.5 132401.4 133838.9 3.7 4.3 4.3
Real Estate Ownership 184.8 91103.6 91288.4 192.2 95225.0 95417.2 4.0 4.5 4.5
Business Services 1200.8 35809.0 37009.8 1245.3 37176.4 38421.7 3.7 3.8 3.8
General Government 132351.5 0.0 132351.5 136220.9 0.0 136220.9 2.9 0.0 2.9
Social Services 1864.6 66840 68704.6 1926.8 69129.9 71056.7 3.3 3.4 3.4
Education 0.0 24991.8 24991.8 0.0 25821.3 25821.3 0.0 3.3 3.3
Health 1641.9 30682.1 32324.0 1696.0 31705.0 33401.0 3.3 3.3 3.3
Others 222.7 11166.1 11388.8 230.8 11603.6 11834.4 3.6 3.9 3.9Source: Ministry of Planning, Monitoring, and Administrative Reform.
(1/1) GDP at Factor Cost by Economic Sector
At 2011/2012 prices
- 86
-
During July/March
Sectors
Rate of change + (-) (%)
2015/2016 2016/2017 2015/2016 2016/2017 2015/2016 2016/2017
1- GDP at Market Price (2+5-6) 1432.3 1488.2 100.0 100.0 4.3 3.9
2- Total Domestic Expenditure (3+4) 1581.2 1667.7 110.4 112.1 5.4 5.5
3- Final Consumption 1374.2 1432.5 95.9 96.3 5.3 4.2
Final private consumption 1211.6 1266.0 84.6 85.1 5.6 4.5
Final government consumption 162.6 166.5 11.3 11.2 3.6 2.4
4- Gross Capital Formation 207.0 235.2 14.5 15.8 5.6 13.6
Investments 195.0 224.3 13.6 15.1 7.6 15.0
Change in stock 12.0 10.9 0.9 0.7 (19.5) (9.2)
5- Exports of Goods & Services 154.8 266.9 10.8 17.9 (19.2) 72.4
6- Imports of Goods & Services 303.7 446.4 21.2 30.0 (4.9) 47.0
(1/2) GDP by Expenditure
- 87
-At 2011/2012 prices
During July/March
Value at LE bn Structure (%) Rate of change + (-) (%)
Source: Ministry of Planning, Monitoring, and Administrative Reform.
Groups
2015/2016 2016/2017
All Items 100.0 162.5 176.1 185.2 230.5 8.4 24.5
Food & Non-Alcoholic Beverages 39.92 191.4 210.4 225.1 298.4 9.9 32.6
Alcoholic Beverages & Tobacco. 2.19 314.6 316.6 320.8 429.5 0.6 33.9
Clothing & Footwear 5.41 123.1 127.2 135.7 156.9 3.3 15.6
Housing,Water, Electricity, Gas & Fuel 18.37 124.2 130.8 130.8 140.9 5.3 7.7
Furnishings, Household Equipment & Routine Maintenance of the House
3.77 139.1 153.6 157.7 201.3 10.4 27.6
Health Care 6.33 131.2 149.3 172.5 194.3 13.8 12.6
Transportation 5.68 139.2 141.5 144.2 181.4 1.7 25.8
Communications 3.12 96.8 96.8 96.9 98.6 0.0 1.8
Recreation & Culture 2.43 168.1 182.8 190.6 219.2 8.7 15.0
Education 4.63 196.9 219.0 219.0 246.0 11.2 12.3
Restaurants & Hotels 4.43 177.5 203.7 215.4 264.0 14.8 22.6
Miscellaneous Goods & Services 3.72 111.5 116.4 121.1 159.1 4.4 31.4
(1/3) Consumer Price Index (Urban Population) (January 2010=100)*
- 88
-
Relative
Weights
2015/2016 2016/2017
June 2015 March 2016 June 2016 March 2017
Source: Central Agency for Public Mobilization and Statistics (CAPMAS), (Monthly bulletin of Consumer Price Index)
* The 9th series of CPI was introduced in August 2010. The weights involved in the formation of the Index were taken from the results of the 2008/2009 survey of income, expenditure and consumption using January 2010 as a base period.
Inflation Rate (%)
July/March
Sections
2015/2016 2016/2017
All Items 100.0 204.4 202.9 216.0 278.2 (0.7) 28.8
Agriculture & Fishing 25.1 298.1 314.5 339.0 421.4 5.5 24.3
Mining & Quarrying 21.8 125.9 87.3 102.5 109.9 (30.7) 7.2
Manufacturing 38.9 201.1 203.9 212.2 304.2 1.4 43.4
Electricity, Gas, Steam & Air Conditioning Supply 2.3 251.2 266.9 266.9 321.6 6.3 20.5
Water Supply, Sewerage, Waste Management & Remediation Activities 2.0 205.7 256.9 256.9 256.9 24.9 0.0
Transportation & Storage 2.8 164.8 169.8 169.8 191.5 3.0 12.8
Accommodation & Food Service Activities 5.0 139.6 143.5 149.7 195.1 2.8 30.3
Information & Communication 2.1 112.5 112.5 112.5 112.5 0.0 0.0
June 2015 March 2016 June 2016 March 2017
Source: Central Agency for Public Mobilization and Statistics (CAPMAS), (the bi-monthly bulletin of the Producer Price Index).
Rate of Change + (-) (%)
July/March
(1/4) Producer Price Index (PPI) (2004/2005=100)
- 89 -
Relative
Weights
2015/2016 2016/2017
2017
March June March June March June March
Reserve Money 322714 364473 380392 485876 430378 478076 527751
Currency in circulation outside CBE * 270621 288651 294825 313468 330831 368459 410514
Banks' deposits in local currency at CBE 52093 75822 85567 172408++ 99547 109617 117237
Counterpart Assets 322714 364473 380392 485876 430378 478076 527751
Net Foreign Assets 41275 37395 34295 25278 -40362 -44863 5504
Foreign Assets 117889 115770 112475 148098 139651 149943 529479
Gold 18605 18983 18580 18195 22216 22820 47367
Foreign securities 67158 61506 65269 104523 41925 32795 195853
Foreign currencies 32126 35281 28626 25380 75510 94328 286259
Foreign Liabilities 76614 78375 78180 122820 180013 194806 523975
Net Domestic Assets 281439 327078 346097 460598 470740 522939 522247
Net Claims on Government+ 369744 419218 498236 523893 643584 619410 732473
Claims; of which: 414472 463724 603924 620003 729477 706885 811742
Government securities 240331 240331 290330 240330 461830 390830 714630
Deposits 44728 44506 105688 96110 85893 87475 79269
Net Claims on Banks -547 -9045 -27409 -26334 -3853 59621 73769
Claims 32790 25265 24395 25017 78607 120432 204881
Deposits in foreign currencies 33337 34310 51804 51351 82460 60811 131112
Other Items (Net) -87758 -83095 -124730 -36961 ++ -168991 -156092 -283995
Source : Central Bank of Egypt.
* Including subsidiary coins & notes issued by the Ministry of Finance.
+ Including public economic authorities and the National Investment Bank.
++ Under open- market operations, the deposit acceptance session scheduled on 30 June 2015 was cancelled, and substitute session was held on Thursday 2/7/2015.
2015
- 90 -
End of2014 2016
(LE mn)
(2/1/1) CBE Financial Position: Reserve Money and Counterpart Assets
2017
March June March* June March June March
1- Domestic Liquidity 1438421 1516601 1682225 1765492 1987839 2094500 2743818
A- Money Supply 388665 410554 459136 499065 529845 572935 631016
Currency in circulation outside the banking system 255886 270856 278439 292699 312214 346853 385107
Demand deposits in local currency 132779 139698 180697 206366 217631 226082 245909
B- Quasi-Money 1049756 1106047 1223089 1266427 1457994 1521565 2112802
Time & saving deposits in local currency 824430 869976 966336 1003432 1143494 1197746 1439140
Demand and time & saving deposits in foreign currencies 225326 236071 256753 262995 314500 323819 673662
2- Counterpart Assets
Net foreign assets 124283 119162 66547 51487 -63507 -87389 -45241
Domestic credit 1516764 1625141 1867621 1978211 2336512 2460115 3102661
Other items (net) -202626 -227702 -251943 -264206 -285166 -278226 -313602
Source : Central Bank of Egypt.
(LE mn)
(2/1/2) Banking Survey: Domestic Liquidity and Counterpart Assets
2014
- 91 -
End of 2015
* As of March 2015, data of Arab International Bank were added to the banking survey, thereby affecting the related tables.
2016
2017
March June March June March June March
Total Deposits in Local Currency 957209 1009674 1147033 1209798 1361125 1423828 1685049
1- Demand Deposits 132779 139698 180697 206366 217631 226082 245909
Public business sector * 6552 8523 10060 16050 17622 20628 22186
Private business sector 74345 76384 107812 123964 128336 129896 137047
Household sector 52866 55560 63652 67133 72466 76924 87515
Minus: Purchased cheques & drafts 984 769 827 781 793 1366 839
2- Time and Saving Deposits 824430 869976 966336 1003432 1143494 1197746 1439140
Public business sector * 16277 17812 26282 21843 22324 23105 23831
Private business sector 71597 75577 104154 106386 132652 135249 138760
Household sector 736556 776587 835900 875203 988518 1039392 1276549
Source : Central Bank of Egypt.
- 92-
End of 2014 2015
* Including all public sector companies subject or not to Law No. 203 for 1991.
2016
(LE mn)
(2/1/3) Banking Survey: Deposits in Local Currency
2017
March June March June March June March
Total Deposits in Foreign Currencies 225326 236071 256753 262995 314500 323819 673662
1- Demand Deposits 59226 62214 66321 68631 75783 75910 143555
Public business sector * 1320 1307 2414 2580 3281 3318 5017
Private business sector 35394 37696 39526 39387 47683 47471 87046
Household sector 22561 23275 24450 26695 24866 25150 51536
Minus: Purchased cheques & drafts 49 64 69 31 47 29 44
2- Time and Saving Deposits 166100 173857 190432 194364 238717 247909 530107
Public business sector * 11716 12405 12275 12469 14110 14607 31719
Private business sector 36144 37092 39552 39453 52861 51961 104445
Household sector 118240 124360 138605 142442 171746 181341 393943
Source: Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
- 93 -
End of 2015 2016
(LE mn)
(2/1/4) Banking Survey: Deposits in Foreign Currencies
2014
2017
March June March June March June March
Net Foreign Assets 124283 119162 66547 51487 -63507 -87389 -45241
1- Foreign Assets 235654 231608 199039 234312 228795 231475 753286
Central Bank of Egypt 117889 115770 112475 148098 139651 149943 529479
Banks 117765 115838 86564 86214 89144 81532 223807
2- Foreign Liabilities 111371 112446 132492 182825 292302 318864 798527
Central Bank of Egypt 76614 78375 78180 122820 180013 194806 523975
Banks 34757 34071 54312 60005 112289 124058 274552
(2/1/5) Banking Survey: Foreign Assets and Liabilities
Source: Central Bank of Egypt.
-94 -
End of 2014 2015 2016
(LE mn)
2017March June March June March June March
1- Domestic Credit 1516764 1625141 1867621 1978211 2336512 2460115 3102661
Net claims on the government (A+B-C) 959979 1045186 1210480 1291427 1567643 1654910 1993479
A-Securities 961355 1004342 1190377 1193595 1579281 1614650 2174225
B-Credit facilities 212764 264196 369719 446094 388950 489795 391757
C-Government deposits 214140 223352 349616 348262 400588 449535 572503
Claims on public business sector * 45931 45417 63852 63218 83032 93073 149823
Claims on private business sector 371952 389275 427802 448276 484002 504258 723546
Claims on household sector 138902 145263 165487 175290 201835 207874 235813
2- Other Items (Net) -202626 -227702 -251943 -264206 -285166 -278226 -313602
Capital accounts -220190 -233369 -249411 -263117 -285062 -305204 -465611
Net unclassified assets and liabilities (Including Net Interbank Debt and Credit Position)
17564 5667 -2532 -1089 -104 26978 152009
Source: Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
End of
-95 -
2014 2015 2016(LE mn)
(2/1/6) Banking Survey: Domestic Credit / Other Items (Net)
2017
March June March June March June March
Total Saving Vessels 1287968 1360870 1484941 1544783 1761070 1849555 2419606
Savings at the Banking System 1049756 1106047 1223089 1266427 1457994 1521565 2112802
Time & saving deposits in local currency 824430 869976 966336 1003432 1143494 1197746 1439140
Demand and time & saving deposits in foreign currencies 225326 236071 256753 262995 314500 323819 673662
Net Sales of Investment Certificates 107486 108378 108412 108875 131052 139771 126968
Post Office Saving Deposits 130726 146445 153440 169481 172024 188219 179836
Source: Central Bank of Egypt.
-96
-
End of 2014 2015 2016
(LE mn)
(2/1/7) Total Saving Vessels
2017March June March June March June March
Total 45681 45100 63594 62970 82761 92831 149459
In Local Currency 36021 35107 42232 43742 54816 65168 94823
Agriculture 21 21 5 2 - - -
Manufacturing 19481 19303 24279 23917 26367 29582 39726
Trade 2214 2359 2875 2778 3890 4275 5189
Services 14305 13424 15073 17045 24559 31311 49908
In Foreign Currencies 9660 9993 21362 19228 27945 27663 54636
Agriculture - - - - - - -
Manufacturing 1862 2003 8306 6361 6263 6035 19953
Trade 589 904 1506 1208 883 883 1276
Services 7209 7086 11550 11659 20799 20745 33407
Source: Central Bank of Egypt.
*Including all public sector companies subject or not to Law No. 203 for 1991.
Public Business Sector *
End of
- 97 -
2014 2015 2016(LE mn)
(2/1/8) Bank Lending and Discount Balances to Business Sector
2017March June March June March June March
Total 331365 348971 384243 403434 437485 459582 654323
In Local Currency 215045 227819 233218 252405 280838 302322 363807
Agriculture 4851 5118 5648 5833 7399 8384 8546
Manufacturing 94291 102245 100665 110762 120946 126105 164366
Trade 44069 45572 44672 47245 55898 61355 78008
Services 71834 74884 82233 88565 96595 106478 112887
In Foreign Currencies 116320 121152 151025 151029 156647 157260 290516
Agriculture 1734 1666 2384 2595 2067 2025 2762
Manufacturing 63691 68238 82944 83812 85154 86203 158954
Trade 11414 11115 16341 15965 15074 14965 25754
Services 39481 40133 49356 48657 54352 54067 103046
Source: Central Bank of Egypt.
Private Business Sector
- 98 -
End of 2014 2015 2016
(LE mn)
(2/1/8) Bank Lending and Discount Balances to Business Sector (Contd.)
Number of BranchesNumber of Banks Operating in Egypt End of
368838* March 2014
371038 June 2014
375138 March 2015
376638 June 2015
385338 March 2016
388238 June 2016
397738 March 2017
(2/2) Structure of the Egyptian Banking System
Source: Central Bank of Egypt.
* The National Bank of Oman & The Bank of Nova Scotia, obtained approvals to cease operations in Egypt in December 2013 and March 2014, respectively.
- 99 -
2017March June March June March June March
Currency by Denomination + 272023 289875 296262 314885 331977 369321 411958
PT 25 145 146 156 159 165 166 170
PT 50 310 316 347 355 363 365 394
LE 1 944 945 964 969 996 1029 1182
LE 5 1893 1833 1614 1828 1731 2431 2434
LE 10 3283 3516 3280 3504 2759 3089 3011
LE 20 6608 6809 6508 6749 5432 6093 5401
LE 50 24523 25279 26036 30767 28994 29115 27506
LE 100 110024 115749 108667 114574 118506 132481 144931
LE 200 124293 135282 148690 155980 173031 194552 226929
Source: Central Bank of Egypt.
+ Including coins denominations of PT 25, 50 and 100.
End of
- 10
0 -
2014 2015 2016
(LE mn)
(2/3/1) Note Issued by Denomination
2017March June March June March June March
Total 270621 288651 294825 313468 330831 368459 410514
Subsidiary Coins & Notes* 399 408 426 428 435 436 444
PT 25 144 145 155 158 164 166 170
PT 50 308 314 343 352 360 364 393
LE 1 939 941 957 963 989 1027 1176
LE 5 1866 1763 1589 1803 1700 2392 2398
LE 10 3230 3263 3211 3411 2716 3018 2953
LE 20 6498 6668 6377 6636 5367 6003 5273
LE 50 24363 25154 25694 30579 28879 29004 27393
LE 100 109346 115402 108194 114027 118050 132277 144206
LE 200 123528 134593 147879 155111 172171 193772 226108
Source: Central Bank of Egypt.
* Issued by the Ministry of Finance.
End of
- 101 -
2014 2015 2016
(2/3/2) Currency in Circulation Outside the CBE by Denomination
(LE mn)
During
2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017
Local Currency Transactions via RTGS*
1- Automated Clearing House (ACH)
Number of transactions (thousand) 9643 9510 9838 9462 9973 10172 9610
Value of transactions (LE bn) 463 485 526 565 709 776 920
2- Other Transactions via RTGS**
Number of transactions (in unit) 931291 965478 953224 780364 754055 789233 885300
Value of transactions (LE bn) 13132 6858 8872 12070 16676 22050 26396
Foreign Currency Transfers (Dollar Interbank
Transactions) via the Fin-Copy System***
Number of transactions (in unit) 11596 10592 8649 3675 4061 3042 5509
Value of transactions (US$ mn) 71168 47941 31529 6319 5144 5083 4850
Source: Central Bank of Egypt.
* The RTGS was launched on 15 /3/ 2009.
** Including corridor operations and deposits for monetary policy purposes as of 15/3/2009.
*** This service was introduced on 19/ 9/ 2004.
(2/3/3) CBE: Transactions via RTGS and SWIFT
- 102-
July/March
2017
March June March* June March June March
A- Assets
Cash 22249 27276 23358 27381 29160 31432 50495
Securities & investments in TBs 782972 825524 963250 1016025 1179715 1283616 1557039
Balances with banks in Egypt, of which: 172724 174786 265679 240336 372396 374644 814807
Loans and discounts 397 363 654 1500 1719 1682 4677
Balances with banks abroad, of which: 81545 78742 53194 54834 57187 51074 166847
Loans and discounts 2027 2284 1918 1520 1321 1391 2212
Loan and discount balances 563133 587852 679321 717999 852323 942727 1343624
Other assets 152388 122693 170031 142404 194603 162601 283236
Assets =Liabilities 1775011 1816873 2154833 2198979 2685384 2846094 4216048
B- Liabilities
Capital 76772 77555 91798 92550 98575 100726 114561
Reserves 47470 47022 53052 50080 62881 63002 198296
Provisions 62750 62777 68040 66049 68595 66880 109784
Bonds & Long-term loans 29347 30168 32625 38453 45990 48532 117243
Obligations to banks in Egypt 23575 17858 25795 20763 57349 60551 214266
Obligations to banks abroad 15827 14699 27725 30147 73536 86060 193343
Total deposits 1357240 1429432 1658395 1734178 1999172 2116117 2856042
Other liabilities, of which: 162030 137362 197403 166759 279286 304226 412513
Cheques payable 5413 6880 6384 8175 7311 10984 11552
Source : Central Bank of Egypt.
* As of March 2015, data of Arab International Bank were added to the banks’ aggregate financial position,
2016
(2/4/1) Banks: Aggregate Financial Position
( LE mn )
thereby affecting the related tables.
- 10
3-
End of2014 2015
2017
March June March June March June March
Total Deposits 1357240 1429432 1658395 1734178 1999172 2116117 2856042
Demand deposits 206396 215870 272041 308915 341071 354033 463305
Time & saving deposits and saving accounts 1101813 1157976 1299688 1330179 1552030 1641305 2253370
Blocked or retained deposits 49031 55586 86666 95084 106071 120779 139367
Local Currency Deposits 1037231 1093686 1297735 1369674 1580831 1691590 1986383
Demand deposits 144676 150297 202510 236440 261762 275374 313547
Time & saving deposits and saving accounts 860922 907531 1026666 1054047 1234643 1318564 1573093
Blocked or retained deposits 31633 35858 68559 79187 84426 97652 99743
Foreign Currency Deposits 320009 335746 360660 364504 418341 424527 869659
Demand deposits 61720 65573 69531 72475 79309 78659 149758
Time & saving deposits and saving accounts 240891 250445 273022 276132 317387 322741 680277
Blocked or retained deposits 17398 19728 18107 15897 21645 23127 39624
Source : Central Bank of Egypt.
- 10
4 -
End of2014 2015 2016
(2/4/2) Banks: Deposits by Maturity
( LE mn )
2017
March June March June March June March
Total Deposits 1357240 1429432 1658395 1734178 1999172 2116117 2856042
Local Currency Deposits 1037231 1093686 1297735 1369674 1580831 1691590 1986383
Government sector 74016 78425 139724 149115 210055 258021 291092
Public business sector * 22829 26336 36342 37893 39946 43733 46017
Private business sector 145715 151740 211754 230143 259800 263961 275622
Household sector 789422 832147 899552 942336 1060984 1116316 1364065
External sector ** 5249 5038 10363 10187 10046 9559 9587
Foreign Currency Deposits 320009 335746 360660 364504 418341 424527 869659
Government sector 90747 95513 98118 96452 97797 96876 188484
Public business sector * 13036 13712 14689 15049 17391 17925 36737
Private business sector 71538 74788 79078 78840 100544 99432 191491
Household sector 140801 147634 163055 169137 196612 206491 445479
External sector** 3887 4099 5720 5026 5997 3803 7468
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991 .
** Including counterpart deposits of USAID .
( LE mn )
2014
- 10
5-
End of2015 2016
(2/4/3) Banks: Deposits by Sector
2017
March June March June March June March
Total Deposits 1357240 1429432 1658395 1734178 1999172 2116117 2856042
Local Currency Deposits 1037231 1093686 1297735 1369674 1580831 1691590 1986383
Agriculture 4300 4444 5548 5272 6467 6851 6088
Manufacturing 55444 59636 99923 107152 121345 127232 145743
Trade 36653 38121 53761 58793 66940 67440 71858
Services 74691 79390 104132 119610 133959 147640 164234
Unclassified sectors 866143 912095 1034371 1078847 1252120 1342427 1598460
Foreign Currency Deposits 320009 335746 360660 364504 418341 424527 869659
Agriculture 1209 1246 1664 1640 1458 1976 2659
Manufacturing 33482 34699 33690 33317 42563 44570 86609
Trade 15397 16032 16904 17621 22868 22310 37538
Services 30158 33417 36549 36233 45840 42959 88693
Unclassified sectors 239763 250352 271853 275693 305612 312712 654160
Source : Central Bank of Egypt.
( LE mn )
2014
- 10
6 -
End of2015 2016
(2/4/4) Banks: Deposits by Economic Activity
2017
March June March June March June March
Total 782972 825524 963250 1016025 1179715 1283616 1557039
In Local Currency 676735 716059 848114 900418 1032130 1070906 1080281
Government sector 638984 678512 809281 861935 992892 1033467 1026662
Public business sector * 506 527 433 383 362 306 400
Private business sector 37165 36938 38319 38021 38797 37060 53152
Household sector - - - - - - -
External sector 80 82 81 79 79 73 67
In Foreign Currencies 106237 109465 115136 115607 147585 212710 476758
Government sector 82041 85500 90765 91330 124558 190352 432933
Public business sector * - - - - - - -
Private business sector 4132 4149 7924 9471 10632 10498 21402
Household sector - - - - - - -
External sector 20064 19816 16447 14806 12395 11860 22423
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
201620152014
- 10
7 -
End of
(2/4/5) Banks: Portfolio Investments by Sector
( LE mn )
2017
March June March June March June March
Total 563133 587852 679321 717999 852323 942727 1343624
In Local Currency 399953 418371 448988 479357 585092 672578 803100
Government sector 11680 11872 10912 10855 50730 100230 114763
Public business sector * 36021 35107 42232 43742 54816 65168 94823
Private business sector 215045 227819 233218 252405 280838 302397 363807
Household sector 136786 143251 162279 171989 198384 204470 228996
External sector 421 322 347 366 324 313 711
In Foreign Currencies 163180 169481 230333 238642 267231 270149 540524
Government sector 26943 28930 45214 55566 70573 73510 179883
Public business sector * 9660 9993 21362 19228 27945 27663 54636
Private business sector 116320 121152 151025 151029 156647 157261 290516
Household sector 2115 2011 3209 3302 3450 3403 6817
External sector 8142 7395 9523 9517 8616 8312 8672
Source : Central Bank of Egypt.
*Including all public sector companies subject or not to Law No. 203 for 1991.
- 10
8-
End of2014 2015
(2/4/6) Banks: Lending and Discount Balances by Sectors
( LE mn )
2016
2017
March June March June March June March
Total 1346105 1413376 1642571 1734024 2032038 2226343 2900663
In Local Currency 1076688 1134430 1297102 1379775 1617222 1743484 1883381
Government sector 650664 690384 820193 872790 1043622 1133697 1141425
Public business sector * 36527 35635 42665 44126 55178 65474 95223
Private business sector 252210 264756 271537 290426 319635 339457 416959
Household sector 136786 143251 162279 171988 198384 204470 228996
External sector 501 404 428 445 403 386 778
In Foreign Currencies 269417 278946 345469 354249 414816 482859 1017282
Government sector 108984 114430 135979 146896 195131 263862 612816
Public business sector * 9660 9993 21362 19229 27945 27663 54636
Private business sector 120452 125301 158949 160499 167279 167759 311918
Household sector 2115 2011 3209 3302 3450 3403 6817
External sector 28206 27211 25970 24323 21011 20172 31095
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
- 10
9 -
End of2014 2015 2016
(2/4/7) Banks: Credit by Sector
( LE mn )
2017
March June March June March June March
Total 563133 587852 679321 717999 852323 942727 1343624
In Local Currency 399953 418371 448988 479357 585092 672578 803100
Agriculture 4881 5148 5661 5843 7423 8408 8552
Manufacturing 120450 128487 131397 141025 154128 162198 208593
Trade 46283 47930 47547 50024 59787 65631 85099
Services 90732 92790 101329 109633 124525 140931 165585
Unclassified sectors 137607 144016 163054 172832 239229 295410 335271
In Foreign Currencies 163180 169481 230333 238642 267231 270149 540524
Agriculture 1734 1666 2385 2595 2084 2054 2815
Manufacturing 90764 97549 129754 135748 148431 152279 331542
Trade 12003 12020 17847 17174 15957 15849 27030
Services 48406 48841 67615 70227 88002 87323 160994
Unclassified sectors 10273 9405 12732 12898 12757 12644 18143
Source : Central Bank of Egypt.
- 11
0 -
End of2014 2015
(2/4/8) Banks: Lending and Discount Balances by Economic Activity
( LE mn )
2016
More than one-
month and less than
or equal to three-
month deposits
More than three-
month and less
than or equal to
six-month deposits
More than six-
month and less
than or equal to
one-year deposits
Less than or
equal to one-
year loans
Simple
Return
of increasing
certificate
value
January 2014 8.75 7.10 7.60 9.10 11.80 9.75 9.25 8.50
February ,, 7.10 7.50 8.90 11.80 ,, ,, ,,
March ,, 6.80 7.30 8.80 11.70 ,, ,, ,,
April ,, 6.80 7.30 8.60 11.60 ,, ,, ,,
May ,, 6.70 7.30 8.50 11.40 ,, ,, ,,
June ,, 6.70 7.30 8.40 11.30 ,, ,, ,,
July 9.75 6.60 7.40 8.40 11.80 ,, ,, ,,
August ,, 7.00 7.50 8.40 11.90 ,, ,, ,,
September ,, 7.00 7.60 8.40 11.90 ,, ,, ,,
October ,, 7.00 7.60 8.70 11.70 ,, ,, ,,
November ,, 7.00 7.70 9.00 11.80 ,, ,, ,,
December ,, 7.20 7.60 9.00 11.80 ,, ,, ,,
January 2015 9.25 7.20 7.50 8.90 11.70 ,, ,, ,,
February ,, 7.20 7.30 8.90 11.60 ,, ,, ,,
March ,, 7.10 7.50 8.90 11.60 ,, ,, ,,
April ,, 7.00 7.60 8.90 11.50 ,, ,, ,,
May ,, 6.80 7.60 8.80 11.60 10.25 9.75 8.00
June ,, 6.80 7.50 8.80 11.60 ,, ,, ,,
July ,, 6.70 7.60 8.80 11.70 ,, ,, ,,
August ,, 6.80 7.60 8.70 11.70 ,, ,, ,,
September ,, 6.80 7.60 8.60 11.60 ,, ,, ,,
October ,, 6.90 7.70 8.60 11.50 ,, ,, ,,
November ,, 6.80 7.80 8.60 11.60 12.75 10.75 ,,
December 9.75 6.80 7.70 8.50 11.80 ,, ,, ,,
January 2016 ,, 6.90 7.70 8.50 11.90 ,, ,, ,,
February ,, 7.00 7.70 8.50 11.90 ,, ,, ,,
March 11.25 7.10 7.70 8.60 12.50 ,, ,, ,,
April ,, 7.20 7.80 8.70 12.90 ,, ,, ,,
May ,, 7.50 8.10 8.90 12.90 ,, ,, ,,
June 12.25 7.50 8.20 8.90 13.40 ,, ,, ,,
July ,, 7.80 8.30 8.90 13.80 ,, ,, ,,
August ,, 7.90 8.40 9.00 13.80 ,, ,, ,,
September ,, 8.10 8.60 9.20 13.90 ,, ,, ,,
October ,, 8.20 8.80 9.20 13.90 ,, ,, ,,
November 15.25 8.80 9.40 9.80 16.00 16.25 ,, 10.25
December ,, 10.30 9.80 10.30 16.30 ,, ,, ,,
January 2017 ,, 10.90 10.20 10.50 16.50 ,, ,, ,,
February ,, 11.30 10.30 10.80 16.50 ,, ,, ,,
March ,, 11.30 10.80 11.10 16.60 ,, ,, ,,
Source: Central Bank of Egypt, the National Bank of Egypt and the National Post Authority.
- 111 -
(2/5/1) Discount and Interest Rates on Deposits and Loans
in Egyptian Pound
(% Annually)
End of Discount
Rate
Average Interest Rate in Banks Interest Rate on
Investment CertificatesInterest rate
on Post Office
Saving
Deposits
US Dollar Sterling Pound Euro
Min. Max. Min. Max. Min. Max.
January 2014 0.11 0.23 0.13 0.36 0.08 0.22
February 0.11 0.23 0.13 0.37 0.08 0.21
March 0.11 0.23 0.13 0.37 0.09 0.23
April 0.10 0.22 0.13 0.37 0.10 0.26
May 0.10 0.23 0.13 0.37 0.09 0.23
June 0.11 0.23 0.14 0.39 0.05 0.14
July 0.11 0.23 0.14 0.39 0.05 0.14
August 0.11 0.23 0.14 0.39 0.04 0.11
September 0.11 0.23 0.14 0.40 0.03 0.09
October 0.10 0.23 0.14 0.39 0.03 0.09
November 0.11 0.23 0.14 0.39 0.03 0.09
December 0.11 0.25 0.14 0.39 0.03 0.09
January 2015 0.11 0.25 0.14 0.39 0.03 0.09
February 0.12 0.26 0.14 0.40 0.03 0.09
March 0.12 0.26 0.14 0.40 0.03 0.09
April 0.13 0.27 0.14 0.40 0.03 0.09
May 0.13 0.28 0.14 0.40 0.03 0.09
June 0.13 0.28 0.14 0.40 0.03 0.09
July 0.13 0.29 0.15 0.41 0.03 0.09
August 0.15 0.32 0.15 0.41 0.03 0.09
September 0.15 0.32 0.15 0.41 0.03 0.09
October 0.15 0.32 0.14 0.41 0.03 0.09
November 0.18 0.39 0.14 0.40 0.03 0.09
December 0.27 0.59 0.15 0.41 0.03 0.09
January 2016 0.28 0.61 0.15 0.41 0.03 0.09
February 0.28 0.62 0.15 0.41 0.03 0.09
March 0.28 0.62 0.15 0.41 0.03 0.09
April 0.29 0.62 0.15 0.41 0.03 0.09
May 0.30 0.65 0.15 0.41 0.03 0.09
June 0.28 0.62 0.14 0.39 0.03 0.09
July 0.33 0.73 0.13 0.36 0.03 0.09
August 0.37 0.81 0.10 0.27 0.03 0.09
September 0.38 0.84 0.09 0.26 0.03 0.09
October 0.40 0.87 0.10 0.28 0.03 0.09
November 0.42 0.91 0.10 0.28 0.03 0.09
December 0.45 0.98 0.09 0.25 0.03 0.09
January 2017 0.46 1.01 0.09 0.25 0.03 0.09
February 0.47 1.03 0.09 0.25 0.03 0.09
March 0.52 1.13 0.09 0.24 0.03 0.09
Source: National Bank of Egypt.
- 112 -
(2/5/2) Domestic Interest Rates on 3-Month Depositsin Major Currencies
( % Annually )
End of
(%)
91 days 182 days 266 days 273 days 357 days 364 days
January 2017
First week (3/1) 19.155 19.720 19.924 0.000 19.829 0.000
Second week (10/1) 18.889 19.827 0.000 19.858 0.000 19.900
Third week (17/1) 19.017 20.060 20.191 0.000 20.109 0.000
Fourth week (24/1) 18.956 20.109 0.000 20.194 0.000 20.187
Fifth week (31/1) 18.938 20.015 19.912 0.000 19.995 0.000
Monthly Average 18.991 19.946 20.009 20.026 19.978 20.044
February 2017
First week (7/2) 18.621 19.671 0.000 18.857 0.000 19.594
Second week (14/2) 17.050 17.726 16.993 0.000 17.725 0.000
Third week (21/2) 18.493 18.829 0.000 18.771 0.000 18.982
Fourth week (28/2) 19.094 19.826 19.742 0.000 19.810 0.000
Monthly Average 18.315 19.013 18.368 18.814 18.768 19.288
March 2017
First week (7/3) 19.704 20.015 0.000 19.946 0.000 19.922
Second week (14/3) 19.388 18.657 19.077 0.000 18.549 0.000
Third week (21/3) 19.431 19.388 0.000 19.229 0.000 19.243
Fourth week (28/3) 19.375 19.379 19.173 0.000 19.200 0.000
Monthly Average 19.475 19.360 19.125 19.588 18.875 19.583
Source: Central Bank of Egypt.
* Represents the interest rates of the accepted bids in the sessions held on every Tuesday, acccording to the data received from the General Department for Securities & Loans at the CBE.
(2/5/3) Interest Rates on Treasury Bills (Weekly Weighted Averages)*
T.bills according to maturity
- 11
3 -
2017
End of March June March June March June March
Number of Companies (Unit) 213 213 218 221 221 222 224
Number of Shares (mn) 41432 43800 47852 53304 60939 61773 63443
Nominal Value of Capital (LE mn) 158353 162671 173434 178068 187972 188833 211755
Market Value of Capital (LE mn) 469521 477641 506201 485175 407481 382541 654976
The Market of Medium and Small Enterprises (Nilex)*
Number of Companies (Unit) 24 24 33 33 32 32 33
Number of Listed Shares (mn) 235 265 460 460 627 672 1020
Total Value of Traded Shares (LE mn) 98 51 52 43 45 63 86
Market Value of Capital (LE mn) 1243 1062 1280 1202 1071 1198 1311
The Egyptian Exchange Indices**
EGX 20 Capped 9403.2 9869.7 9848.4 8543.6 8102.4 6977.4 12435.4
EGX 30 7805.0 8162.2 9134.8 8371.5 7525.0 6942.5 12994.8
EGX 70 595.4 591.1 517.6 444.7 367.3 351.0 569.7
EGX 100 1041.3 1034.3 1045.6 941.8 792.2 743.7 1327.7
Nile 935.2 763.8 723.5 657.2 632.7 631.6 557.8
EGX 50 EWI 1823.4 1853.4 1655.6 1430.1 1426.7 1259.9 2071.1
Source: Monthly Bulletin of the Egyptian Exchange.
* Trading in the Nilex started on 3/6/2010.
** The Egyptian Exchange CASE 30 Index was renamed EGX 30, while the EGX 70 index was introduced as of March 2009 to cover the top 70 companies other than the 30 constituent
companies of EGX 30. EGX 100 was also introduced, encompassing those companies constituting EGX 30 and EGX 70, as of August 2009. EGX 20 Capped was also introduced
in October 2011, which includes the most active 20 companies listed on the Egyptian Exchange. The index was computed as of February 2003. In February 2014, the Nile index
was introduced. It was computed as of July 2012. The Egyptian Exchange also launched the EGX 50 EWI in August 2015 to encompass the largest 50 companies based on
liquidity and activity, the index was computed starting from July 2013.
- 11
4 -
2015
(3/1) The Egyptian Exchange
20162014
Number of
Transactions
(Unit)
Amount
(Thousand)
Market Value
(mn)
Number of
Transactions
(Unit)
Amount
(Thousand)
Market Value
(mn)
Shares in (Egyptian Pound) 3863425 44884888 106577 5139465 58721658 217192
Floor Transactions 3841194 43541345 91087 5114914 57916745 198434
Over the Counter Trading 22231 1343543 15490 24551 804913 18758
Shares in Foreign Currencies
in US Dollar 30116 556022 511 38564 701324 417
Floor Transactions 29734 285208 140 38105 360978 162
Over the Counter Trading 382 270814 371 459 340346 255
in Euro 10 1044 17 26 1850 74
Floor Transactions - - - - - -
Over the Counter Trading 10 1044 17 26 1850 74
- 11
5-
During July/March
(3/2) Trading in Shares on the Egyptian Exchange
Source: Egyptian Financial Supervisory Authority (EFSA) - Monthly Report of the Capital Market.
2015/2016 2016/2017
Number of
Transactions Amount
Market
Value
Number of
Transactions Amount
Market
Value
(Unit) (Unit)
Bonds in (Egyptian Pound) 1324 72830 74690877 682 32565 33169143
Floor Transactions 1324 72830 74690877 682 32565 33169143
Over the Counter Trading - - - - - -
Mutual Funds’ Certificates 42890 21352 1393092 31812 28005 2288479
- 11
6-
During July/March
(3/3) Trading in Bonds and Mutual Funds’ Certificates on the Egyptian Exchange
Source: Egyptian Financial Supervisory Authority (EFSA) - Monthly Report of the Capital Market.
2015/2016 2016/2017
(Thousand) (Thousand)
2015/2016 2016/2017
Net Number of Transactions (Unit) -41521 105992
Purchases 436306 668735
Sales 477827 562743
Net Volume of Securities (mn) -475 -39
Purchases 4929 8411
Sales 5404 8450
Net Value of Securities (LE mn) -447 4976
Purchases 23618 53850
Sales 24065 48874
Source: The data of the table were updated according to the recent data released by the Egyptian
Financial Supervisory Authority (EFSA).
(3/4) Foreigners’ Transactions on the Egyptian Exchange
During July/ March- 1
17
-
June-16 Mar. -17 June-16 Mar. -17
Commercial International Bank / Egypt (CIB) July-96 Bank of New York CIB / HSBC 1.00 9999 3.56 4.38 39.83 75.53
Suez Cement July-96 Bank of New York CIB / HSBC 1.00 7310 5.00 0.80 12.32 17.63
Paints & Chemicals Industries (Pachin) Oct.-97 Bank of New York CIB / HSBC 3.00 6297 - - 23.76 31.15
EFG-Hermes Aug.-98 Bank of New York HSBC / CIB 0.50 4324 1.90 2.76 10.67 26.08
Ezz Steel company June-99 Bank of New York CIB / HSBC 0.33 573 - 2.25 7.19 20.11
Global Telecom Holding* July-00 Bank of New York CIB / HSBC 0.20 11713 1.85 1.88 3.19 6.79
Egypt Lebanon Ceramics (Lecico) Nov.-04 Bank of New York CIB / HSBC 1.00 8796 - - 3.08 4.08
Telecom Egypt Dec.-05 Bank of New York CIB / HSBC 0.20 8522 3.20 2.60 8.21 11.46
Naeem Holding Feb.-08 Bank of New York CIB / HSBC 0.25 5625 - - 0.48 0.59
Palm Hills Development** May-08 Bank of New York CIB / HSBC 0.05 5435 1.00 3.45 2.22 3.24
G B Auto May-09 Bank of New York CIB 0.20 100 - - 2.23 2.62
Remco for Touristic Villages Construction May-10 JPMorgan HSBC 0.20 1000 - - 1.32 2.37
Orascom Telecom Media and Technology Holding Jan. -12 Bank of New York CIB / HSBC 0.20 807593 0.39 0.21 0.54 0.74
Edita Food Industries Mar. -15 Bank of New York Mellon CIB 0.20 13025 7.20 6.99 15.00 17.03
Arabian Food Industries (DOMTY) Sept.-16 Bank of New York Mellon CIB 0.20 10000 - 2.10 7.36 9.04
Source: Monthly Bulletin of the Egyptian Exchange.
(3/5) Global Depository Receipts (GDRs)
** The conversion ratio has changed to be 20 shares: 1 GDR, as of the 1st of August 2016.
- 118 -
GDRs Listed on Global Exchanges Corporate Stocks Issued
on the Egyptian Exchange
CompanyOrder & Date
of Offering
Price ($) at end of Price (LE) at end of
Depository Bank Custodian
Bank
* The conversion ratio has changed to be 5 shares: 1 GDR, as of 12 April 2007. The company name has been changed from Orascom Telecom Holding to Global Telecom Holding, effective 23 September 2013.
Conversion
Ratio
Volume on
Offering Date
(000s)
(LE mn)
End of 91 days 182 days 252 days 259 days 266 days 273 days 280 days 343 days 350 days 357 days 364 days 371 days Total
2009
March9500 51500 0 0 0 55500 0 0 6000 0 97940 0 220440
June6021 43119 0 6000 0 77500 0 0 15000 3000 88440 0 239080
Sept.11000 28990 0 6000 0 88500 0 0 18000 15000 82890 0 250380
Dec. 8480 32767 0 6000 10025 79442 0 0 18000 32419 64618 0 251751
2010
March 20000 47264 6000 0 16025 69442 0 0 19000 39419 68118 0 285268
June 13000 46867 6000 3000 27025 45442 0 0 15000 45169 64618 0 266121
Sept. 19000 45000 15000 3000 26000 39000 0 0 21000 42169 58618 0 268787
Dec. 9975 54250 12000 3000 27500 42500 3500 0 31500 38250 59390 0 281865
2011
March 22500 71250 15000 7000 28500 39000 3500 0 31500 41750 56890 3500 320390
June 33000 78000 7325 16500 30250 41866 3500 2785 36840 43552 58985 3500 356103
Sept. 22000 78000 4325 23250 35250 36366 0 2785 40665 43202 60585 3500 349928
Dec. 26500 73850 1325 18250 40250 44312 0 2785 33435 47709 64085 3500 356001
2012
March 2707 86470 0 8750 48382 51899 0 2785 26435 56022 73608 0 357058
June 10000 84095 0 2000 48882 64899 0 0 16095 62969 84458 0 373398
Sept. 15500 72475 0 0 48882 73250 0 0 3270 70820 93358 0 377555
Dec. 12900 77900 0 0 50073 65298 0 0 0 79313 98258 0 383742
2013
March 14000 81000 0 0 56073 69797 0 0 0 83000 102236 0 406106
June 30189 91639 0 0 56939 55290 0 0 0 91000 100790 0 425847
Sept. 26000 97147 0 0 61366 65962 0 0 0 89500 106290 0 446265
Dec. 26500 90578 0 0 62866 62798 0 0 0 98300 112890 0 453932
2014
March26500 91578 0 0 69500 67508 0 0 0 99800 112390 0 467276
June27406 96016 0 0 63874 63053 0 0 0 103782 117390 0 471521
Sept. 30438 82837 0 0 65302 75706 0 0 0 106259 118004 0 478546
Dec. 32500 83337 0 0 60802 83988 0 0 0 107959 125004 0 493590
2015
March 32500 80500 0 0 70428 85951 0 0 0 110559 128504 0 508442
June 33500 80500 0 0 78500 91463 0 0 0 116576 131004 0 531543
Sept. 35500 84000 0 0 88000 91462 0 0 0 119600 135890 0 554452
Dec. 37000 89000 0 0 91500 101000 0 0 0 116100 139890 0 574490
2016
March 41500 100250 0 0 105250 93000 0 0 0 120750 144490 0 605240
June 58500 113250 0 0 112250 99500 0 0 0 114750 158490 0 656740
Sept. 66250 119145 0 0 116433 94563 0 0 0 127046 163679 0 687116
Dec. 62540 125529 0 0 110068 101261 0 0 0 122125 163198 0 684721
2017
March 77534 145840 0 0 109969 100184 0 0 0 138502 169062 0 741091
- 119-
(3/6) Outstanding Balance of Treasury Bills (Quarterly)
T.bills according to maturity
Source : Central Bank of Egypt.
(LE mn)
91 days 182 days 266 days 273 days 357 days 364 days Total
January 2017
First week (3/1) 62790 126279 109818 96261 126875 163198 685221
Second week (10/1) 63450 127910 109818 102561 122375 165011 691125
Third week (17/1) 63189 129160 110318 97561 127875 165011 693114
Fourth week (24/1) 63741 130391 110318 103434 123375 166312 697571
Fifth week (31/1) 69492 133342 110568 98434 128825 166312 706973
February 2017
First week (7/2) 71037 134342 110569 103684 124325 166812 710769
Second week (14/2) 71154 136185 109219 98684 132919 166812 714973
Third week (21/2) 71404 137435 109219 104184 128169 167562 717973
Fourth week (28/2) 71928 138435 109469 99184 133919 167562 720497
March 2017
First week (7/3) 73534 138935 109469 104934 129169 168562 724603
Second week (14/3) 74784 140875 109719 99934 138002 168562 731876
Third week (21/3) 76034 143707 109719 105184 133252 169062 736958
Fourth week (28/3) 77534 145840 109969 100184 138502 169062 741091
Source: Central Bank of Egypt.
* Outstanding balance in the last week represents the balance at the end of the month.
(3/7) Outstanding Balance of Treasury Bills (Weekly)*
-12
0 -
T.bills according to maturity
( LE mn)
The
Budget
Sector
The General
Government
The
Budget
Sector
The General
Government
Total Revenues 291124 331741 363732 420839
Tax Revenues 212439 212439 268956 268956
Taxes on Income and Profits from; 70061 70061 82625 82625
EGPC 0 0 5000 5000
SCA 9600 9600 14800 14800
CBE 11245 11245 3860 3860
Payable by individuals 29019 29019 33604 33604
Other Units 20197 20197 25361 25361
Taxes on Property 19934 19934 23176 23176
Taxes on Goods and Services 99954 99954 130250 130250
Taxes on International Trade (Customs) 16162 16162 18345 18345
Other Taxes 6328 6328 14560 14560
Grants 3287 3287 508 508
Current 2662 2662 275 275
Capital 625 625 233 233
Other Revenues 75398 116015 94268 151375
Property Income from: 44982 49084 61641 67917
EGPC 0 0 910 910
SCA 12028 12028 19775 19775
CBE 26960 26960 17927 17927
Economic Authorities 3171 3171 7634 7634
Companies 948 948 2021 2021
Other 1875 5977 13374 19650
Sales of Goods and Services 15813 15813 20190 20190
Financing Investment 6580 6580 5730 5730
Other 8023 44538 6707 57538
Source: Ministry of Finance.
(4/1) Consolidated Fiscal Operations of the General Government *
(Total Revenues)
* Includes the Budget Sector, NIB and SIFs.
- 121-
During FY2015/2016 2016/2017
July/March
(LE mn)
The
Budget
Sector
The General
Government
The
Budget
Sector
The General
Government
Total Expenditures 533324 586805 631422 696606
Wages & Compensations of Employees 155752 157500 157981 159539
Salaries and wages 126947 128565 127593 129022
Social contributions 15152 15270 16123 16235
Other 13653 13665 14265 14282
Purchases of Goods and Services 21160 21406 24522 24756
Goods 9473 9494 12054 12074
Services 9552 9664 10946 11073
Other 2135 2248 1522 1609
Interest 176787 166581 231730 215216
Domestic 173208 163002 225547 209033
To NIB & SIFs 18342 0 26266 0
To Others 154866 163002 199281 209033
Foreign 3579 3579 6183 6183
Subsidies, Grants and Social Benefits 106386 167988 127956 200483
Subsidies 58280 58280 76867 76867
To Petroleum 0 0 22090 22090
To GASC 22882 22882 23060 23060
To Others 35398 35398 31717 31717
Grants 4839 4839 3055 3055
Social Benefits 42916 104518 47354 119881
Contribution to SIFs 36602 0 35030 0
Other 6314 104518 12324 119881
Other 351 351 680 680
Other Expenditures 36664 36684 43393 46494
Defense 30854 30854 36557 36557
Other 5810 5830 6836 9937
Purchases of Non-Financial Assets (Investments) 36575 36646 45840 50118
Fixed assets 32140 32211 38916 43194
Others 4435 4435 6924 6924
Source: Ministry of Finance.
- 122 -
During FY2015/2016
* Includes the Budget Sector, NIB and SIFs.
July/March
2016/2017
(4/2) Consolidated Fiscal Operations of the General Government *
(Total Expenditures )
( LE mn)
The Budget Sector
The General Government
The Budget Sector
The General Government
Total Revenues 291124 331741 363732 420839
Total Expenditures 533324 586805 631422 696606
Cash Deficit 242200 255064 267690 275767
Net Acquisition of Financial Assets 12737 -10411 5654 1737
Overall Fiscal Balance 254937 244653 273344 277504
Primary Balance 78150 78072 41614 62288
Financing Sources 254937 244653 273344 277504
Domestic Financing 371316 309300 362029 332099
Banking Financing 281862 270358 266533 264901
Central Bank 119575 119575 103696 103696
Other Banks 162287 150783 162837 161205
Non- Banking Financing 89454 38942 95496 67198
NIB 13693 0 1557 0
SIFs 57862 0 31459 0
Other 30792 30792 72237 72237
NIB Borrowing 0 21043 0 4718
Special Accounts for Economic Authorities -12893 -12893 -9757 -9757
Foreign Borrowing -14883 -14883 141024 141024
Others, of which : -12299 39433 -13123 20967
Special Accounts for Budget Entities 0 0 0 0
Financing Effects for Eliminations 0 0 0 0
Exchange Rate Revaluation 1398 1398 0 0
Net Privatization Proceeds -1179 -1179 0 0
Difference between Treasury Bills Face Value & Present Value 8325 8325 -28114 -28114
Discrepancy -97741 -97741 -188472 -188472
Cash Deficit as a percentage of GDP (%) 8.9 9.5 7.9 8.1
Overall Fiscal Balance as a percentage of GDP(%) 9.4 9.0 8.0 8.1
Primary Balance as a percentage of GDP(%) 2.9 2.9 1.2 1.8
Revenues as a percentage of GDP (%) 10.7 12.2 10.7 12.3
Expenditures as a percentage of GDP (%) 19.6 21.7 18.6 20.4
Source: Ministry of Finance.
(4/3) Summary of the Consolidated Fiscal Operations of the General Government *
* Includes the Budget Sector, NIB and SIFs.
-123-
During FY2015/2016
July/March
2016/2017
( LE mn )
June March June March
2015 2016 2016 2017 2015/2016 2016/2017
Gross Domestic Debt (1+2+3-4) 2116345 2496466 2620662 3073655 380121 452993
1- Net Domestic Debt of Government (A+B+C+D+E) 1871332 2207467 2285644 2648691 336135 363047
A- Balances of Bonds & Bills 1722165 2222517 2290527 2952472 500352 661945
Treasury Bonds : 1125969 1524768 1474532 1856421 398799 381889
Treasury bonds with the CBE 240330 461830 390830 642330 221500 251500
US dollar bonds issued for commercial banks 22560 26310 26310 67781 3750 41471
Bonds offered abroad in US$ *: 6108 8647 8832 14766 2539 5934
Egyptian treasury bonds ** 596940 726978 745005 731686 130038 (13319)
International euro bonds ( private placment for the account of CBE) *** 0 0 0 72311 0 72311
Government notes to compensate for the actuarial deficit in social insurance funds 2000 2000 2000 2000 0 0
Housing bonds 92 62 62 46 (30) (16)
The equivalent of the retained 5% of corporate profits to purchase government bonds 2124 2150 2199 2217 26 18
Bonds of the Insurance Funds (against the transfer of NIB debt to the Treasury) 254532 295989 298653 323124 41457 24471
Bonds of Barwa Real Estate Investment Company. 1283 802 641 160 (481) (481)
Treasury Bills 596196 697749 815995 1096051 101553 280056LE 531543 605240 656740 741091 73697 84351US$ 53307 78461 145576 328683 25154 183107Euro 11346 14048 13679 26277 2702 12598
B- Borrowing from other entities 5640 0 0 0 (5640) 0
C- Credit Facilities from the Social Insurance Funds 450 250 250 250 (200) 0
D - The Masri Dollar Certificate **** 2207 1227 1125 786 (980) (339)
E- Net Government Balances with the Banking System 140870 -16527 -6258 -304817 (157397) (298559)
2- Net Debt of Public Economic Authorities 11341 62794 103720 180618 51453 76898
Net Balances of Public Economic Authorities with the Banking System -41524 11700 52171 129227 53224 77056
Borrowing of Public Economic Authorities from NIB ***** 52865 51094 51549 51391 (1771) (158)
3- Net NIB Debt 293902 297984 309591 323700 4082 14109
NIB Debt 295339 304742 315201 328838 9403 13637
Deposits of the NIB with the banking system (-) 1437 6758 5610 5138 5321 (472)
4- Intra-debt 60230 71779 78293 79354 11549 1061
Government debt to the NIB (investments in government securities) 7365 20685 26744 27963 13320 1219
Loans of Public economic authorities to NIB 52865 51094 51549 51391 (1771) (158)Source: Central Bank of Egypt - Ministry of Finance - National Investment Bank.
* Represents holdings of financial institutions ( the banking and insurance sectors ) resident in Egypt.
** Based on its nominal value.
*** This item represnts the local equivalent of the international euro bonds issued in November 2016.
**** In order to support the national economy and finance the development plan, the National Bank of Egypt issued a US dollar certificate in May 2012 for Egyptians resident abroad to invest their savings in the
Egyptian market. The Masri Dollar Certificate is a three-year certificate, with a 4% annual return, and is not redeemable in the first six months. Its minimum purchase value is US$ 1000, with no ceiling.
***** Apart from the interest payments due to the NIB.
(4/4) Gross Domestic Debt
End of Change + (-) during July/March
- 12
4 -
(LE mn)
June March June March
End of 2015 2016 2016 2017 2015/2016 2016/2017
Liabilities : of which: 295339 304742 315201 328838 9403 13637
.Social Insurance Fund for Gov. Employees 41524 31600 32264 32646 (9924) 382
.Social Insurance Fund for Pub. & Priv. Business Sectors Employees 32757 23894 23637 22653 (8863) (984)
.Proceeds of investment certificates 108938 130405 138265 144670 21467 6405
. Accumulated interest on investment certificates (Category A) 7874 7930 7994 7366 56 (628)
. Proceeds of US dollar development bonds 5 4 4 2 (1) (2)
.Post office savings deposits 102297 108869 111044 119225 6572 8181
. Others* 1944 2040 1993 2276 96 283
Assets :of which: 295339 304742 315201 328838 9403 13637
. Loans to public economic authorities 52865 51094 51549 51391 (1771) (158)
. Investments in government securities (bills and bonds) 7365 20685 26744 27963 13320 1219
.Deposits of the NIB with the banking system 1437 6758 5610 5138 5321 (472)
.Lending to holding companies and affiliate units, concessional loans and others (Net NIB debt minus its intra-debt)
233672 226205 231298 244346 (7467) 13048
Source: Central Bank of Egypt - National Investment Bank.
* Including deposits of the private insurance funds, alternative insurance funds, saving certificates and loans & deposits of various authorities.
(4/5) National Investment Bank ( Resources and Uses)
- 12
5 -
Change + (-) during July/March
(US$mn)
2015/2016* 2016/2017*
Trade Balance -29848.6 -27047.6
Exports 13405.7 15994.0
Petroleum 4211.1 4656.6
Other Exports 9194.6 11337.4
Imports -43254.3 -43041.6
Petroleum -7072.1 -8197.1
Other Imports -36182.2 -34844.5
Services Balance 5520.3 4488.0
Receipts 12515.2 11516.2
Transportation 7253.0 6678.4
Of which: Suez Canal 3877.7 3716.6
Travel 3257.1 2840.7
Government Receipts 278.7 191.3
Other 1726.4 1805.8
Payments 6994.9 7028.2
Transportation 1016.3 931.5
Travel 2913.7 2189.7
Government Expenditures 449.9 700.1
Other 2615.0 3206.9
Investment Income Balance -3114.7 -3225.9
Investment Income receipts 273.2 305.3
Investment Income payments 3387.9 3531.2
Of which: Interest Paid 524.4 824.6
Current Transfers 12402.5 12606.7
Private Transfers (net) 12341.8 12524.2
Of which: Remittances of Egyptians working abroad 12659.6 12625.9
Official Transfers (net) 60.7 82.5
Current Account Balance -15040.5 -13178.8
- 126 -
(5/1) Balance of Payments
July/March
(US$mn)
2015/2016* 2016/2017*
Capital & Financial Account 14550.1 24638.9
Capital Account -130.8 -98.6
Financial Account 14680.9 24737.5
Direct Investment Abroad -113.5 -147.7
Foreign Direct Investment in Egypt (Net) 5885.7 6565.0
Portfolio Investments Abroad 148.6 178.7
Portfolio Investments in Egypt (Net) -1501.4 7801.2
Of which: Bonds -1423.7 3190.2
Other Investments (Net) 10261.5 10340.3
Net Borrowing 5272.4 7232.4
Medium -and Long -Term Loans -177.4 4180.7
Disbursements 2076.2 6214.1
Repayments -2253.6 -2033.4
Medium -Term Suppliers' snd Buyers' Credit 681.5 929.7
Disbursements 703.5 1012.3
Repayments -22.0 -82.6
Short -Term Suppliers' and Buyers' Credit (Net) 4768.3 2122
Other Assets -4275.5 -5635.4
CBE -14.6 -1997.8
Banks 1208.9 -3091.9
Other -5469.8 -545.7
Other Liabilities 9264.6 8743.3
CBE 4444.2 7737.4
Banks 4820.4 1005.9
Net Errors & Omissions -3150.1 -475.4
Overall Balance -3640.5 10984.7
Change in CBE Reserve Assets, Increase (-) 3640.5 -10984.7
Source: CBE.
* Preliminary figures.
- 127 -
(5/1) Balance of Payments (Contd.)
July/March
(US$ mn)
value % value %
Total*** 13405.7 100.0 15994.0 100.0 2588.3
Fuel, Mineral Oils and Products, of which: 4266.8 31.8 4826.0 30.2 559.2
Crude oil 2627.8 19.6 2795.7 17.5 167.9
Oil products**** 1583.3 11.8 1860.9 11.6 277.6
Coal of various types 27.6 0.2 46.9 0.3 19.3
Raw Materials, of which: 1112.6 8.3 1209.0 7.6 96.4
Fresh, chilled, or cooked vegetables 448.9 3.3 409.3 2.6 (39.6)Fresh or dried fruits 154.7 1.2 246.6 1.5 91.9
Potatoes for sowing 122.1 0.9 28.5 0.2 (93.6)Raw cotton 10.3 0.1 36.0 0.2 25.7Plants and parts thereof 88.0 0.7 25.5 0.2 (62.5)
Mineral materials 50.5 0.4 41.8 0.3 (8.7)
Semi-finished Goods, of which: 1777.3 13.3 2900.6 18.1 1123.3
Gold 614.6 4.6 1494.1 9.3 879.5
Ethylene-propylene polymer 341.2 2.5 393.8 2.5 52.6Organic and inorganic compounds 246.4 1.8 280.2 1.8 33.8
Animal or vegetable fats, greases, and oils 73.6 0.5 104.4 0.7 30.8Carbon 86.2 0.6 68.9 0.4 (17.3)Pipes, tubes, and hoses 31.4 0.2 35.3 0.2 3.9
Cast iron 49.2 0.4 7.6 0.0 (41.6)
Molasses (treacle) 23.2 0.2 17.1 0.1 (6.1)
-12
8 -
Change+(-)
(5/2) Exports by Degree of Processing *
July/March2015/2016** 2016/2017**
(US$ mn)
value % value %
Finished Goods, of which: 6246.7 46.6 7052.4 44.1 805.7
Textiles 570.9 4.3 580.3 3.6 9.4
Household electrical appliances 445.2 3.3 371.7 2.3 (73.5)Ready-made clothes 531.3 4.0 482.1 3.0 (49.2)Milk, Dairy products and cheese 216.2 1.6 238.6 1.5 22.4
Phosphate or mineral fertilizers 368.4 2.7 583.9 3.7 215.5Medicines, serums, vaccines, and pharmaceuticals 153.4 1.1 217.9 1.4 64.5
Wires and cables 377.4 2.8 321.7 2.0 (55.7)Cane or beet sugar and pure sucrose 107.1 0.8 153.8 1.0 46.7Aluminum and articles thereof 145.0 1.1 199.6 1.2 54.6
Communication and telephone equipment 156.2 1.2 120.2 0.8 (36.0)Passenger vehicles 93.9 0.7 195.1 1.2 101.2
Carpets and other floor coverings 130.4 1.0 141.1 0.9 10.7Soap and organic detergents 178.8 1.3 180.8 1.1 2.0Cosmetics, or skin-care products 85.8 0.6 122.3 0.8 36.5Transmission and reception apparatus for radio and television 193.4 1.4 109.8 0.7 (83.6)
Paper and cardboard paper 169.4 1.3 72.2 0.5 (97.2)Automatic data processing machines 19.0 0.1 80.6 0.5 61.6
Parts & accessories of motor vehicles 108.3 0.8 91.0 0.6 (17.3)Retreaded pneumatic tyres 49.5 0.4 43.1 0.3 (6.4)
(5/2) Exports by Degree of Processing * (Contd.)
July/MarchChange+(-) 2015/2016** 2016/2017**
-12
9 -
(US$ mn)
value % value %
Oranges 109.1 0.8 118.9 0.7 9.8
Paints, varnishes and liquid lustres 65.2 0.5 64.3 0.4 (0.9)
Ceramic sinks 84.8 0.6 52.6 0.3 (32.2)
Glass & glassware 82.0 0.6 156.3 1.0 74.3
Tiles & ceramic cubes 48.7 0.4 57.3 0.4 8.6
Rods for reinforcing concrete cylinders 62.9 0.5 21.7 0.1 (41.2)
Flat-rolled products (rolled) 12.8 0.1 65.7 0.4 52.9
Cooling Machinery & air conditioners 32.0 0.2 27.3 0.2 (4.7)
Infant food mixtures 78.1 0.6 13.2 0.1 (64.9)
Semi-raw copper (matte) 115.6 0.9 18.0 0.1 (97.6)
Undistributed Miscellaneous Products 2.3 0.0 6.0 0.0 3.7
Source: Central Bank of Egypt.* Exports are classified according to the Harmonized Tariff System.** Preliminary figures.*** Including exports of free zones.**** Include natural gas, and bunker & jet fuel.
(5/2) Exports by Degree of Processing * (Contd.)
July/MarchChange+(-) 2015/2016** 2016/2017**
- 13
0 -
(US$ mn)
Value % Value %
Total*** 43254.3 100.0 43041.6 100.0 (212.7)
Fuel, Mineral Oils and Products, of which: 7246.7 16.8 8452.4 19.6 1205.7
Oil products**** 6229.5 14.4 7019.5 16.3 790.0Crude oil 842.6 1.9 1177.6 2.7 335.0Coal of various types 101.0 0.2 158.0 0.4 57.0
Raw Materials, of which: 3974.8 9.2 4374.1 10.2 399.3
Wheat 1278.0 3.0 1321.2 3.1 43.2
Iron ore 328.8 0.8 568.9 1.3 240.1Maize 958.9 2.2 1061.8 2.5 102.9Raw cane sugar 172.8 0.4 101.0 0.2 (71.8)
Mineral materials 59.0 0.1 28.5 0.1 (30.5)
Intermediate Goods, of which: 11215.2 25.9 11821.5 27.5 606.3
Spare parts and accessories for cars and tractors 1047.6 2.4 1026.7 2.4 (20.9)Polypropylene 859.1 2.0 907.6 2.1 48.5
Organic and inorganic compounds 1223.1 2.8 843.7 2.0 (379.4)Spare parts for machines and appliances 1229.8 2.8 762.9 1.8 (466.9)
Animal and vegetable fats, greases and oils 523.1 1.2 802.5 1.9 279.4Wood in the rough and densified wood 704.2 1.6 547.3 1.3 (156.9)Paper and paperboard 740.8 1.7 394.8 0.9 (346.0)
Cast iron 733.7 1.7 622.3 1.4 (111.4)Retreaded pneumatic tyres 335.3 0.8 260.7 0.6 (74.6)
(5/3) Imports by Degree of Use * - 1
31
-
July/MarchChange+(-) 2015/2016** 2016/2017**
(US$ mn)
Value % Value %
Tamping rods for concrete cylinders and rods for reinforcing rolled concrete
484.5 1.1 175.4 0.4 (309.1)
Semi-raw and unrefined copper 379.9 0.9 253.3 0.6 (126.6)
Cables and wires 261.9 0.6 256.9 0.6 (5.0)Liquid gloss paints and varnishes 122.2 0.3 154.0 0.4 31.8Hot and cold rolled flat products 156.9 0.4 228.4 0.5 71.5
Iron and steel pipes and tubes 183.5 0.4 118.2 0.3 (65.3)Waste and scrap of cast iron 80.6 0.2 135.6 0.3 55.0
Cotton yarn 91.6 0.2 150.9 0.4 59.3Non-alloyed iron and steel 30.3 0.1 41.6 0.1 11.3Dismantled Air-conditioning machines and spare parts 169.1 0.4 155.1 0.4 (14.0)
Nitrogen, phosphate and potash fertilizers 135.9 0.3 55.0 0.1 (80.9)Pulp fibers from waste paper 51.9 0.1 73.5 0.2 21.6Aluminum plates, sheets and strip 35.4 0.1 53.5 0.1 18.1
Investment Goods, of which: 7827.6 18.1 7120.0 16.5 (707.6)Communication and telephone equipment 930.1 2.2 436.5 1.0 (493.6)Liquid and air pumps 633.2 1.5 454.5 1.1 (178.7)Automatic data processing machines (computers) 342.7 0.8 403.5 0.9 60.8Cranes and bulldozers 600.6 1.4 139.2 0.3 (461.4)Electricity generator groups 51.2 0.1 119.1 0.3 67.9
Machinery for making hot drinks 164.2 0.4 47.9 0.1 (116.3)
(5/3) Imports by Degree of Use* (Contd.)
July/MarchChange+(-) 2015/2016** 2016/2017**
-13
2-
(US$ mn)
Value % Value %
Electrical apparatus for electric circuits 222.1 0.5 30.2 0.1 (191.9)
Rail locomotives powered from an external source of electricity
79.5 0.2 255.6 0.6 176.1
Power transformers with electrical insulators 31.7 0.1 143.8 0.3 112.1
Agriculture and orchard machinery and equipment 81.4 0.2 91.9 0.2 10.5Printing Machinery 54.5 0.1 38.3 0.1 (16.2)High sea Vessels 62.2 0.1 20.3 0.0 (41.9)
Machines for extruding, drawing, texturing, or cutting textile materials
70.7 0.2 28.0 0.1 (42.7)
Transmission apparatus for radio-broadcasting and television
144.1 0.3 21.3 0.0 (122.8)
Consumer Goods 11244.9 26.0 9899.3 23.0 (1345.6)
A. Durable Goods, of which: 3083.2 7.1 2287.6 5.3 (795.6)
Passenger vehicles 1226.3 2.8 725.3 1.7 (501.0)Household electrical appliances 452.6 1.0 411.6 1.0 (41.0)
Televisions 464.6 1.1 295.8 0.7 (168.8)
B. Non-durable Goods, of which: 8161.7 18.9 7611.7 17.7 (550.0)
Medicines 1033.2 2.4 1204.1 2.8 170.9
Meat and offals 729.6 1.7 681.6 1.6 (48.0)
Pharmaceutical preparations, gauze pads, and vaccines
1021.0 2.4 891.6 2.1 (129.4)
Textiles 778.0 1.8 661.6 1.5 (116.4)Ready-made clothes 531.1 1.2 271.8 0.6 (259.3)
(5/3) Imports by Degree of Use* (Contd.) - 1
33
-
July/MarchChange+(-) 2015/2016** 2016/2017**
(US$ mn)
Value % Value %
Dairy products 228.9 0.5 278.2 0.6 49.3Yarn 270.6 0.6 258.0 0.6 (12.6)Tea 172.3 0.4 161.6 0.4 (10.7)
Organic Soap and detergents 238.1 0.6 235.3 0.5 (2.8)Meat preparations 298.4 0.7 110.5 0.3 (187.9)
Live, fresh, chilled or dried fish 277.0 0.6 234.3 0.5 (42.7)Other live, fresh, chilled or dried crustaceans 11.7 0.0 57.9 0.1 46.2Cocoa powder 72.1 0.2 67.3 0.2 (4.8)
Insecticides 30.3 0.1 53.9 0.1 23.6Shelled lentils for non-sowing 86.3 0.2 68.1 0.2 (18.2)
Undistributed Miscellaneous Goods 1745.1 4.0 1374.3 3.2 (370.8)Source: Central Bank of Egypt.* Commodities are classified according to the Harmonized Tariff System.** Provisional.*** Including imports of free zones, and in-kind grants & loans.**** Including gas, and bunker & jet fuel.
(5/3) Imports by Degree of Use* (Contd.)
July/MarchChange+(-) 2015/2016** 2016/2017**
- 13
4-
(US$ mn)
2015/2016** 2016/2017** 2015/2016** 2016/2017** 2015/2016** 2016/2017**
Total *** 13405.7 15994.0 43254.3 43041.6 (29848.6) (27047.6)
European Union 4440.0 4996.9 13159.6 11959.8 (8719.6) (6962.9)
Other European countries 822.0 1319.5 2937.2 3161.8 (2115.2) (1842.3)
Russian Federation & C.I.S 175.1 115.1 3218.2 2975.8 (3043.1) (2860.7)
United States of America 977.4 1257.3 1934.5 2275.9 (957.1) (1018.6)
Arab countries 4059.2 4940.5 8169.5 8120.5 (4110.3) (3180.0)
Asian countries (Non Arab) 1415.2 1327.7 8733.1 8235.7 (7317.9) (6908.0)
African countries (Non Arab) 380.3 405.7 519.9 612.2 (139.6) (206.5)
Australia 14.6 31.2 200.6 167.6 (186.0) (136.4)
Other countries & regions 1121.9 1600.1 4381.7 5532.3 (3259.8) (3932.2)
Source: Central Bank of Egypt
* Including in-kind grants and loans.** Provisional.*** Including exports & imports of free zones.
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(5/4) Geographical Distribution of Exports and Imports
July/March
Proceeds of Exports Payments for Imports* Trade Balance
End of
Minimum
Maximum
Weighted average
Second: Market Rates Buy Sell Buy Sell
US Dollar 8.8571 8.8800 18.0835 18.1882
Euro 9.8172 9.8479 19.4091 19.5251
Pound Sterling 11.8960 11.9312 22.5230 22.6589
Swiss Franc 9.0434 9.0696 18.1398 18.2466
100 Japanese Yen 8.6226 8.6491 16.2403 16.3402
Saudi Riyal 2.3616 2.3680 4.8220 4.8501
Kuwaiti Dinar 29.3350 29.4342 59.3194 59.7217
UAE Dirham 2.4114 2.4183 4.9228 4.9527
Chinese Yuan 1.3331 1.3367 2.6242 2.6406
Source : CBE daily exchange rates
The Interbank Rates started at 23/12/2004
8.7800
8.7800
8.7800 18.1396
-136 -
June 2016 March 2017
First: Interbank Rates US$
(in pound per foreign currency unit)
(5/5) Average Foreign Exchange Rates
End of
%Value %Value%Value
32.518124.2100.073888.6100.055764.4Total External Debt **
25.712537.682.961284.387.448746.71- Medium- & Long term debt :
(20.6)(1082.6)5.64167.09.45249.6 Rescheduled bilateral debt +
(12.9)(583.9)5.33940.68.14524.5 ODA
(68.8)(498.7)0.3226.41.3725.1 Non-ODA
2.2137.58.76437.411.36299.9 Other bilateral debt
0.517.64.83571.16.43553.5 Paris club countries
4.4119.93.92866.34.92746.4 Other countries++
53.21660.46.54779.35.63118.9 Suppliers' & buyers' credits
50.37084.628.721174.525.314089.9 International organizations
91.33190.29.06683.26.23493.0 Egyptian bonds and notes
9.71587.424.217887.429.216300.0 Long- term deposits
(20.4)(39.9)0.2155.50.4195.4 Private sector debt (Non guaranteed)
79.65586.617.112604.312.67017.72- Short- term debt :
195.92896.55.94374.82.71478.3 Deposits
48.62690.111.28229.59.95539.4 Loans & Facilities
Source: External Debt Statistics Department - CBE.
* Provisional.
** The difference from World Bank data is in short-term debt.
+ According to the agreement signed with Paris club countries on 25/5/1991.
++ Includes China facility agreement
(5/6) External Debt Structure
Change + /(-)March 2017*June 2016
-13
7-
(US$ mn)
(5/7) Distribution of External Debt by Major Currencies(US$ mn)
Change
+ / (-)%Value%Value
18124.2100.073888.6100.055764.4Total
12019.570.552066.071.840046.5US dollar **
1119.110.98023.212.46904.1Euro
(267.2)3.22326.24.72593.4Japanese yen
2988.57.55523.04.52534.5SDRs
(33.2)3.22357.34.32390.5Kuwaiti dinar
(504.8)0.3227.01.3731.8Egyptain pound
(58.4)0.2164.40.4222.8Swiss franc
307.70.6441.40.2133.7Saudi riyal
(10.6)0.151.60.162.2Danish krone
(10.3)0.036.30.146.6Canadian dollar
(3.1)0.031.10.134.2UAE dirham
(19.7)0.026.80.146.5Sterling pound
(0.3)0.01.90.02.2Norwegian krone
(6.3)0.00.30.06.6Swedish krona
2612.13.52612.10.00.0chinese yuan
(8.8)0.00.00.08.8Australian dollar
Source: External Debt Statistics Department - CBE.
* Provisional.
** Including other liabilities in US dollar.
- 138 -
March 2017*June 2016 End of
Periodical Publications of the Central Bank of Egypt
Periodicity Language Name of Publication
Monthly Arabic and English 1 -Monthly Statistical
Bulletin
Quarterly Arabic and English 2- Economic Review
Every fiscal year Arabic and English 3- Annual Report
Quarterly English 4- External Position of the
Egyptian Economy
Note:
- All publications of the Central Bank of Egypt are available on the CBE's
website: www.cbe.org.eg
