central bank of egypt - cbe.org.eg · economic census for fy 2012/13 that was issued by the capmas...
TRANSCRIPT
CENTRAL BANK OF EGYPT
ECONOMIC REVIEW
Vol. 57 No. 4
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
Page Main Macroeconomic Indicators of the Egyptian Economy 2016/2017
1- Macroeconomic Developments 1/1- Gross Domestic Product (GDP) ………………………………………… 1 1/2- Labor Force, Employment and Unemployment…………………………. 6 1/3- Cotton………………………………………………………………........ 7 1/4- Suez Canal …….………………………………………………………… 11 1/5- Tourism………………………………………………………………….. 14 1/6- Inflation…………………………………………………………………. 18
2- Monetary and Banking Developments
2/1- Monetary and Banking Policy and Monetary Aggregates………........... 22 2/1/1- Monetary Policy………………………………………………………... 22 2/1/2- Reserve Money …………………………………………….................... 25 2/1/3- Domestic Liquidity and Counterpart Assets ………………................... 28 2/1/4- Payment Systems and Information Technology (IT)……………........... 32 2/1/5- RTGS and SWIFT Local Services …………………………………….. 35 2/2- Banking and Credit Developments ………………................................. 37 2/2/1- Supervision Sector………………………………………………............ 37 2/2/2- 2/2/3-
Overview of Aggregate Financial Position of Banks………................... Interbank Transactions………………………………………………….
40 42
2/2/4- Deposits…………………………………………………………............ 42 2/2/5- Lending Activity……………………………………………………….. 43
3- Non-Banking Financial Sector
3/1 – Stock Market…………………………………………………................. 45
4- Public Finance and Domestic Public Debt 4/1- Consolidated Fiscal Operations of the General Government……………. 49 4/1/1- Budget Sector………………………………………................................. 50 4/1/2- The General Government ……………………………………………….. 55 4/2- Domestic Public Debt …………………………………………………… 57 4/2/1- Net Debt of the Government…………………………………………….. 57 4/2/2- Net Debt of Public Economic Authorities ……………………................ 59 4/2/3- Net Debt of NIB …………………………………………………. 59
4/2/4- Intra-Debt…………………………………………………………. 60
Page
5- External Transactions
5/1- Foreign Exchange Market and NIRs…………………………............. 61 5/2- Balance of Payments…………………………………………………. 63 5/2/1- Current Account ……….. …………………………………………… 64 5/2/1/1- Trade Balance………………………………………………………… 65 5/2/1/2- Services Balance, Investment Income Balance and Net Unrequited
Current Transfers………………………………………………….....
66 5/2/2- Capital and Financial Account……………………………………….. 70 5/3- Foreign Trade………………………………………………………... 72 5/3/1- Merchandise and Sectoral Distribution of Exports by Degree of
Processing ……………………………………………………………
72 5/3/2- Merchandise and Sectoral Distribution of Imports by Degree of Use.. 74 5/3/3- Foreign Trade by Geographical Distribution.………………………... 77 5/3/4- Foreign Trade by Main Commodity and Merchandise Balances …... 78 5/4- International Finance…………………………………………............. 79 5/4/1- 5/4/2-
Foreign Direct Investment (FDI) in Egypt…………………………… Portfolio Investment in Egypt………………………………………...
80 81
5/4/3- External Official Grants …………………………..…………............. 82 5/4/4- External Debt………………………………………………………… 83
Annex Statistical Section …………………………………………………………………………...
Main Macroeconomic Indicators of the Egyptian Economy
2016/2017
1- Area* 2015/2016 2016/2017
Total Area (thousand km2)
1009.45 1010.41
Populated Area (thousand km2) 76.9 78.3
2- Population and Employment
Internal Population on 1/7/2017 (million persons) 91.0 95.2 Number of Employees during the Quarter Ending June (million employees)
25.0
25.7
Employees' Annual Growth Rate during the Quarter Ending June 2.9 2.9
3- GDP (LE bn)
- Real GDP at Factor Cost
1906.1
1974.2
Growth Rate (%) 2.3 3.6
- Real GDP at Market Price 1918.1 1998.3
Growth Rate (%) 4.3 4.2
- GDP at Current Market Price 2709.4 3470.0
Growth Rate (%) 10.9 28.1 Real GDP Growth Rate (at Factor Cost) by Sector (%)
A) Merchandise Sectors, of which: Agriculture, Forests, and Fishing 3.1 3.2 Extractions -5.3 -1.8 Manufacturing 0.8 2.1 Construction & Building 11.2 9.5
B) Productive and Social Services' Sectors, of which:
Wholesale and Retail Trade 5.3 5.2 Tourism -28.5 3.9 Real Estate 4.6 5.2 General Government 5.0 3.0 Social Services 4.2 4.0
* Source: National Population Council
4- Price Indices (%)
- Change Rate in CPI (urban) (Jan. 2010 = 100) 14.0 29.8 - Change Rate in PPI (2004/2005 = 100) 5.7 34.9
5- Annual Discount and Interest Rates (%) End of June
2016 2017 CBE Discount Rate 12.25 17.25 Interest Rate on the CBE's Main Operations + Deposit Acceptance Operations at the CBE (for 7-day maturity) at a fixed rate ++ 12.25 17.25
CBE Overnight Deposit and Lending Rates Deposit 11.75 16.75 Lending 12.75 17.75 Interest Rate on Deposits of More than One Month and up to Three Months 7.50 11.20 Interest Rate on One Year or Less Loans 13.40 18.00
6- US Dollar Exchange Rate Announced by the CBE (LE / Dollar)
FY
2015/2016 2016/2017 Buy and Sell Exchange Rates (Average of the Year) 8.061 14.774 End of the Year (Buy Rate) 8.857 18.040
7- Fiscal Operations of the Budget Sector
2016/2017
Actual (LE bn)
Total Revenues 659.2 Total Expenditures 1031.9 Cash Surplus(+)/Deficit (-)
-372.7
Overall Surplus(+)/Deficit(-)* -379.5 Primary Surplus(+)/Deficit(-) -62.9
Total Finance 379.5 -Domestic Finance 398.7
Banking 206.0 Non-Banking 192.7
+ According to the MPC press release dated 21/3/2013, the CBE's main operations would be Repos or deposit
auctions, depending on the prevailing market liquidity conditions. ++
It has been decided to accept longer maturity deposits with variable rates to absorb excess liquidity at banks since the liberalization of exchange rate on 3 Nov. 2016.
* Including net acquisition of financial assets
- External Borrowing 188.2 - Others -25.9 - Revaluation Differences 0.0 - Net Privatization Proceeds 0.0 - Difference between TBs Face and Present Value -47.0 - Discrepancy -134.5 - Cash Surplus (+)/ Deficit (-) / GDP (%) -10.7 - Overall Surplus (+)/ Deficit (-) / GDP (%) -10.9 - Primary Surplus (+)/ Deficit (-) / GDP (%) -1.8 - Revenues /GDP (%) 19.0 - Expenditures /GDP (%) 29.7
8- Domestic Public Debt (LE bn) End of June
2016 2017 Gross: 2620.7 3160.9 - Net Debt of the Government 2285.6 2685.9 - Net Debt of Public Economic Authorities 103.7 222.3 - Net Debt of the NIB (minus intra-debt) 231.4 252.7
9- Financial and Monetary Sectors End of June
2016 2017 Growth rate of domestic liquidity (M2) (%) 18.6 39.3 Growth rate of domestic liquidity (M2) (%) excluding the effect of change in exchange rate+ 22.5 Growth rate of time and saving deposits in local currency (%) 19.4 26.6 Growth rate of deposits in foreign currencies (%) 23.1 114.4 Growth rate of deposits in foreign currencies (%) excluding the effect of change in exchange rate+ 5.3 Foreign currency deposits/Total deposits (dollarization rate) (%) 18.5 27.8 Foreign currency deposits/Total deposits (dollarization rate) (%) excluding the effect of change in exchange rate+ 15.9 Net claims on the government/Total credit (%) 67.3 63.6 Credit to the private business sector /Total credit (%) 20.5 23.9 Credit to the household sector/Total credit (%) 8.4 7.7 Credit to the public business sector/Total credit (%) 3.8 4.8 Change in net claims on the government/Change in total credit (%) 75.4 49.9 Change in credit to the private business sector/Change in total credit (%) 11.6 36.9
+ Due to the liberalization of exchange rate on 3 Nov. 2016
Change in credit to the household sector/Change in total credit (%) 6.8 4.7 Change in credit to the public business sector/Change in total credit (%) 6.2 8.5 Loans/Deposits with banks (%) 44.5 47.1 Investment in securities, TBs and equity participations/Deposits (%) 60.7 50.8 NIRs (US$ mn) at the end of the period 17546 31305 Number of months of merchandise imports covered by NIRs 3.7 6.6
10- Balance of Payments (US$ bn) FY
2015/2016 2016/2017
Current Account & Transfers (19.8) (15.6) Trade Balance (38.7) (35.4) Merchandise Exports 18.7 21.7
Oil and its Products % 46.9 46.9 Others % 53.1 53.1
Merchandise Imports 57.4 57.1 Intermediate Goods % 31.2 31.2 Consumer Goods % 22.3 22.3 Fuel, Raw Materials and Others % 30.4 30.4 Investment Goods % 16.1 16.1
Services Balance 6.5 6.8 Receipts, of which: 16.1 16.6
Transportation % 59.3 54.9 Travel % 23.4 26.4
Payments, of which: 9.5 9.8 Transportation % 14.0 13.6 Travel % 42.9 28.0
Income Balance (4.5) (4.4) Receipts 0.4 0.5 Payments 4.9 4.9
Transfers 16.8 17.5 Official % 0.6 0.9 Private % 99.4 99.1
Capital and Financial Account 21.2 29.0
Overall Surplus/(Deficit) (2.8) 13.7
11- Outstanding External Debt
End of June
2016 2017 Total External Debt (US$ bn) 55.8 79.0 Medium- & Long-Term External Debt /Total Debt % 87.4 84.5 Short-Term Debt /Total Debt % 12.6 15.5 External Debt /GDP % 16.6 33.6
-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 increased, thereby registering 3.6 percent in FY 2016/2017 against 2.3 percent a year earlier. This increase resulted from the noticeable growth achieved during Q3 and Q4 as the growth rate during these two quarters rose to 4.3 percent and 4.8 percent, in order, from 1.6 percent and 2.3 percent in the same quarters a year earlier.
Meanwhile, real GDP at market prices reached 4.2 percent (against 4.3
percent a year earlier) as it registered 4.4 percent and 5.0 percent in Q3 and Q4, respectively, (against 3.7 percent and 4.5 percent).
Real GDP
Source: Table (1/1) in the Statistical Annex. The base year is 2011/2012.
1 The Ministry of Planning, Monitoring, and Administrative Reform revised GDP estimates based on the
economic census for FY 2012/13 that was issued by the CAPMAS in December 2014. The Ministry also revised the data issued to cover a larger number of enterprises. The results were used to revise the GDP series for the period starting from 2011/2012 till the reporting date.
Value (in LE bn) Rate of Change (%)
FY April/June FY April/June 2015/16 2016/17 2015/16 2016/17 2015/16 2016/17 2015/16 2016/17
Real GDP at
factor cost 1906.1 1974.2 482.8 505.8 2.3 3.6 2.3 4.8
Indirect taxes (net) 12.0 24.1 3.0 4.3 - - - - Real GDP at market prices 1918.1 1998.3 485.8 510.1 4.3 4.2 4.5 5.0
2.2 2.2
2.93.4
2.3
3.6
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
4.34.8
0
1
2
3
4
5
6
2011/2
012
2012/2
013
2013/2
014
2014/2
015
2015/2
016
2016/2
017
July
/Sept.
Oct./D
ec.
Jan
./M
ar.
Apr.
/Jun
e
July
/Sept.
Oct./D
ec.
Jan
./M
ar.
Apr.
/Jun
e
July
/Sept.
Oct./D
ec.
Jan
./M
ar.
Apr.
/Jun
e
July
/Sept.
Oct./D
ec.
Jan
./M
ar.
Apr.
/Jun
e
July
/Sept.
Oct./D
ec.
Jan
./M
ar.
Apr.
/Jun
e
July
/Sept.
Oct./D
ec.
Jan
./M
ar.
Apr.
/Jun
e
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, the increase in the real GDP growth at factor cost to 3.6 percent in FY 2016/2017 (compared with 2.3 percent in the previous FY) reflected the remarkable improvement in the contributions of the following sectors: tourism (0.1 percentage point against -0.7 point), extractions (-0.2 point against -0.7 point), and manufacturing (0.3 point against 0.1 point). Add to this the relative improvement in the contributions of the real estate (0.5 point against 0.4 point), and communications (0.4 point against 0.3 point). However, the increase in the GDP growth was mitigated by the lower contributions of the general government (0.3 point against 0.5 point), electricity (nil against 0.1 point), and transportation and storage (0.2 point against 0.3 point). Meanwhile, the contributions of other sectors combined remained unchanged at 2.0 points during the reporting and comparison years.
As regards the private and public sectors' contributions to real GDP growth
(3.6 percent), the private sector's contribution went up to 3.1 percentage points in FY 2016/2017, from 1.9 point in the previous FY. This came primarily on the back of the significant pickup in the share of tourism to register 0.1 point against -0.7 point during the year of comparison. Add to this the rise in the contributions of the following sectors: manufacturing (0.4 point against 0.1 point), real estate (0.5 point against 0.4 point), communications (0.3 point against 0.2 point), and extractions (nil against -0.1 point). However, lower contributions were seen in construction and building (0.4 point against 0.5 point), and wholesale and retail trade (0.6 point against 0.7 point). Meanwhile, the contributions of other sectors combined remained unchanged at 0.8 point.
3.2
-1.8
2.11.9 3.9
9.55.3
12.5
4.01.4
5.2 4.0 4.0 3.9 5.2 3.0 4.0
-35
-25
-15
-5
5
15
25
35
Agriculture
, Fore
sts &
Fis
hin
g
Extractions
Manu
factu
ring
Ele
ctr
icity
Wate
r, S
anita
tion
& R
ecy
clin
g
Con
struction
& B
uild
ing
Tra
nsp
ortation &
Sto
rage
Com
munic
ations
Info
rmation
Suez
Canal
Whole
sale
& R
eta
il Tra
de
Fin
ancia
l In
term
edia
tion &
Auxili
ary A
ctiv
itie
s
Soci
al I
nsura
nce &
Ins
ura
nce
Tourism
Real Esta
te
Genera
l G
ove
rnm
ent
Educa
tion,
Health
and P
ers
onal
Serv
ices
% Rates of Change in Real GDP during the FY
2015/2016 2016/2017
-3-
On the other hand, the contribution of the public sector to GDP growth
inched up to 0.5 percentage point (from 0.4 point). This was ascribed to the improvement in the negative contribution of extractions (-0.2 point against -0.6 point), and to the higher contributions of construction & building, and wholesale & retail trade (0.1 point against nil for each). Conversely, decreases were seen in the contributions of the general government (0.3 point against 0.5 point), manufacturing (-0.1 point against nil), and electricity and transportation & storage (nil against 0.1 point for each). In the meantime, the contributions of other sectors combined remained stable at 0.3 point.
GDP by Expenditure (at 2011/2012 market prices)
On the demand side, the real GDP growth at market prices registered 4.2 percent during FY 2016/2017, compared with 4.3 percent in the previous FY. This slight decline was traced to the retreat in the contribution of domestic demand (consumption and investment) to 5.5 points (against 5.9 points), primarily owing to the decrease in the contribution of final consumption. Meanwhile, the negative contribution of net external demand (exports of goods and services less imports of goods and services) improved to record -1.3 point (against -1.6 point), reflecting the significant rise in export proceeds (denominated in LE) by 86.0 percent, surpassing, as such, the 52.5 percent increase in import payments.
The share of domestic demand (5.5 percentage points) was a dual effect of the retreat in final consumption (government and private) to 3.7 points (from 4.3 points) and the increase in the capital formation to 1.8 point (from 1.6 point). Also, total investments (at constant prices) augmented by 12.2 percent to LE 325.3 billion during the reporting year, compared with LE 290.0 billion in the previous FY.
-1.6-1.3
1.6 1.8
4.33.7
4.3 4.2
-2
-1
0
1
2
3
4
5
2015/2016 2016/2017
Contributions of Demand Items to Real GDP Growth Rate
(at market prices)
Net External Demand Capital Formation Final Consumption Real Growth Rate
Percentage point
-4-
During the reporting year, investments at current prices grew by 31.2 percent to LE 514.3 billion compared with LE 392.0 billion a year earlier. The relative distribution of the majority of these investments (92.3 percent) ran as follows: productive services (21.8 percent); extractions (17.5 percent); electricity (13.8 percent); real estate (12.4 percent); social services (education, health, sanitation, and others) (10.5 percent); manufacturing (9.5 percent); agriculture, irrigation and fishing (4.3 percent); and construction and building (2.5 percent).
Nearly 52.6 percent of total investments (at current prices) was implemented
by the private sector; mostly in the following sectors: real estate; extractions; manufacturing; transportation & storage; and agriculture, irrigation & reclamation. The remaining 47.4 percent of these investments was carried out by the public sector chiefly in the sectors of electricity; transportation & storage; extractions; Suez Canal; and real estate.
Rates of Change and Share of Demand Items
in Real GDP Growth at Market Prices
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 items are calculated
by researchers
Share in Real GDP Growth
(Percentage Point)*
Rates of Change
+ (-) (%)
FY April/June FY April/June
2015/16 2016/17 2015/16 2016/17 2015/16 2016/17 2015/16 2016/17
Real GDP Growth 4.3 4.2 4.5 5.0 4.3 4.2 4.5 5.0
1-Domestic Demand 5.9 5.5 6.2 4.0 5.5 5.0 5.8 3.7
A- Final Consumption 4.3 3.7 2.0 2.8 4.6 4.0 2.2 3.1
Private 3.8 3.4 1.3 2.4 4.7 4.2 1.7 3.2
Public 0.5 0.3 0.7 0.4 3.9 2.5 4.8 2.8
B- Capital Formation (Including Change in Stock)
1.6 1.8 4.2 1.2 11.2 11.3 26.0 6.3
2- Net External
Demand -1.6 -1.3 -1.7 1.0 18.4 13.7 26.1 (12.7)
A- Exports of Goods
and Services -2.1 9.7 -0.3 15.4 (15.0) 86.0 (2.4) 119.9
B- Imports of Goods
and Services -0.5 11.0 1.4 14.4 (2.2) 52.5 6.9 69.1
-5-
GDP and Sectoral Analysis of Output Gap
The above-mentioned developments in supply and demand were reflected in
the output gap1 which reversed from negative to positive, registering 1.2 percent in Q4 of FY 2016/2017 (against negative 0.9 percent in the corresponding quarter a year earlier). Such a reversal in the output gap reflects the increase in actual GDP growth rate to 4.8 percent compared with the potential GDP growth of 3.6 percent.
Consequently, the inflation rate rose in Q1(July/September) of FY 2017/2018 to 5.4 percent, from only 3.9 percent in the same quarter a year earlier.
At the sectoral level, the tourism sector topped the list of the sectors that contributed to the positive output gap during the quarter under review (90.4 percent against a negative 67.0 percent), then Suez Canal (6.9 percent against a negative 2.5 percent), communications (4.7 percent against a negative 0.1 percent), and extractions (negative 2.5 percent against a negative 4.5 percent). In the meantime, some sectors registered negative gaps, on top of which were electricity (negative 3.4 percent against 3.7 percent) and manufacturing (negative 2.4 percent against negative 1.1 percent).
1 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 (after changing the base year from 2011/2012 to 2016/2017) during the period from Q1 2006/07 to Q1 2017/18 (seasonally adjusted by using Multiplicative Moving Average approach).
1.2
4.8
-4
-2
0
2
4
6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
٪Growth Rate of Real GDP (Seasonally Adjusted), Disaggregated into Potential GDP and
GDP Gap (on an 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 Q4
(April/June 2016/2017), the size of labor force rose by 651 thousand persons or 2.3 percent, as compared with the corresponding quarter a year earlier, reaching 29.183 million persons. Similarly, the number of employed mounted by 715 thousand persons or 2.9 percent, compared with the corresponding quarter, to stand at 25.687 million persons. The sector of agriculture and fishing continued to acquire the majority of the total number of employed (20.4 percent) during the quarter under review, followed by construction and building (13.7 percent), wholesale and retail trade (13.0 percent), manufacturing (12.5 percent), and transportation and storage (7.7 percent).
As a result, the number of unemployed retreated in the quarter under review,
compared with the corresponding quarter of the preceding FY, to reach 3.496 million persons. Thus, the unemployment rate fell to 12.0 percent of the total labor force (from 12.5 percent in the corresponding quarter of FY 2015/2016).
According to the quarterly LFS for Q4, the number of jobless males declined
to 8.2 percent (from 8.5 percent in the corresponding quarter) and jobless females to 24.7 percent (from 25.6 percent). Similarly, unemployment in the urban sections decreased to 13.6 percent (from 14.1 percent) and in rural areas to 10.7 percent (from 11.2 percent). It is worth mentioning that 79.6 percent of the total jobless persons were among youth (aged between 15 and 29 years), and 92.8 percent were holders of intermediate, above intermediate, university and post graduate degrees.
12.7
13.2
13.012.8
12.5 12.512.6
12.4
12.0 12.0
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
11.2
11.4
11.6
11.8
12.0
12.2
12.4
12.6
12.8
13.0
13.2
13.4
2012 2013 2014 2015 2016 Apr./June2016
July/Sept.2016
Oct./Dec.2016
Jan./Mar.2017
Apr./June2017
La
bo
r F
orc
e a
nd
Em
plo
ym
en
t %
Un
em
plo
ym
en
t R
ate
%
Unemployment rate Labor force Employment
Labor Market Indicators (Growth Rates on Annual Basis for Labor Force & Employment; and Unemployment Rate)
-7-
1/3 - Cotton
This section tackles the developments seen in the cotton crop for 2016/2017 season relative to 2015/2016 season in terms of cultivated area & production, total supply and demand, and export commitments by variety and exporter, on the one hand, and major importing countries, on the other. It also presents an analysis of world supply and demand for cotton.
Area and Production
According to the estimates of the Cotton and Textile Industries Holding
Company, cotton cultivated area retreated by 47.1 percent during 2016/2017 season compared with the previous season, to reach 131.5 thousand feddans, of which 93.9 percent were long & medium-long staple varieties, and 6.1 percent were extra-long staple varieties.
Area and Production of Cotton Varieties
Area
(Thousand feddans) Change
+(-) (%)
Production (Thousand Metric
Cantars)
Change +(-) (%)
Average Productivity
Cantar/Feddan 2015/2016 2016/2017 2015/2016 2016/2017 2015/2016 2016/2017
Total 248.8 131.5 (47.1) 1072.1 710.1 (33.8) 4.3 5.4 Extra-long staples 6.8 8 17.6 33.6 41.2 22.6 4.9 5.2 Long and medium-long staples 242 123.5 (49.0) 1038.5 668.9 (35.6) 4.3 5.4
Source: The Cotton and Textile Industries Holding Company.
The retreat in cotton cultivated area during 2016/2017 season was
accompanied by a decline of 33.8 percent in cotton output, to only 710.1 thousand metric cantars, compared with the previous season. This decline was driven by the drop in the output of long and medium-long staple varieties by 369.6 thousand metric cantars or 35.6 percent to 668.9 thousand metric cantars, and the rise in the output of extra-long staple varieties by 7.6 thousand metric cantars or 22.6 percent to 41.2 thousand metric cantars in 2016/2017 season. On the other hand, the average productivity per feddan increased to 5.4 cantars/feddan from 4.3 cantars/feddan a season earlier.
-8-
Total Supply and Demand
Total cotton supply (all varieties) amounted to 1.4 million metric cantars, down by 28.5 percent compared with the previous season. The decrease was attributed to the decline in both cotton output by 33.8 percent to 0.7 million metric cantars, and the opening stock by 21.7 percent to 656.7 thousand metric cantars during the season.
On the other hand, total demand (domestic and external) on all cotton
varieties reached 1.3 million metric cantars, down by 1.7 percent relative to the previous season. The decline was an outcome of the fall in domestic consumption by 19.6 percent to 529.4 thousand metric cantars (against 658.7 thousand metric cantars). This was mitigated by the rise in export commitments by 16.1 percent to 773.0 thousand metric cantars. Thus, total demand represented 95.3 percent of the total supply in the season under review (against 69.3 percent a season earlier).*
Total Supply and Demand
(thousand metric cantars)
Season 2015/2016 2016/2017 Change +(-) %
Total Supply 2390.6 1366.8 (42.8) Opening stock 838.5 656.7 (21.7) Production (crop) 1072.1 710.1 (33.8) Imports 480.0 .. .. Total Demand (Uses) 1324.6 1302.4 (1.7) Domestic consumption 658.7 529.4 (19.6) Export commitments 665.9 773.0 16.1
Source: Ibid. .. Unavailable.
Export Commitments
Total export commitments scaled up by 16.1 percent to 773.0 thousand metric cantars in 2016/2017 season (against 665.9 thousand metric cantars in the previous season). Those commitments consisted of 97.8 percent of long staple varieties, and 2.2 percent of extra-long staple varieties. The private sector companies accounted for the bulk of total commitments (99.8 percent), while the share of the public business sector was confined to 0.2 percent.
* Total supply = Production (crop) + Opening stock
-9-
Export Commitments by Variety and Exporting Companies
Season 2015/2016 2016/2017 Quantity
(thousand metric cantars)
Relative importance
(%)
Quantity (thousand metric
cantars)
Relative importance
(%) 1- Variety
Total 665.9 100.0 773.0 100.0
Extra-long staples 27.6 4.1 16.8 2.2
Long Staples 638.3 95.9 756.2 97.8 2-Exporting Companies Total 665.9 100.0 773.0 100.0 Public business sector companies
11.8
1.8
1.5
0.2
Private sector companies 654.1 98.2 771.5 99.8 Source: Ibid.
As for export commitments by importer during 2016/2017 season, the Asian
countries (mainly India, Pakistan, and China) came in the forefront, accounting for 67.3 percent of the total. The EU countries (particularly Portugal and Germany) came second with 7.4 percent, followed by the other European countries (mainly Turkey and Switzerland) with 4.8 percent of the total. (Table (1/5) in the Statistical Annex)
AsianCountries
673.
EUCountries 7 4.
OtherEuropean
Countries 4 8.
ArabCountries
1 1.
OtherCountries
2 1.
UnitedStates , 20.FreeZone
Egypt( ), 15 3.
The Relative Distribution of Cotton Export Commitments in 2016/2017 Season (%)
-10 -
Total World Supply and Demand
According to the forecasts of the International Cotton Advisory Committee (ICAC) for the season, total world supply of cotton retreated by 3.3 percent to 192.6 million bales, (against 199.2 million bales). The retreat reflected the decline in the opening stock by 13.8 percent. This was mitigated by the increase in world production by 7.9 percent to 104.2 million bales, (against 96.6 million bales). On the other hand, the ICAC forecasted a decrease of 0.3 percent in total world cotton consumption to 110.5 million bales, thus bringing it to 57.4 percent of the total supply in 2016/2017 season (against 55.6 percent), which in turn led to a decrease of 7.1 percent in the carryover at the end of the season to reach 82.1 million bales.
Statistical Position of World Cotton
(thousand bales*)
Season 2015/2016 2016/2017 Change Estimated Forecast +(-)%
Total Supply 199199 192612 (3.3) Opening stock 102608 88401 (13.8) World production 96591 104211 7.9 Total World Consumption 110806 110480 (0.3) Carryover at the end of the season 88393 82132 (7.1) Source: The Egyptian Cotton Gazette. * World bale = 480 libras.
-11 -
1/4- Suez Canal
Suez Canal receipts inched down by 3.4 percent or US$ 176.3 million in FY 2016/2017, compared with the preceding FY, to US$ 4.9 billion. This was mainly ascribed to the depreciation of SDRs, on the basis of which tolls are collected, vis-à-vis the US dollar by 1.9 percent on average, despite the rise in net tonnage of transiting ships by 0.8 percent.
Net tonnage of vessels transiting the Suez Canal slightly rose by 8.0 million
tons, standing at 995.1 million tons (against 987.1 million tons in the preceding FY), primarily owing to the increase in both the net tonnage of ships (other than oil tankers) by 0.8 percent to 815.1 million tons, and that of oil tankers by 1.0 percent to 180.0 million tons.
The following two charts illustrate the developments in Suez Canal receipts
and total net tonnage on a quarterly basis during FY 2016/2017, as compared with the previous FY.
220.0
230.0
240.0
250.0
260.0
270.0
1.1
1.2
1.3
1.4
1.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
million tonsUS$ bn Net Tonnage and Suez Canal Receipts
Suez Canal Receipts Net Tonnage
-12 -
Transiting ships decreased in number during the reporting year by 248.0 to
17004. The decrease was a result of the fall in the number of transiting ships (other than oil tankers) by 155.0 to 12682, and the number of oil tankers by 93 to 4322.
Traffic in Suez Canal
2015/2016 2016/2017
Change Rate (%)
Total Number 17252 17004 -1.4 Net tonnage Million tons 987.1 995.1 0.8 Average tonnage Thousand tons 57.2 58.5 2.3 Oil Tankers Number 4415 4322 -2.1 Net tonnage Million tons 178.2 180.0 1.0 Average tonnage Thousand tons 40.4 41.6 3.0 Other Ships Number 12837 12682 -1.2 Net tonnage Million tons 808.9 815.1 0.8 Average tonnage Thousand tons 63.0 64.3 2.1
Source: Suez Canal Authority.
261.2
249.1
238.8238.0
254.2
243.1
238.7
259.1
225
230
235
240
245
250
255
260
265
Q1 Q2 Q3 Q4
Million TonsTotal Tonnage (Net)
2015/2016 2016/2017
1.4
1.3
1.21.2
1.3
1.2 1.2 1.2
1.10
1.16
1.22
1.28
1.34
1.40
1.46
Q1 Q2 Q3 Q4
US $bn
Suez Canal Receipts
2015/2016 2016/2017
-13 -
The cargo transiting the Canal (both southward and northward) increased during FY 2016/2017 by 45.8 million tons or 5.6 percent to 860.7 million tons. This increase reflected the rise in the southbound cargo by 41.7 million tons or 10.5 percent, and the northbound cargo by 4.1 million tons or 1.0 percent.
Transiting Cargo by Destination
(million tons) 2015/2016 2016/2017 Change Change Rate
Total 814.9 860.7 45.8 5.6 Southbound: 397.5 439.2 41.7 10.5 Petroleum products 74.2 87.6 13.4 18.1 Cereals 44.3 46.8 2.5 5.6 Mineral fertilizers 6.9 8.9 2.0 29.0
Fabricated metals 8.2 7.6 -0.6 -7.3
Chemicals 8.1 7.4 -0.7 -8.6
Coal 2.0 5.0 3.0 150.0
Machinery & parts thereof 3.7 3.1 -0.6 -16.2
Ores and metals 27.7 27.7 0.0 0.0
Oleaginous plants 1.8 3.5 1.7 94.4
Vegetable oils 2.9 3.6 0.7 24.1
Others 217.7 238.0 20.3 9.3
Northbound: 417.4 421.5 4.1 1.0
Petroleum products 109.8 115.1 5.3 4.8 Cereals 0.2 0.2 0.0 0.0 Fertilizers 3.1 3.9 0.8 25.8 Fabricated metals 17.8 15.9 -1.9 -10.7 Chemicals 10.9 11.5 0.6 5.5 Coal 9.3 8.8 -0.5 -5.4 Machinery & parts thereof 3.3 3.6 0.3 9.1
Ores and metals 0.3 0.8 0.5 166.7
Oleaginous plants 0.6 1.0 0.4 66.7
Vegetable oils 10.6 10.3 -0.3 -2.8
Others 251.5 250.4 -1.1 -0.4
Source: Suez Canal Authority
-14-
1/5 – Tourism
According to the statistics of the Central Agency for Public Mobilization and Statistics (CAPMAS), the number of arrivals and the number of tourist nights by departure slightly declined during FY 2016/2017. In figures, the number of arrivals decreased by 3.6 percent, to stand at 6.6 million (compared with 6.9 million during the previous FY), due to the decline in the number of tourists by 42.8 percent and 18.3 percent in Q1 (July/September) and Q2 (October/December) of FY 2016/2017, respectively, compared with the corresponding periods of the previous FY. This decrease was curbed by the rise in the number of tourists during Q3 (January/March) and Q4 (April/June) by 51.0 percent and 53.7 percent, respectively (compared to the corresponding quarters of the previous FY).
In parallel, the number of tourist nights by departure dropped by 1.7
percent to reach 50.9 million nights during FY 2016/2017 (against 51.8 million in the previous FY). Despite the sharp decline in the number of tourist nights by 61.3 percent and 31.1 percent during Q1 and Q2 of FY 2016/2017, in order, both Q3 and Q4 witnessed a noticeable improvement in the number of tourist nights by 107.6 percent and 162.6 percent, respectively, compared to the corresponding quarters of the previous FY.
On the other hand, the average length of stay rose to 7.9 nights (from 7.6
nights), while the average spending per tourist a night rose from US$ 72.8 to US$ 86.0. Against this background, tourism revenues remarkably increased to
99.2
51.8 50.9
0
2
4
6
8
10
12
2014/2015 2015/2016 2016/2017
0
20
40
60
80
100
120
Mil
lio
n T
ou
rist
s
Mill
ion
Nig
hts
Numbers of Tourists and Tourist Nights During The Fiscal Year
Number of Tourists Number of Tourist Nights
-15-
US$ 4.4 billion (representing 7.9 percent of total current receipts, including net private transfers) in FY 2016/2017, against US$ 3.8 billion (or 7.3 percent) in the previous FY.
Likewise, investments in the tourism sector rose to LE 4.7 billion (or 0.9 percent of the total investments) in FY 2016/2017 compared to LE 3.1 billion in the previous FY.
Tourism Indicators
FY Rate of Change
+ (-) (%) 2015/2016 2016/2017
Number of arrivals (000s) 6874 6624 (3.6)
Number of tourist nights by departure (000s) 51779 50900 (1.7)
GDP at current prices (US$ mn)* 336112 234872 (30.1)
Tourism revenues (US$ mn) 3768 4380 16.2
Tourism revenues/GDP (%) 1.1 1.9 72.7 Tourism revenues/ Total current receipts, including net private transfers (%)
7.3 7.9 8.2
Investments in tourism sector/ Total investments (%) 0.8 0.9 12.5
The average spending per tourist a night (US$) 72.8 86.0 18.1
Average period of stay (night) 7.6 7.9 3.9 Source: CAPMAS, the Ministry of Planning, Monitoring and Administrative Reform (MPMAR) and the
Ministry of Tourism. * The decline in GDP is due to the Egyptian pound devaluation during the period under review.
11.7
7.37.9
0
2
4
6
8
10
12
14
2014/2015 2015/2016 2016/2017
0
1
2
3
4
5
6
7
8
Tou
rism
Re
ven
ue
s/To
tal C
urre
nt
Rec
iep
ts
Incl
ud
ing
Ne
t P
riva
te T
ran
sfe
rs(%
)
Tou
rism
Re
ven
ue
s (U
S$ b
n)
Tourism Revenues during Fiscal Year
Tourism Revenues (US$ bn)
Tourism Revenues/Total Current Receipts Including Net Private Transfers (%)
-16-
Geographical Distribution of Tourist Flows
1-Number of Arrivals
During FY 2016/2017, total arrivals decreased slightly by 250 thousand tourists or 3.6 percent, compared with the previous FY, reaching 6.6 million. Such a drop was driven in large part by the fall in arrivals from European countries by 923 thousand or 21.4 percent, to reach 3.4 million (or 51.2 percent of total arrivals) during FY 2016/2017 against 4.3 million (or 62.8 percent) a year earlier. This was mainly due to the decrease in the number of arrivals from Russia by 93.2 percent to about 72 thousand tourists during FY 2016/2017 against 1 million in the previous fiscal year.
This decline was curbed by the increase in the number of arrivals from other
geographical groups by 674 thousand or 26.5 percent, thus bringing their total to 3.2 million or 48.5 percent of total arrivals during the period under review (against 2.5 million a year earlier).
0
50
100
150
200
250
300
July
-1
5A
ug.
Sep
t.O
ct.
No
v.D
ec.
Jan
.Fe
b.
Mar
.A
pr.
May
Jun
eJu
lyA
ug.
Sep
t.O
ct.
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v.D
ec.
Jan
.Fe
b.
Mar
.A
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May
Jun
e -1
7
2015/2016 2016/2017
In Thousands
Number of Tourist Arrivals From Russia During The Fiscal Year
-17-
Number of Arrivals
2015/2016 2016/2017 Change +(-)
No. (000s)
Relative Weight
No. (000s)
Relative Weight
No. (000s)
Rate of Change
(%)
Total 6874 100.0 6624 100.0 (250) (3.6)
Europe 4316 62.8 3393 51.2 (923.0) (21.4)
Middle East 1424 20.7 1780 26.9 356.0 25.0
Africa 452 6.6 557 8.4 105.0 23.2
The Americas 285 4.1 312 4.7 27.0 9.5
Asia and the Pacific 379 5.5 565 8.5 186.0 49.1
Others 18 0.3 17 0.3 (1.0) (5.6) Source: Ibid
2- Tourist Nights by Departure
The number of tourist nights by departure slightly decreased by 1.7 percent compared with the previous fiscal year, to amount to 50.9 million. Such a decrease was mainly attributed to the drop in the number of tourist nights by departures from the European countries by 8.3 million (or 24.7 percent) to reach 25.4 million (or 49.9 percent of total tourist nights) during the year under review (against 33.8 million nights). By contrast, the number of tourist nights from other groups (Middle East, Africa, Asia and the Pacific, and the Americas) rose by 7.5 million nights or 41.4 percent, to 25.5 million, against 18.0 million in the previous fiscal year).
Number of Tourist Nights by Departure
2015/2016 2016/2017 Change +(-)
No. (000s)
Relative Weight
No. (000s)
Relative Weight
No. (000s)
Rate of Change
(%) Total 51779 100.0 50900 100.0 (879) (1.7) Europe 33760 65.2 25417 49.9 (8.343) (24.7) Middle East 11151 21.5 15088 29.6 3.937 35.3 Africa 2797 5.4 4316 8.5 1.519 54.3 The Americas 1963 3.8 2822 5.6 859 43.8 Asia and the Pacific 2064 4.0 3208 6.3 1.144 55.4 Others 44 0.1 49 0.1 5 11.4
Source: Ibid
-18-
1/6 – Inflation
A- Consumer Price Index (Urban)
According to the CAPMAS statistics, headline CPI inflation (urban) increased by 29.8 percent in FY 2016/2017 (against 14.0 percent a year earlier). This rise came as a result of the measures taken under the comprehensive economic reform program, adopted by the government mainly the liberalization of the exchange rate; the enforcement of the law of value added tax (VAT); and raising the fuel prices within the framework of restructuring the subsidy system. Accordingly, these measures have increased the contributions of most key groups of headline CPI.
Contributions of all main groups increased, except for the healthcare whose share dipped to 0.7 point in the year under review from 1.6 point a year earlier. About 66.0 percent of the CPI inflation (29.8 percent) was concentrated in the group of food and beverages whose share markedly rose to 19.6 percentage points (from 8.3 points). Meanwhile, about 32 percent was concentrated in the shares of the other key groups combined recording 9.5 points (against 4.1 points), including, restaurants and hotels (1.3 point); culture and recreation (1.2 point); transportation (1.1 point); housing, water, and electricity (1.0 point); and alcoholic beverages & tobacco (1.3 point).
The higher share of food and beverages (19.6 points) reflects the larger contribution of most subgroups. In detail, increases were manifest in the groups of meat and poultry (5.2 points against 1.7 point); milk, cheese and eggs (2.9 points against 0.3 point); fish and seafood (1.6 point against 0.2 point); oil and
11.48.4 7.9 9.2 9.7 11.1 11.1 10.1 9.1 9.0 10.3
12.314.0 14.0 15.5 14.1 13.6
19.423.3
28.130.2 30.9 31.5
29.7 29.8
05
1015202530354045
Jun
e-1
5
July
Au
g.
Se
pt.
Oct
.
Nov
.
Dec
.
Jan
-16
Feb.
Ma
r.
Ap
ril
May
Jun
e
July
Au
g.
Se
pt.
Oct
.
Nov
.
Dec
.
Jan
-17
Feb.
Ma
r.
Ap
ril
May
Jun
e-1
7
Rate of Change in Headline CPI Rate of Change in Food and Non-Alcoholic Beverages
Annual Rates of Change in Headline Consumer Price Index (Urban) & Food and
Non-Alcoholic Beverages
)Jan 2010=100(%
-19-
fats (1.5 point against 0.4 point); fruits (1.3 point against 0.5 point); sugar and confectionary (0.8 point against 0.1 point); vegetables (3.9 points against 3.6 points); cereals and bread (1.6 point against 1.3 point); and other foodstuffs combined (0.8 point against 0.2 point).
The following table shows the CPI change rates and shares of main CPI groups (urban) in headline inflation in the years of review and comparison:
(Jan. 2010 = 100)
Main CPI Groups Relative Weight
Rates of Change (%) in FY
Shares in Headline Inflation
(Percentage Point) in FY
2015/2016 2016/2017 2015/2016 2016/2017
General Index 100.0 14.0 29.8 14.0 29.8
Food and beverages 39.92 17.6 40.3 8.3 19.6 Alcoholic beverages and tobacco 2.19 2.0 33.9 0.1 1.3 Clothing and footwear 5.41 10.2 29.7 0.4 1.2 Housing, water, electricity, gas & fuel
18.37 5.3 7.7 0.7 1.0
Furnishings, household equipment and routine maintenance 3.77 13.4 28.2 0.5 0.9 Healthcare 6.33 31.5 12.7 1.6 0.7 Transportation 5.68 3.7 25.9 0.2 1.1 Communications 3.12 0.0 1.8 0.0 0.0 Culture and recreation 2.43 13.4 48.3 0.4 1.2 Education 4.63 11.2 12.3 0.6 0.7 Restaurants and hotels 4.43 21.4 24.5 1.0 1.3 Miscellaneous goods & services 3.72 8.6 31.9 0.2 0.8
Source: For CPI rates of change: Table (1/3) in the Statistical Annex. For the shares of CPI groups: Economic Research Sector.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Bread & Cereals Meat & Poultry Fish & Seafood Milk, Cheese &Eggs
Vegetables Non-AlcoholicBeverages
PercentagePoint
Contributions of Main Items of Food & Beverages to Annual Headline Inflation During the Fiscal Year
2015/2016 2016/2017
-20-
Urban headline CPI inflation (m/m) rose to 2.2 percent on average during the year under review (against 1.1 percent in the year of comparison), recording its highest level (4.8 percent) in November 2016 that witnessed the liberalization of the exchange rate. Such a rise in inflation during the year under review reflected its remarkable increase during the three months ending in January 2017. In figures, inflation rate during these three months registered 4.8 percent, 3.1 percent, and 4.1 percent, in order, following the exchange rate liberalization in November 2016. Then, the inflation (m/m) trended downwards starting from February 2017 recording 0.8 percent in June 2017.
B- Producer Price Index (PPI) The headline PPI inflation rose by 34.9 percent in FY 2016/2017, against a
rise of 5.7 percent a year earlier. This notable rise came as a result of the measures taken under the comprehensive economic reform program and the LE exchange rate liberalization, as mentioned earlier. The rise was driven by the higher contributions of all main groups except for water supply, sanitation, and waste treatment and management. In figures, the share of manufacturing rose to 19.6 points (against 2.1 points); agriculture and fishing to 12.6 points (against 5.0 points); food services and accommodation to 1.2 point (against 0.3 point); electricity, gas, steam, and air conditioning supplies to 1.1 point (against 0.2 point); transportation and storage to 0.3 point (against 0.1 point); and mining and quarrying to 0.1 point (against negative 2.5 points).
-1
0
1
2
3
4
5
6
June15
. July
Aug.
Sep
t .Oct.
Nov.
Dec.
Jan20
16.
Feb .
Mar .
April
May
June
July
Aug.
Sep
t.
Oct.
Nov.
Dec.
Jan20
17.
Feb .
Mar .
April
May
June17
.
Monthly Rate of Change in Headline CPI (Urban)%
-21-
The following table illustrates the rates of change and the shares of the PPI groups in headline inflation during the years of review and comparison:
Rates of Change and Shares of PPI Groups in Headline Inflation
during the Periods of Review and Comparison
(2004/2005 = 100)
Main PPI Groups Relative Weight
Rates of Change (%) +(-)
in FY
Shares in Headline Inflation
(Percentage Point) in FY
2015/2016 2016/2017 2015/2016 2016/2017
General Index 100.0 5.7 34.9 5.7 34.9 Agriculture and fishing 25.1 13.7 32.0 5.0 12.6 Mining and quarrying 21.8 (18.6) 1.0 -2.5 0.1 Manufacturing 38.9 5.5 51.3 2.1 19.6 Electricity, gas, steam, and air conditioning supplies 2.3 6.3 40.9 0.2 1.1 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 7.2 34.9 0.3 1.2 Information and communications 2.1 0.0 0.0 0.0 0.0
Source: For PPI rates of change: Table (1/4) in the Statistical Annex. For the shares of PPI groups: Economic Research Sector.
-2 2.
5 7.
34 9.
-5
0
5
10
15
20
25
30
35
40
2014/2015 2015/2016 2016/2017
Annual Rate of Change in Producer Price Index (2004/2005=100)%
-22-
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
strives to bring inflation to an appropriate and stable level conductive 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.
Hereunder are the monetary policy decisions taken in FY 2016/2017:
The MPC's decisions in its seven periodic meetings during the reporting year
were consistent with the inflation developments and the MPC's inflationary pressure forecasts. To elaborate, in its first and second meetings (dated 28 July and 22 September 2016), the Committee decided to keep the overnight deposit and lending rates unchanged at 11.75 percent and 12.75 percent, respectively. The CBE's main operations (repos or deposits auctions, depending on market liquidity conditions) and the CBE's discount rate were also kept 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 ones, increasing exports, and encouraging domestic investment which is now being firmly implemented. By doing so, the government aims - through the fiscal and monetary package of reforms - to empower the Egyptian economy to face the current economic challenges, unleash its 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.
-23-
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.
The MPC decided in its four periodic meetings held on 17 November 2016,
29 December 2016, 16 February 2017 and 30 March 2017 to keep the overnight deposit and lending rates unchanged at 14.75 percent and 15.75 percent, in order. Also, the CBE's main operations and the CBE's discount rate were also kept unchanged at 15.25 percent, each.
The CBE raised the interest rates in November 2016 (by 3 percent) and
restructured the deposit acceptance operations for absorbing short-term excess liquidity to include longer-term maturities. This, in turn, led to a noticeable drop in monthly inflation rates. However, this drop was not sufficient to achieve the inflation target over the medium- term, as the CBE is targeting an annual inflation rate of 13 percent (+/- 3 %) in Q4 2018. Thus, the MPC decided in its last periodic meeting of FY 2016/2017 (dated 21 May, 2017) to raise the overnight deposit and lending rates by 200 basis points, to 16.75 percent and 17.75 percent, respectively. Also, the CBE's main operations and the CBE's discount rate were raised by 200 basis points, to 17.25 percent, each.
In order to alleviate the adverse effects arising from the rise in both fuel & electricity prices and VAT, the MPC decided in its first periodic meeting of FY 2017/2018 on 6 July, 2017 (at the time of preparing this Review) to increase the overnight deposit rate, overnight lending rate and the CBE's main operation by 200 basis points to 18.75 percent, 19.75 percent and 19.25 percent, respectively. The discount rate was also raised by 200 basis points, to 19.25 percent. However, the aforementioned rates were kept unchanged in the following meeting dated 17 August, 2017 (while the Review at hand was under preparation).
The following are the key developments that took place during FY 2016/17:-
-24-
First: Interest Rates:
1- Overnight Interbank Interest Rates
The MPC's decisions taken during FY 2016/2017 were reflected in the overnight interbank interest rates. To clarify, the overnight interbank interest rates were kept unchanged in Q1, raised in Q2 by 300 basis points, kept unchanged in Q3, then raised in Q4 by 200 basis points. As the CBE has adopted a tightening monetary policy to absorb excess liquidity at the banking sector through conducting deposit acceptance operations with longer maturities, the weighted average of the overnight interbank interest rate moved close to the corridor ceiling rate, as illustrated in the following chart:
2- Interest Rates on LE Loans and Deposits
The MPC's decisions taken in the reporting year affected the interest rates in
the money market as shown in the following table:
Weighted Average Interest Rate (%)
Month June 2016 June 2017
Deposits More than one month and up to three months 7.5 11.2 More than three months and up to six months 8.2 12.6 More than six months and up to one year 8.9 12.2 Loans* For one year or less 13.4 18.0
* The interest rate on corporate loans after the application of Domestic Money Monitoring System (DMMS).
7
9
11
13
15
17
19
% O/N Interbank Rate and Policy Rates
Overnight Interbank Rate Overnight Deposit Rate Overnight Lending Rate
-25-
Second: Open Market Operations During FY 2016/2017, the average liquidity absorbed by the CBE via its
monetary policy instruments markedly increased to LE 455.3 billion at end of June 2017 (compared with LE 155.3 billion at end of June 2016), with an increase of LE 300 billion. This was primarily driven by the higher government spending on various activities and by the spike in net foreign exchange purchases which resulted in a surge in net international reserves at the CBE following the economic reform measures in the reporting year.
In order to increase the effectiveness of liquidity management in light of the
high volume of excess liquidity at the banking system, some adjustments were made to the current 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 442.4 billion or 97 percent of total liquidity absorbed by the CBE at the end of June 2017.
2/1/2- Reserve Money Reserve money reached LE 577.6 billion at end of June 2017, up by LE 99.5
billion or 20.8 percent during FY 2016/2017 (against a decline of LE 7.8 billion or 1.6 percent a year earlier). The increase in reserve money was reflected in the increase in the currency in circulation outside the CBE by LE 83.6 billion or 22.7 percent, to reach LE 452.0 billion or 78.3 percent of reserve money at end of June 2017. In addition, banks' local currency deposits at the CBE rose by LE 15.9 billion or 14.5 percent, to reach LE 125.6 billion at end of June 2017.
Reserve Money and Counterpart Assets*
(LE mn) Balances at
End of June 2017
Change During FY + (-) 2015/2016 2016/2017
Value Value A- Reserve Money 577582 (7800) 99506
- Currency in circulation outside the CBE 452035 54991 83576 - Banks' local currency deposits at the CBE 125547 (62791) 15930 B- Counterpart Assets 577582 (7800) 99506 Net Foreign Assets 3690 (70141) 48553 Foreign Assets 551514 1845 401571 Foreign Liabilities 547824 71986 353018 Net Domestic Assets 573892 62341 50953 Net Claims on Government 708637 95517 89227 Net Claims on Banks 157141 85955 97520 Net Balancing Items -291886 (119131) (135794)
* Derived from the CBE’s balance sheet.
-26-
As for currency in circulation outside the CBE (the first component of
reserve money), the increase was a confluence of the rise in issued banknote by LE 83.7 billion or 22.7 percent, to stand at LE 453.1 billion at end of June 2017.
The note issue cover is composed of gold and foreign currencies. Foreign
currencies reached LE 406.2 billion worth or 89.6 percent at the end of June 2017. Meanwhile, the value of gold reached LE 46.9 billion worth or 10.4 percent.
Banknote Issue*
(LE mn)
At End of June Balance of Banknote Issue Change during the Year
Value % 2013 264505 56681 27.3 2014 290283 25778 9.7 2015 315313 25030 8.6 2016 369757 54444 17.3 2017 453529 83772 22.7
* Including subsidiary coins issued by the Ministry of Finance.
The breakdown of the currency in circulation outside the CBE showed a continued rise in the relative importance of the LE 200 note, reaching 55.1 percent at end of June 2017 (against 52.6 percent at end of June 2016). Meanwhile, other denominations declined or remained stable.
Currency in Circulation By Denomination*
(LE mn)
Denominations June 2016 June 2017 Change During FY + (-)
Value Relative
Importance Value
Relative Importance
2015/2016 2016/2017
Total 368459 100.0 452035 100.0 17.5 22.7 Banknote in Circulation 368023 99.9 451587 99.9 17.6 22.7 PT 25 166 0.1 170 0.1 5.1 2.4 PT 50 364 0.1 406 0.1 3.4 11.5 LE 1 1027 0.3 1233 0.3 6.6 20.1 LE 5 2392 0.6 3048 0.6 32.7 27.4 LE 10 3018 0.8 3742 0.8 (11.5) 24.0 LE 20 6003 1.6 6670 1.5 (9.5) 11.1 LE 50 29004 7.9 28316 6.2 (5.2) (2.4) LE 100 132277 35.9 159129 35.2 16.0 20.3 LE 200 193772 52.6 248873 55.1 24.9 28.4
Subsidiary Coins 436 0.1 448 0.1 1.9 2.8
* Representing the difference between banknote issue and cash at the CBE.
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Banks’ local currency deposits at the CBE (the second component of reserve money) increased by LE 15.9 billion or 14.5 percent during the year (against a decrease of LE 62.8 billion or 36.4 percent in the year of comparison), to stand at LE 125.6 billion at end of June 2017.
The rise in reserve money in the reporting year was attributed to the increase
in both net domestic assets by LE 50.9 billion, and net foreign assets by LE 48.6 billion worth, as follows:
1- Net Domestic Assets
Net domestic assets surged by LE 50.9 billion during FY 2016/2017 (against
LE 62.3 billion), to stand at LE 573.9 billion at end of June 2017. The surge was a result of the following developments:
Net Claims on the Government
The CBE’s net claims on the government augmented by LE 89.2 billion or 14.4 percent (against LE 95.5 billion or 18.2 percent a year earlier), to register LE 708.6 billion at end of June 2017. Such a rise was a result of the higher claims on the government by LE 115.1 billion, and the higher government deposits at the CBE by LE 25.9 billion.
Net Claims on Banks
The CBE’s net claims on banks increased by LE 97.5 billion, as a result of the rise in the CBE's claims on banks by LE 166.4 billion, and the pickup in their foreign currency deposits at the CBE by LE 68.9 billion worth.
Net Balancing Items
The net balancing items had a contractionary effect on reserve money, as its negative balance increased by LE 135.8 billion, due to the rise in the deposits accepted by the CBE under the open market operations (LE 317.9 billion) on the one hand, and the increase in other assets and liabilities (net) by LE 182.1 billion, on the other.
2- Net Foreign Assets
Net foreign assets at the CBE picked up by LE 48.6 billion worth (or by LE
21.3 billion worth after excluding the effects of exchange rate liberalization on the 3rd of November 2016), against a retreat of LE 70.1 billion in the previous year, bringing its balance to LE 3.7 billion worth. The increase was a combined result of the increase in both foreign assets at the CBE by LE 401.6 billion worth, to LE 551.5 billion worth; and foreign liabilities at the CBE by LE 353.0 billion worth, to LE 547.8 billion worth at end of June 2017.
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2/1/3- Domestic Liquidity and Counterpart Assets
In FY 2016/2017, domestic liquidity grew by LE 823.7 billion or 39.3
percent (or by LE 470.3 billion or 22.5 percent after excluding the effect of the exchange rate liberalization on the 3rd of November 2016), against LE 329.0 billion or 18.6 percent a year earlier. This brought total domestic liquidity to LE 2918.2 billion at the end of June 2017 (which lowers to LE 2564.8 billion after excluding the effect of the exchange rate liberalization) representing 84.1 percent of GDP for FY 2016/2017. Such a rise was a result of the increase in both net domestic assets and net foreign assets. The former made a positive contribution of 32.2 percentage points to domestic liquidity growth, while the latter made a positive contribution of 7.1 points.
The pickup in domestic liquidity reflected the growth in its two main components (money supply and quasi-money). Money supply (currency in circulation outside the banking system and local currency demand deposits) scaled up by LE 134.5 billion or 23.5 percent (against LE 73.9 billion or 14.8 percent in the year of comparison), reaching LE 707.4 billion or 24.2 percent of total domestic liquidity at end of June 2017. The rise in money supply was attributable to the rise in both currency in circulation outside the banking system and local currency demand deposits. The former picked up by LE 72.2 billion or 20.8 percent (against LE 54.2 billion and 18.5 percent), scoring LE 419.0 billion at end of June 2017.
In addition, local currency demand deposits increased by LE 62.3 billion or
27.6 percent in FY 2016/2017 (against LE 19.7 billion or 9.6 percent in the previous FY), reaching LE 288.4 billion at the end of June 2017. This rise reflected mainly the increase in the deposits of the household sector by LE 36.1 billion, of the private business sector by LE 23.0 billion, and of the public business sector by LE 3.5 billion.
17.3 20.926.5
32.2
-0.3 -4.5 -7.9
7.1
17.0 16.4 18.6
39.3
-10-505
10152025303540
2013/2014 2014/2015 2015/2016 2016/2017
(%) Contribution of Domestic Liquidity to its Growth
During FY
Net Foreign Assets Net Domestic Assets Domestic Liquidity Growth Rate
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Quasi-money (LE time and saving deposits, and demand and time & saving deposits in foreign currencies) augmented by LE 689.2 billion or 45.3 percent (against LE 255.1 billion or 20.1 percent a year earlier), to post LE 2210.8 billion or 75.8 percent of total domestic liquidity at end of June 2017. The rise reflected the growth in both LE time and saving deposits and foreign currency deposits.
LE time and saving deposits surged by LE 318.7 billion or 26.6 percent
(against LE 194.3 billion and 19.4 percent), to LE 1516.5 billion or 68.6 percent of total quasi-money at end of June 2017. The increase resulted from the surge in the deposits of the household sector by LE 323.3 billion. Such an increase was curbed by the retreat in the deposits of the private business sector by LE 4.6 billion.
Foreign currency deposits (demand and time & saving) went up by LE 370.5
billion worth or 114.4 percent (LE 17.1 billion worth or 5.3 percent when excluding the effect of change in exchange rate on the 3rd of November 2016), against LE 60.8 billion worth or 23.1 percent, posting LE 694.3 billion worth and constituting 31.4 percent of total quasi-money at end of June 2017. Such an increase was due to the rise in the deposits of the household sector by LE 256.6 billion worth, of the private business sector by LE 93.5 billion worth, and of the public business sector by LE 20.4 billion worth.
Against these developments, the ratio of foreign currency deposits/total
deposits (dollarization rate) increased to 27.8 percent at end of June 2017 (or to 15.9 percent when excluding the effect of exchange rate liberalization on the 3rd of November 2016), from 18.5 percent at end of June 2016.
Quasi-money
75.8%
Demand deposits in local currency
9.9%
Currency in circulation outside
the banking
system 14.3%
Money supply24.2%
Domestic Liquidity Components End of June 2017
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Concerning the counterpart assets of domestic liquidity, net domestic assets rose by LE 675.2 billion or 30.9 percent in the year under review, (against LE 467.9 billion or 27.3 percent), to stand at LE 2857.1 billion at end of June 2017.
The rise in net domestic assets reflected the pickup in domestic credit
extended by banks during the year by LE 651.1 billion or 26.5 percent (against LE 481.9 billion and 24.4 percent), to LE 3111.3 billion at end of June 2017. Net balancing items had an expansionary effect on domestic liquidity of LE 24.1 billion.
Change in Domestic Credit
(LE mn)
During FY
2015/2016 2016/2017
Value Growth
Rate %
Value Growth
Rate
%
- Net claims on the government and public economic authorities 363483 28.1 324731 19.6
- Claims on public business sector* 29855 47.2 55642 59.8 - Claims on private business sector 55982 12.5 240314 47.7 - Claims on household sector 32584 18.6 30468 14.7
Total Change 481904 24.4 651155 26.5 * Including public companies that are subject or not to Law No. 203 for the year 1991.
The government received about half of the increase in domestic credit, as net
credit to the government surged by LE 324.7 billion or 19.6 percent, to register LE 1979.7 billion or 63.6 percent of total credit at end of June 2017. Such an increase reflected the rise in banks' holdings of government securities by LE 540.5 billion. However such an increase was mitigated by the increase in government deposits by LE 188.2 billion, on the one hand, and the retreat in loans to the government by LE 27.6 billion.
Credit to the private business sector stepped up by LE 240.3 billion or 47.7
percent (against LE 56.0 billion and 12.0 percent), to LE 744.6 billion or 23.9 percent of total credit at end of June 2017. Likewise, credit to the public business sector scaled up by LE 55.6 billion or 59.8 percent (against LE 29.8 billion and 47.2 percent), to LE 148.7 billion. Credit to the household sector climbed by LE 30.5 billion or 14.7 percent (against LE 32.6 billion and 18.6 percent), to LE 238.3 billion or 7.7 percent of total domestic credit at the end of June 2017.
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Net balancing items (the sum of capital accounts, interbank net credit and debit positions and those between banks and the CBE, and net unclassified assets and liabilities) had an expansionary effect of about LE 24.1 billion on domestic liquidity. This was due to the rise in net unclassified assets and liabilities by LE 149.1 billion and the LE 65.7 billion increase in the interbank net debit and credit positions and those between banks and the CBE. Add to this the increase of capital accounts by LE190.7 billion.
Net foreign assets at the banking system augmented by LE 148.5 billion
worth in the reporting year (or LE 83.4 billion worth or 95.5 percent when excluding the effect of exchange rate liberalization on the 3rd of November 2016), compared to a decline of LE 138.9 billion worth a year earlier, to stand at LE 61.1 billion worth at the end of June 2017. The increase came on the back of the rise in net foreign assets at banks and at the CBE as follows:
The increase in net foreign assets at banks by LE 99.9 billion worth (or
LE 62.2 billion worth when excluding the effect of exchange rate liberalization), to post LE 57.4 billion worth at the end of June 2017 (against negative LE 42.5 billion worth at the end of June 2016).
The increase in net foreign assets at the CBE by LE 48.6 billion worth, to stand at LE 3.7 billion worth at the end of June 2017 (against negative LE 44.9 billion worth at the end of June 2016).
0
200
400
600
800
1000
2013 2014 2015 2016 2017
LE bn
Foreign Assets & Liabilities of the Banking System at End of June
Foreign Assets Foreign Liabilities
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2/1/4 – Payment Systems & Information Technology (IT)
The payment systems and information technology sector witnessed a number
of achievements during FY 2016/2017, the most important of which are the following: The establishment of a permanent Disaster Recovery (DR) site for the CBE,
to be functional in emergencies as a substitute for the main Information Center in El-Gomhoreya Building. This is intended to guarantee the continuity of the service. A preliminary handover committee was formed, and the installation of the technological equipment necessary for the operation of the site is underway.
Under the plan of developing and upgrading the payment systems and IT sector, 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. Within this context, requirements have been thoroughly identified, technical and financial tenders presented by the Defense Council have been reviewed, and contracts have been concluded. The project is scheduled to be completed in Q3 of FY 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.
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 in Haram, which is entrusted to the National Defense Council for implementation by the end of Q2 of FY 2017/2018.
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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 activities (e.g., payment of cheques drawn on the CBE - receipts on behalf of the CBE), signatures of governmental authorities' representatives, as well as 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. This project has been tested in the stage of parallel operation, and an encryption program was chosen to secure the data transfer. The system has been running using the new mechanism, while the old one has been disabled in Q1 of FY 2017/2018.
The CBE launched the electronic linking system that joins the Egyptian banks with the Regional Payment and Settlement System (REPSS) for COMESA countries. This system aims at executing transactions between African commercial banks of the COMESA member states. The REPSS is supervised by the COMESA Clearing House. It aims at enhancing and promoting intra-trade between COMESA countries, and facilitating money transfer operations among member states. Moreover, the CBE currently works on developing the internal systems so as to enhance and develop the electronic linking system among the Egyptian commercial banks within the framework of launching the next phase that reduces the time period for implementing REPSS payments.
The CBE is working on expanding 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 aims at widening access to this service for all society segments, especially small value transactions. At present, some final amendments to the rules regulating this service are being made.
The establishment of a system of central securities depository for government-issued securities (CSD), a collateral management system (CMS), an auction system, and an electronic trading platform for government securities, in cooperation with the European Bank for Reconstruction and Development and the African Development Bank. The project aims at establishing central securities depository for government-issued securities (CSD) to replace the current Book Entry System, and an
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auction system to replace the system currently in operation, in addition to an electronic trading platform and a collateral management system. The committee in charge was formed, and the contracts related to the grant were concluded with the two said banks. In addition, the Prequalification Document for potential suppliers was issued. The project is expected to be finished by the end of 2017.
The CBE is upgrading the current version of RTGS in Egyptian pound.
Related softwares are 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.
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 that is consistent with the CBE’s information security standards. The electronic version of the Form shall be available at the Customs Authority. The said Authority will enter the actual assessment of any released consignment as well as the commodity classification of its items. The following steps have been implemented:
The CBE assigned the Egyptian Banks Company, which manages the
National Switch Network and connects all banks operating in Egypt, to create the required electronic system.
The Company has already designed and tested the new system and all banks have completed the related training. The system is currently in the stage of parallel operation for all banks.
The parallel operation stage of the project is operational since 20/4/2016 to date.
A daily follow-up is conducted with banks, the Egyptian Banks Company and the Customs Authority to ensure the functioning of the system and to address any problems appropriately in due time.
The CBE has completed the preparation of the system of the SMEs
financing initiative, which aims at funding new machinery and equipment for industrial purposes. The system testing is being carried out in preparation for completing all the procedures for actual operation.
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The CBE is revamping its branches in Alexandria and Port Said, in participation with the Payment Systems and IT Sector. All technical requirements have been specified and discussed with the project consultants and a copy of these requirements were given to them. These requirements are 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, to overcome the incompatible properties of the aging PBX phone system. Add to this the higher number of those using digital telephones at the CBE, as well as the dire need for an advanced call center with reporting system in order to keep up a civilized image for the Bank. The project is under construction and in the contractual stage, and is expected to be completed in Q2 of FY 2017/2018.
The queuing systems at the CBE branches that deal with the public (El-
Gomhoreya, El-Mohandessin, Mohamed Farid, Port-Said, and Alexandria) were updated. Moreover, the sound systems of the queuing systems in the mentioned branches, except El-Gomhoreya branch were updated. The contractional stage is underway and is expected to be completed by the end of 2017.
2/1/5- RTGS and SWIFT Local Services
Local bank transfers in Egyptian pound under the RTGS system showed an
increase in the number of executed messages to 1197.6 thousand in FY 2016/2017 (from 1074.5 thousand a year earlier). Their value also increased to LE 33349 billion (from LE 29709 billion). Notably, such transactions included transfers of banks and clients and transactions 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)
FY Number of Messages
(Unit)
Value of Transfers
(LE bn)
Change during the Year + (-)
Number Value
2013/2014 1034549 16421 (195648) 4127
2014/2015 1021058 22587 (13491) 6166
2015/2016 1074548 29709 53490 7122
2016/2017 1197635 33349 123087 3640
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According to the statistics of the CBE Automated Clearing House that applies the RTGS system, the number of exchanged papers declined to 12449 thousand (from 13500 thousand), while their value rose to LE 1249 billion (from LE 1047 billion). As a result, the average value per paper moved up to LE 100.3 thousand (from LE 77.6 thousand).
CBE Automated Clearing House Activity
FY Number of Papers (Thousand)
Value of Papers (LE bn)
Change Rate + (-)
Number Value 2013/2014 12886 789 (2.9) 8.4
2014/2015 13439 966 4.3 22.4
2015/2016 13500 1047 0.5 8.4
2016/2017 12449 1249 (7.8) 19.2
Transactions executed in foreign currencies under the Fin-Copy system, via
SWIFT, revealed an increase in their number, and a decrease in their value. Specifically, their number amounted to 8.4 thousand, at a value of US$ 6.9 billion, against 3.4 thousand, at a value of US$ 9.3 billion a year earlier.
SWIFT Local Services
(in US Dollar)
FY Number of Messages
(Unit)
Value of Transfers
(US$ mn)
Change during the Year + (-)
Number Value 2013/2014 4842 8468 (5043) (26055)
2014/2015 5482 7597 640 (871)
2015/2016 3399 9257 (2083) 1660
2016/2017 8367 6916 4968 (2341)
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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 requirement 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 fruitful mainly 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 the 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 main pivots, 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).
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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 ensure 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 dated 7 April and 13 July 2016 the implementation of the capital conservation buffer and the issuance of the supervisory regulations pertaining to liquidity risk management, respectively, as follows:
1- Capital Conservation Buffer
In order to ensure the coverage of losses that may arise during times of stress or financial crisis and to conserve the capital base of Egyptian banks, banks operating in Egypt have to comply with these regulations as of the first of January 2016 for banks with fiscal year ending in December and as of the first of July 2016 for banks with fiscal year ending in June, in order to meet the required total ratio of 2.5 percent in January/July 2019.
2- Supervisory Regulations of Liquidity Risk Management
First: Liquidity Coverage Ratio (LCR)
Banks shall maintain a minimum ratio for each of local and foreign currencies, according to the following schedule:
(%)
Year 2016 2017 2018 2019 Min. Ratio 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. 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
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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 issued a number of regulations as of the 1st of February 2017, 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 for another term. 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 light of Article 32/3 of the aforesaid Law 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 modification thereto, certain articles of the statute of (12) banks were modified during the year in question.
Furthermore, (116) new branches [including (63) ordinary 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 financial positions, internal controls, and the efficiency of 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 regulations established for electronic payment services, (15) banks were licensed to offer (32) e-banking services.
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Concerning on-site supervision, the Supervision Sector at the CBE continued assuming its role in exercising supervision over banks, guided by the set plan. Specifically, the following points were observed:
Making sure that the inspected bank complies with the instructions stated in
the Central Bank, the Banking Sector and Money 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 corrective plans for their avoidance; and making sure that the inspected bank secures enough provisions 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. Following up – on a regular basis – the economic, financial and monetary
developments, in accordance with the decisions taken regarding the foreign currency trading, especially in light of the CBE's Decision dated 3/11/2016 concerning the exchange rate liberalization.
2/2/2 - Overview of Aggregate Financial Position of Banks
The aggregate financial position of banks (excluding the CBE) hiked by LE 1574.8 billion or 55.3 percent in FY 2016/2017 (compared with a rise of LE 647.1 billion or 29.4 percent in the previous FY), to reach LE 4420.9 billion at end of June 2017.
Roughly 57.9 percent of the rise on the liabilities side emanated from deposits at banks which grew by LE 911.7 billion or 43.1 percent, posting LE 3027.8 billion. Increases were also observed in: (i) obligations to banks in Egypt (including the CBE) by LE 225.6 billion, (ii) banks’ equities by LE 150.5 billion, (iii) obligations to banks abroad by LE 108.5 billion, (iv) bonds and long-term loans by LE 75.4 billion, and (v) banks' provisions by LE 41.0 billion.
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On the assets side, the increase reflected the growth in balances with local banks (including the CBE) by LE 501.9 billion, to stand at LE 876.5 billion at end of June 2017, as well as lending and discount balances by LE 483.7 billion or 51.3 percent to LE 1426.5 billion. Banks' investments in securities and bills also increased by LE 253.4 billion or 19.7 percent to LE 1537.0 billion, representing 34.8 percent of total assets at end of June 2017. Likewise, balances with banks abroad rose by LE 232.9 billion worth.
The increase in banks' investments in securities and bills was an outcome of
their higher investments in treasury bills by LE 198.6 billion, corporate equities by LE 25.1 billion and banks' investments in government bonds by LE 18.3 billion, and foreign securities by LE 9.9 billion worth. Meanwhile, the increase in banks' investments in non-government bonds stood at LE 1.5 billion.
Provisions2.4%
Bonds & Long-term
Loans2.8%
Obligations to Banks Abroad
4.4%
Obligations to Banks in
Egypt6.5%
Deposits68.5%
Other Liabilities
8.3%
Equities 7.1%
Relative Structure of Liabilities (End of June 2017)
Cash1.3%
Securities & Investments
34.8%
Balances with Banks Abroad
6.4%
Balances at Banks in Egypt19.8%
Lending & Discount Balances
32.3%
Other Assets5.4%
Relative Structure of Assets(End of June 2017)
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2/2/3- Interbank Transactions
Net transactions of local banks with correspondents abroad rose by LE 124.4 billion worth or 355.6 percent in FY 2016/2017, turning as such, their net position to a credit balance of LE 89.4 billion worth at end of June 2017. This was a result of the pickup in their balances at banks abroad by LE 232.9 billion worth and their obligations therewith by LE 108.5 billion worth.
2/2/4 - Deposits
Banks' deposits grew by LE 911.7 billion or 43.1 percent (or LE 450.1 billion or 21.3 percent, excluding the effect of the exchange rate liberalization), during FY 2016/2017 (versus LE 381.9 billion or 22.0 percent), to LE 3027.8 billion or more than two-thirds of banks' aggregate financial position at end of June 2017.
The household sector accounted for 67.6 percent of the total increase in
banks' deposits. The government sector came next with 16.9 percent, followed by the private business sector (12.4 percent). The increase in deposits stemmed from the growth of both local and foreign currency deposits. Specifically, local currency deposits picked up by LE 429.2 billion or 25.4 percent to LE 2120.8 billion (accounting for 70.0 percent of total deposits at end of June 2017). Likewise, foreign currency deposits grew by LE 482.5 billion worth or 113.7 percent (or increased by LE 20.9 billion worth or 4.9 percent, after excluding the impact of exchange rate liberalization) to reach LE 907.0 billion worth at end of June 2017.
The household sector accounted for nearly 83.7 percent of the increase in local currency deposits. Specifically, its deposits scaled up by LE 359.4 billion or 32.2 percent to LE 1475.7 billion at end of June 2017. Deposits of the government sector increased as well by LE 45.7 billion or 17.7 percent to LE 303.7 billion, those of the private business sector by LE 19.3 billion or 7.3 percent, the public business sector by LE 3.6 billion or 8.1 percent, and those of the external sector by LE 1.2 billion or 12.9 percent.
More than half of the increase in foreign currency deposits (expressed in LE) was attributed to the rise in the household sector's deposits by LE 256.6 billion. In addition, deposits of the government sector grew by LE 108.0 billion, the private business sector by LE 93.5 billion, the public business sector by LE 20.4 billion, and the external sector by LE 4.0 billion.
-43-
2/2/5- Lending Activity
Banks' lending activity increased by LE 483.7 billion or 51.3 percent (or by LE 199.1 billion or 21.1 percent, after excluding the impact of exchange rate liberalization) in FY 2016/2017, against an increase of LE 224.7 billion or 31.3 percent a year earlier, bringing their total balances to LE 1426.5 billion or 32.3 percent of total assets and 47.1 percent of total deposits at end of June 2017).
The pickup in lending and discount balances came on the back of the rise in
both local currency loans by LE 194.6 billion or 28.9 percent to LE 867.2 billion at end of June 2017, and those extended in foreign currencies by LE 289.1 billion worth or 107.0 percent (or by LE 4.5 billion worth or 1.7 percent, after excluding the impact of exchange rate liberalization), to LE 559.3 billion worth at end of June 2017.
Nearly half of the rise in local currency loans came on the back of the rise in
loans extended to the private business sector by LE 94.2 billion or 31.2 percent to LE 396.6 billion at end of June 2017 (representing 45.7 percent of the total local currency loans). Loans to the government sector surged by LE 42.5 billion or 42.4 percent to LE 142.7 billion, the public business sector by LE 30.5 billion or 46.7 percent, the household sector by LE 26.9 billion or 13.2 percent, and the external sector by only LE 0.5 billion.
The government sector accounted for more than half of the increase in
lending and discount balances in foreign currencies (expressed in LE), up by LE 138.5 billion, to LE 212.0 billion (or 37.9 percent of total foreign currency
73.0
17.7
0.4
111.5
15.4
8.1
19.1
114.2
14.7 7.3
26.1
94.0
18.5 32.2
22.1
124.3
)6.2(
12.9
)24.3(
105.1
(40)
(20)
0
20
40
60
80
100
120
140
2015/2016 2016/2017 2015/2016 2016/2017
%
Local Currency Foreign Currencies
Rate of Change in Deposits by Sector
Government sector Public business sector Private business sector
Household sector External sector
-44-
loans at end of June 2017). Likewise, loans extended to the private business sector scaled up by LE 122.4 billion, the public business sector by LE 25.0 billion, and the household sector by LE 3.5 billion. Conversely, loans to the external sector fell by LE 0.3 billion.
The relative distribution of loans by economic activity indicates that the manufacturing sector received around 41.3 percent of these loans (of which 16.3 percent was in local currency and 25.0 percent in foreign currencies) at end of June 2017. The unclassified sectors, including the household, came next with a share of 25.6 percent, followed by the services sector (24.7 percent), then trade (7.6 percent) and agriculture (only 0.8 percent).
At end of June 2017, banks' loans and advances (excluding discounts) by
maturity registered LE 1418.4 billion, up by LE 481.3 billion or 51.4 percent during the reporting period. The increase was ascribable to the growth in long-term loans (more than one year) by LE 245.7 billion or 45.7 percent (owing to the rise in both local currency loans by LE 104.2 billion and in foreign currency loans by LE 141.5 billion worth). Furthermore, short-term loans (one year or less) increased by LE 235.6 billion or 59.0 percent (due to the growth in local currency loans by LE 88.1 billion and in foreign currency loans by LE 147.5 billion worth).
0
100
200
300
400
500
600
LE bnCredit Facilities by Economic Activity
At End of June 2017
Foreign Currencies Local Currency
-45-
3- Non-Banking Financial Sector *
3/1- Stock Market
Regarding the performance of the Egyptian Exchange (EGX) in FY
2016/2017, marked increases were seen in most of its indices. To elaborate, its benchmark index (EGX 30) rose by 93.0 percent to 13395.8 points at end of June 2017 against 6942.5 points at end of June 2016. EGX 20 Capped increased by 76.7 percent to 12326.0 points against 6977.4 points at end of June 2016. EGX 50 EWI -which includes the top 50 companies in terms of liquidity and activity- also picked up by 64.8 percent to 2076.3 points against 1259.9 points. Moreover, EGX 70 and EGX 100 went up by 85.0 percent and 102.9 percent, in order, to 649.4 points and 1509.2 points (against 351.0 points and 743.7 points). Meanwhile, NILEX index -which reflects the performance of small and medium-sized enterprises listed on Nile Stock Exchange- declined by 19.2 percent to 510.1 points at end of June 2017 against 631.6 points at end of June 2016.
Concerning the primary market, the number of new issues approved by FRA in FY 2016/2017 reached 4411, with a total value of LE 78.6 billion (against 4083 issues, totaling LE 97.9 billion in the previous FY). Of this figure, issues for new businesses reached 3280 in number (74.4 percent of total issues), at a value of LE 19.0 billion. In addition, the number of issues for capital increases of existing companies stood at 1131, totaling LE 59.6 billion (75.8 percent of the total value of issues).
* Source: FRA and EGX's monthly reports
02000400060008000
100001200014000
Point The Benchmark EGX 30 Index
-46-
The listing activity on the EGX showed that the number of listed companies reached 222 at end of June 2017 (the same number at end of June 2016). Moreover, the nominal value of these companies' shares amounted to LE 213.3 billion (against LE 188.8 billion at end of June 2016), up by 12.9 percent. In addition, their market capitalization rose by 79.7 percent to LE 687.4 billion at end of June 2017 (or 19.8 percent of GDP in FY 2016/2017), against LE 382.5 billion at end of June 2016. This rise reflected the pickup in the prices of most shares traded on the EGX.
The value of issued and listed bonds declined by LE 39.3 billion or 5.2 percent in FY 2016/2017, to LE 717.4 billion at end of June 2017 against LE 756.7 billion at end of June 2016. This decline stemmed from the fall of LE 35.8 billion in the value of Egyptian treasury bonds (primary dealers), to LE 709.2 billion or 98.9 percent of the total value of listed bonds at end of June 2017. Add to this the redemption of legal entities' bonds -that were listed on the EGX in December 2010 and delisted in July 2016- in an amount of LE 5.0 billion, the decline in securitization bonds by LE 0.1 billion, and the rise in corporate bonds by LE 1.6 billion.
Trading in the secondary market (including NILEX) in 2016/2017
showed that the number of traded securities increased by 17.7 billion papers or 30.3 percent compared with the preceding year, to 76.0 billion. Also, the value of traded securities went up by LE 83.9 billion or 33.8 percent, reaching LE 332.3 billion (LE 305.2 billion of which were the value of listed shares, bonds and mutual funds' certificates). Likewise, the number of transactions increased by 1.5 million or 28.1 percent, compared with the previous FY, to 6.8 million.
Trading in shares on the EGX increased to 87.0 percent of the total value of
transactions during the reporting year (against 59.9 percent in the previous FY). However, trading in bonds stepped back to 12.2 percent of the total (against 39.3 percent), and trading in mutual funds' certificates remained unchanged at 0.8 percent of total value of transactions.
Turning to the market of small and medium enterprises (NILEX), the
number of listed companies reached 32 at end of June 2017 (the same number at end of June 2016). In FY 2016/2017, the number of traded securities in NILEX reached 684.0 million papers, executed through 116 thousand transactions, with a value of LE 1.0 billion. Meanwhile, the market capitalization of their shares reached LE 1.1 billion at end of June 2017 compared with LE 1.2 billion at end of June 2016.
-47-
As for Exchange Traded Funds (ETFs) which track EGX 30 index, the number of their traded securities reached 11.0 million papers, with a total value of LE 125 million in FY 2016/2017.
Trading in Securities
During FY 2013/2014 2014/2015 2015/2016 2016/2017
No. of Transactions (000) 6810 5779 5296 6783 A- Shares, bonds and mutual funds'
certificates (listed) 6606 5660 5164 6637 B- Shares, bonds and mutual funds'
certificates (unlisted) 55 36 30 30 C- Small and medium enterprises market
(NILEX) 149 83 102 116 No. of Traded Securities (mn) 51747 39967 58363 76036 A- Shares, bonds and mutual funds'
certificates (listed) 49583 38184 55978 73854 B- Shares, bonds and mutual funds'
certificates (unlisted) 1809 1493 1965 1498 C- Small and medium enterprises market
(NILEX) 355 290 420 684 Value of Transactions (LE mn) 250031 249965 248407 332292 A- Shares, bonds and mutual funds'
certificates (listed) 224875 233784 226409 305219 B- Shares, bonds and mutual funds'
certificates (unlisted) 24020 15621 21290 26119 C- Small and medium enterprises market
(NILEX) 1136 560 708 954
Source: FRA and EGX's monthly reports
Foreigners Transactions*
Foreigners' transactions on the EGX (purchases and sales) noticeably surged by 119.9 percent in FY 2016/2017, to LE 150.1 billion (against LE 68.2 billion in the previous FY). Their dealings resulted in net purchases of LE 8.8 billion (against LE 1.4 billion in the previous fiscal year).
* This statement does not include transactions of " primary dealers".
-48-
Egyptians' trading on the EGX accounted for 70.6 percent of total transactions in FY 2016/2017. On the other hand, dealings of foreign investors represented 29.4 percent of the total.
0
10
20
30
40
50
60
70
80
90
2015/2016 2016/2017
Foreign Investors' Transactions
during FYPurchases
Sales
Net
LE bn
-49-
4- Public Finance and Domestic Public Debt 4/1- Consolidated Fiscal Operations of the General Government
Public Finance
According to the preliminary data on the actual execution of fiscal
operations of the state budget (administrative system, local administration and service authorities) released by the Ministry of Finance for FY 2016/2017, the overall deficit widened by LE 40.0 billion to LE 379.5 billion (against LE 339.5 billion in the previous FY). Despite the rise in the deficit as an absolute value, its ratio to GDP fell to 10.9 percent (from 12.5 percent). Also, the primary deficit as a percentage of GDP declined from 3.5 percent to 1.8 percent.
The drop in both the overall and primary deficits as a percentage of
GDP -during the year under review compared to the year of comparison- mirrored the positive impact of the reforms and measures recently taken in the area of public finance to achieve fiscal sustainability under the comprehensive economic reform program currently adopted by the government.
Hereunder is an analysis of the actual data released by the Ministry of Finance on the fiscal operations of the state budget and the general government during FY 2016/2017, as compared to their actual figures a year earlier.
12.211.5 12.5 10.9
3.9 3.6 3.5
1.8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2013/2014 2014/2015 2015/2016 2016/2017
Revenues, Expenditures, Overall & Primary Budget Deficit as a Percentage of GDP
Revenues Expenditures Overall Budget Deficit Primary Deficit
Ov erall & Primary
Budget Deficit
(%)
Rev enues & Expenditures
(%)
-50-
4/1/1 – Budget Sector
(administrative system, local administration and service authorities)
Total revenues of the state budget sector registered LE 659.2 billion (19.0
percent of GDP) in FY 2016/2017, against LE 491.5 billion (18.1 percent of GDP) in the preceding FY, up by LE 167.7 billion or 34.1 percent. This was ascribed to the increase in both tax revenues by LE 109.7 billion or 31.1 percent, to LE 462.0 billion (70.1 percent of total revenues); and non-tax revenues by LE 58.0 billion or 41.7 percent, to LE 197.2 billion (29.9 percent of total revenues).
- The surge in tax revenues by LE 109.7 billion mainly came as a confluence
of the following developments:
- Taxes on goods and services increased by LE 68.1 billion or 48.5 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, transportation services and insurance.
- Taxes on income and capital gains augmented by LE 22.2 billion, due to
higher proceeds from taxes on: (1) salaries by LE 8.6 billion, (2) Suez Canal by LE 7.4 billion, (3) EGPC by LE 5.2 billion, and (4) other companies by LE 10.4 billion. By contrast, proceeds from taxes on profits from the CBE retreated by LE 9.4 billion as the CBE incurred the burdens of high interest rates after the exchange rate liberalization during this fiscal year.
71.7%
28.3%
70.1%
29.9%
Total Revenues
Non-Tax Revenues
2016/2017Actual
2015/2016
Actual
Tax Revenues
-51-
- Property taxes moved up by LE 8.5 billion or 30.5 percent, reflecting the rise in revenues from taxes on T-bills and bonds' payable interest.
- Taxes on international trade (customs) increased by LE 6.2 billion.
- The rise in non-tax revenues by LE 58.0 billion was mainly explained by the following developments:
Property income went up by LE 25.7 billion, due to collecting
exceptional revenues from selling the 4G frequencies to mobile companies.
External grants increased by LE 14.1 billion during this year.
Proceeds from selling goods and services grew by LE 9.0 billion, owing
to the increase in receipts from special accounts and funds during this year.
65.7 71.7 70.1
17.5 14.1 14.55.5
0.7 2.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2014/2015 2015/2016 2016/2017
Tax Revenues, Property Income & Grants as a Percentage of Total Revenues
Tax Revenues Property Income Grants
(% )
-52-
Fiscal Operations of the Budget Sector (Public Revenues)
(LE bn)
FY 2015/2016 2016/2017 Change +/(-)
Actual Relative
Structure (%)
Actual Relative
Structure (%)
Value
Total Revenues 491.5 100.0 659.2 100.0 167.7
Tax Revenues 352.3 71.7 462.0 70.1 109.7 Taxes on Income and Profits 144.7 29.5 166.9 25.3 22.2
From EGPC 37.3 7.6 42.5 6.4 5.2 From SCA 14.9 3.1 22.3 3.4 7.4 From CBE 13.2 2.7 3.8 0.6 (9.4)
Payable by individuals 42.4 8.6 51.0 7.7 8.6
Other entities 36.9 7.5 47.3 7.2 10.4 Taxes on Property 28.0 5.7 36.5 5.5 8.5 Taxes on Goods & Services 140.5 28.6 208.6 31.6 68.1 Taxes on International Trade (customs) 28.1 5.7 34.3 5.2 6.2 Other Taxes 11.0 2.2 15.7 2.5 4.7
Non-Tax Revenues 139.2 28.3 197.2 29.9 58.0 Grants 3.6 0.7 17.7 2.7 14.1 Current .. .. 0.4 0.1 .. Capital .. .. 17.3 2.6 .. Other Revenues 135.6 27.6 179.5 27.2 43.9 Property Income 69.4 14.1 95.1 14.5 25.7
From EGPC 7.8 1.6 5.9 0.9 (1.9) From SCA 14.8 3.0 29.4 4.5 14.6 From CBE 29.5 6.0 19.4 2.9 (10.1) Economic authorities 7.8 1.6 11.0 1.7 3.2 Companies 2.3 0.5 5.2 0.8 2.9 Others .. .. 24.2 3.7 ..
Selling Proceeds of Goods and Services 29.1 5.9 38.1 5.8 9.0
Financing Investments .. .. 27.3 4.1 .. Others .. .. 19.0 2.8 .. Source: Table (4/1) in the Statistical Annex. Percentages are calculated in terms of LE million. .. Unavailable.
Total expenditures reached LE 1031.9 billion (29.7 percent of GDP) in FY
2016/2017, compared with LE 817.9 billion (30.2 percent of GDP) in the preceding FY, up by LE 214.0 billion or 26.2 percent as a result of:
-53-
- The rise in subsidies, grants and social benefits by LE 75.7 billion, mainly as follows:
Subsidy costs rose by LE 63.8 billion, primarily due to the rise in both oil subsidy by LE 64.0 billion (in the light of the exchange rate liberalization); and subsidies of supply commodities by LE 4.8 billion. Meanwhile, other miscellaneous subsidy items fell by LE 5.0 billion.
Social benefits moved up by LE 10.3 billion, ascribable to the State's higher contribution to pension funds.
Grants extended by the government to some international institutions, foreign governments and general government entities scaled up by LE 1.1 billion.
- The increase in interest payments on domestic and external debts by LE 73.0 billion.
- The remarkable growth in investments of budget sector related entities by LE 39.8 billion, 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. This reflects the government's determination to go ahead with achieving the aspired objectives of the economic reform program.
- The rise in state employees' wages and compensations by LE 11.8 billion.
- The increase in spending on purchases of goods and services by LE 6.8 billion.
- The pickup in other miscellaneous expenditures by LE 6.9 billion.
26.1%
4.3%
29.8%
24.6%
8.5%6.7%
21.9%
4.1%
30.7%
26.8%
10.6%
5.9%
Total Expenditures
Wages &
Compensations of Employees
Purchases
of Goods and
Services
Interest on
Domesticand External
Debt
Subsidies,
Grants and Social
Benefits
Purchases of
Non-Financial Assets
(Investments)
Other
Expenditures
2016/2017
Actual
2015/2016Actual
-54-
Fiscal Operations of the Budget Sector (Public Expenditure)
(LE bn) FY
2015/2016 2016/2017 Change
+ (-)
Actual Relative
Structure (%)
Actual Relative
Structure (%)
Value
Total Expenditures 817.9 100.0 1031.9 100.0 214.0 Employees' Wages & Compensations 213.7 26.1 225.5 21.9 11.8
Salaries & Allowances 173.8 21.2 181.2 17.6 7.4 Insurance Benefits 20.6 2.5 23.2 2.2 2.6
Others 19.3 2.4 21.1 2.1 1.8 Purchases of Goods & Services 35.7 4.3 42.5 4.1 6.8
Goods 16.6 2.0 21.7 2.1 5.1 Services 15.0 1.8 16.7 1.6 1.7 Others 4.1 0.5 4.1 0.4 0.0
Interest 243.6 29.8 316.6 30.7 73.0 Domestic 238.5 29.2 307.0 29.8 68.5
To NIB & SIFs .. .. 46.3 4.5 .. To others .. .. 260.7 25.3 .. Foreign 5.1 0.6 9.6 0.9 4.5 Subsidies, Grants & Social Benefits 201.0 24.6 276.7 26.8 75.7 Subsidies 138.7 16.9 202.5 19.6 63.8
To EGPC 51.0 6.2 115.0 11.1 64.0 To GASC 42.7 5.2 47.5 4.6 4.8 Others 45.0 5.5 40.0 3.9 (5.0)
Grants 7.8 1.0 8.9 0.9 1.1 Social Benefits 53.9 6.6 64.2 6.2 10.3 To SIFs 43.9 5.4 45.2 4.4 1.3 Others 10.0 1.2 19.0 1.8 9.0 Others 0.6 0.1 1.1 0.1 0.5 Other Expenditures 54.6 6.7 61.5 5.9 6.9 Defense .. .. 48.9 4.7 .. Others .. .. 12.6 1.2 .. Purchases of Non-Financial Assets (Investments) 69.3 8.5 109.1 10.6 39.8 Fixed assets 54.7 6.7 88.3 8.6 33.6 Others 14.6 1.8 20.8 2.0 6.2
Source: Table (4/2) in the Statistical Annex. Percentages are calculated in terms of LE million. .. Unavailable.
Against this background, the cash deficit of the budget sector reached LE 372.7 billion or 10.7 percent of GDP in FY 2016/2017. The overall deficit (including the net acquisition of financial assets) rose by LE 40.0 billion to post LE 379.5 billion or 10.9 percent of GDP (against LE 339.5 billion or 12.5 percent of GDP a year earlier).
-55-
As for financing the overall budget deficit, it reached LE 379.5 billion in FY 2016/2017, of which LE 191.3 billion* or 50.4 percent was financed by local sources and LE 188.2 billion or 49.6 percent by external sources.
4/1/2 – The General Government **
By adding the fiscal operations of the NIB and SIFs to those of the budget sector in FY 2016/2017, total collected revenues would register LE 755.1 billion (21.8 percent of GDP). Likewise, total expenditures would stand at LE 1117.0 billion (32.2 percent of GDP).
Accordingly, the cash deficit of the consolidated fiscal operations of the
general government posted LE 361.9 billion during FY 2016/2017. Moreover, the overall deficit of the general government (including the net acquisition of financial assets) amounted to LE 366.4 billion (10.6 percent of GDP).
* Represents the algebraic sum of banking & non-banking financing items, exchange rate revaluation
differences, net privatization proceeds, difference between treasury bills face value & present value, as well as other discrepancy items.
** Including the budget sector, NIB and SIFs
-56-
Summary of Consolidated Fiscal Operations of the General Government
(Budget Sector, NIB, and SIFs) (LE bn)
FY
2015/2016 2016/2017
Budget
Sector
Relative
Structure
(%)
Budget
Sector
Relative
Structure
(%)
General
Government
Relative
Structure
(%)
Total Revenues 491.5 659.2 755.1
Total Expenditures 817.9 1031.9 1117.0
Cash Surplus (+) / Deficit (-) -326.4 -372.7 -361.9
Overall Fiscal Surplus (+) /
Deficit (-)* -339.5 -379.5 -366.4
Primary Surplus (+) / Deficit (-) -95.9 -62.9 -81.7
Financing Sources 339.5 100.0 379.5 100.0 366.4 100.0
Domestic Financing .. .. 398.7 105.0 348.0 94.9
Banking Financing .. .. 206.0 54.2 180.4 49.2
CBE .. .. 80.6 21.2 80.6 22.0
Other banks .. .. 125.4 33.0 99.8 27.2
Non-Banking Financing .. .. 192.7 50.8 167.6 45.7
NIB .. .. 6.5 1.7 0.0 0.0
SIFs .. .. 31.7 8.4 0.0 0.0
Others .. .. 159.8 42.1 159.8 43.6
Borrowing from NIB .. .. 0.0 0.0 13.1 3.6
Special accounts of economic
authorities .. .. -5.3 -1.4 -5.3 -1.5
External Borrowing .. .. 188.2 49.6 188.2 51.4
Others .. .. -25.9 -6.8 11.7 3.2
Exchange Rate Revaluation .. .. 0.0 0.0 0.0 0.0
Net Privatization Proceeds .. .. 0.0 0.0 0.0 0.0
Difference between Treasury
Bills Face Value & Present
Value .. .. -47.0 -12.4 -47.0 -12.8
Discrepancy .. .. -134.5 -35.4 -134.5 -36.7
Source: Table (4/3) in the Statistical Annex.
Percentages are calculated in terms of LE million. .. Unavailable. * Including the net acquisition of financial assets.
-57-
4/2- Domestic Public Debt
At end of June 2017, domestic public debt amounted to LE 3160.9 billion (against LE 2620.7 billion at end of June 2016), scoring an increase of LE 540.2 billion or 20.6 percent during FY 2016/2017. Despite the rise of domestic public debt as an absolute figure, the public debt / GDP ratio dwindled to 91.1 percent at end of June 2017 from 96.7 percent at end of June 2016.
4/2/1- Net Debt of the Government
Net government domestic debt expanded by LE 400.3 billion or 17.5 percent
in FY 2016/2017 to LE 2685.9 billion at end of June 2017 (compared to LE 2285.6 billion at end of June 2016). Despite the increase in the government domestic debt as an absolute figure, its ratio to GDP retreated to 77.4 percent at end of June 2017 (from 84.4 percent at end of June 2016). This was driven by the rise of LE 734.0 billion in the balances of Treasury bonds and bills and the contraction of LE 332.8 billion in the net balances of the government at the banking system (due to the decline in government loans by LE 190.1 billion and the increase in government deposits by LE 142.7 billion). Add to this, the decline in the value of the issued Masri Dollar Certificates by LE 0.9 billion worth.
* Domestic public debt includes net debt of both the government and public economic authorities; and debt of
the National Investment Bank (NIB), minus the intra-debt of both public economic authorities and the government to the NIB.
2685.9
222.3
336.9
-84.2
3160.9
-500 0 500 1000 1500 2000 2500 3000 3500
Net Domestic Debt of Government
Net Debt of Public Economic Authorities
Net NIB Debt
Intra-Debt
Gross Domestic Debt
Gross Domestic Debt at End of June 2017 (LE bn)
-58-
Net Domestic Debt of the Government (LE bn)
Balances at End of June 2016 June 2017 Change
(+) - 2016/2017
Value % Value %
Domestic Government Debt (Net) 2285.6 100.0 2685.9 100.0 400.3
- Balances of Bonds & Bills 2290.5 100.2 3024.5 112.6 734.0
Bonds, of which, 1474.5 64.5 1838.8 68.5 364.3
Tradable on exchanges 753.9 33.0 747.3 27.8 (6.6)
Treasury bills 816.0 35.7 1185.7 44.1 369.7
- Facilities from SIFs 0.3 0.0 0.3 0.0 0.0
- Masri Dollar Certificates 1.1 0.1 0.2 0.0 (0.9)
- Net Balances at the Banking System -6.3 -0.3 -339.1 -12.6 (332.8)
Credit facilities 290.8 12.7 100.7 3.7 (190.1)
Deposits (-) 297.1 13.0 439.8 16.3 142.7
Net Domestic Government Debt/GDP
(%) 84.4 77.4 Source: Table 4/4 in the Statistical Annex. Ratios are calculated in terms of LE million.
The increase of LE 734.0 billion in the balances of bonds and bills was
distributed as follows:
- About 49.6 percent (or LE 364.3 billion worth) were in government bonds (of which LE 251.5 billion were Treasury bonds at the CBE mostly to cover the cash deficit in government accounts, LE 72.1 billion worth were international euro bonds issued for the CBE in November 2016, and LE 41.3 billion worth were US dollar bonds issued for commercial banks).
- Around 50.4 percent (or LE 369.7 billion worth) were in Treasury bills (of
which LE 201.3 billion were issued in Egyptian pound, LE 154.6 billion worth in US dollar, and LE 13.8 billion worth in euro).
-59-
4/2/2- Net Debt of Public Economic Authorities
During FY 2016/2017, net debt of public economic authorities hiked by LE 118.6 billion to LE 222.3 billion at end of June 2017. The rise was traceable to the pickup in their net borrowing from the banking system by LE 118.5 billion (owing to the rise in their claims on the banking system by LE 162.5 billion and in their deposits therewith by LE 44.0 billion), as well as the rise in their borrowing from the NIB by LE 0.1 billion.
4/2/3- Net Debt of NIB
Net debt of NIB (including intra-debt) mounted to some LE 336.9 billion at end of June 2017, up by LE 27.3 billion in FY 2016/2017. That was driven by the increase in total resources invested at the NIB by LE 28.8 billion to LE 344.1 billion, on the one hand, and the rise in its deposits at the banking system by LE 1.5 billion, on the other. Most of the increase was due to the rise in foreign currency claims due to the rise in the exchange rate of these
currencies versus the Egyptian pound after the liberalization of the exchange rate in Nov. 2016.
76.6 84.4 77.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
-400
100
600
1100
1600
2100
2600
3100
June 2015 June 2016 June 2017
Net Domestic Debt of the Government
Treasury Bills Bonds, Credit Facilities & Others
Net Government Balances with the Banking System Ratio of Government Debt /GDP
%LE bn
Net
Dom
esti
cD
ebt
of
the G
ove
rnm
ent
/GD
P
-60-
4/2/4- Intra-Debt
Intra-debt of public economic authorities and the government to the NIB reached some LE 84.2 billion at end of June 2017 (against LE 78.2 billion at end of June 2016), recording an increase of LE 6.0 billion in FY 2016/2017. NIB's investments in government securities (bills and bonds) recorded LE 32.6 billion, up by LE 5.9 billion in FY 2016/2017, while the loans extended by the NIB to these authorities registered LE 51.6 billion, up by LE 0.1 billion.
Social Insurance Funds16.3%
Proceeds of Investment
Certificates & Accumulated
Interest47.5%
Post Office Saving Deposits
35.5%
Proceeds of Dollar
Development Bonds &Others
0.7%
Resources of the NIB at End of June 2017
Loans to Holding Companies & Aff iliate Units, Concessional
Lending & Others73.4%
Loans to Public Economic Authorities
15.0%
Investment in Treasury Bills &
Bonds9.5%
Deposits w ith the Banking System
2.1%
Uses of the NIB at End of June 2017
-61-
5- External Transactions
5/1- Foreign Exchange Market and NIRs Performance and Development of the Foreign Exchange Market
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, with the aim of restoring FX trading to formal banking channels and eliminating the parallel market. The decision also came in line with the economic reform program that will empower the Egyptian economy to address ongoing challenges, unleash its potential, 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.
Egypt's decision to liberalize the exchange rate on November 3, 2016 has positively affected foreign currency resources. Specifically, banks' resources of foreign currency as of the stated decision till the end of June 2017, amounted to US$ 34.0 billion (of which customers' sales recorded US$ 22.5 billion, while investment inflows registered US$ 11.5 billion).
The CBE's resources of foreign currency since the aforementioned decision
till the end of June 2017 reached US$ 53.8 billion, and its uses of foreign currency recorded US$ 33.3 billion.
The weighted average of the US dollar interbank rate posted LE 18.0911 at
end of June 2017, against LE 8.7800 at end of June 2016, with a 51.5 percent drop in the value of the Egyptian pound during FY 2016/17. During the preparation of the Review at hand, the weighted average of the US dollar reached LE 17.6441 at the end of March 2018 with a 2.5 percent rise in the value of the Egyptian pound during the period July/March 2017/2018.
-62-
Management of NIRs
Net international reserves (NIRs) at the CBE rose by US$ 13.8 billion or
78.4 percent in FY 2016/2017 to US$ 31.3 billion at end of June 2017 (covering 6.6 months of merchandise imports). During the preparation of this Review, NIRs increased to US$ 42.6 billion at the end of March 2018 (covering 8.3 months of merchandise imports).
0
2
4
6
8
10
05
10152025303540
2010 2011 2012 2013 2014 2015 2016 2017
Net International Reserves & Months of Merchandise Importsat End of June
Net international reserves NIR in months of merchandise imports
(Months of Imports)(US$ bn)
-63-
5/2 - Balance of Payments
During FY 2016/17, Egypt's BoP ran an overall surplus of US$ 13.7 billion (of which US$ 12.2 billion were recorded in the period Nov./June 2016/17 that followed the decision of exchange rate liberalization) against an overall deficit of US$ 2.8 billion a year earlier. The capital and financial account achieved a net inflow of US$ 29.0 billion (against US$ 21.2 billion), while the current account deficit narrowed by 21.5 percent to only US$ 15.6 billion (against US$ 19.8 billion).
The key factors that affected the BoP performance during the year under review are summarized hereunder.
- The trade deficit narrowed by 8.4 percent to only US$ 35.4 billion (against US$ 38.7 billion), as export proceeds increased by US$ 3.0 billion and import payments decreased by US$ 265.6 million.
- The services surplus widened by 4.3 percent to US$ 6.8 billion (against US$ 6.5 billion), driven mainly by the rise in tourism revenues by 16.2 percent to US$ 4.4 billion.
- The deficit on investment income balance shrank by 1.1 percent to US$ 4.4 billion (against US$ 4.5 billion).
- Net unrequited current transfers increased by 4.1 percent to US$ 17.5 billion (against US$ 16.8 billion) driven by the rise in remittances of Egyptians working abroad by 2.2 percent.
-8.0-6.0-4.0-2.00.02.04.06.08.0
10.012.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
US$ bn Main Items of BoP
Capital & Financial Account Current Account Overall Balance
-64-
- Net inflow of FDI in Egypt scaled up to US$ 7.9 billion (against US$ 6.9 billion).
- Portfolio investment in Egypt accelerated to achieve a net inflow of US$ 16.0 billion (against a net outflow of US$ 1.3 billion).
- Medium-and long-term loans and facilities registered net disburse-ments of US$ 5.6 billion (against US$ 1.3 billion).
- The net change in other assets and liabilities posted a net outflow of US$ 2.5 billion (against a net inflow of US$ 8.5 billion).
Hereunder is a detailed review of the BoP's items during FY 2016/17 compared with a year earlier:
5/2/1- Current Account
The current account deficit shrank by 21.5 percent to only US$ 15.6
billion during FY 2016/17 (against US$ 19.8 billion). This was mainly due to the fall in the trade deficit by 8.4 percent to US$ 35.4 billion (against US$ 38.7 billion), and the increase in net unrequited current transfers by 4.1 percent to US$ 17.5 billion (against US$ 16.8 billion). Additionally, the services surplus widened by 4.3 percent to US$ 6.8 billion (against US$ 6.5 billion), while the investment income deficit fell by 1.1 percent to US$ 4.4 billion (against US$ 4.5 billion). This is detailed as follows:
-12.0-10.0
-8.0-6.0-4.0-2.00.02.04.06.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
US$ bn
Main Items of Current Account
Trade Balance Services Balance Investment Income BalanceNet Current Transfers Current Account
-65-
5/2/1/1 - Trade Balance
The trade deficit decreased by 8.4 percent to only US$ 35.4 billion (against
US$ 38.7 billion), due to the rise in export proceeds by US$ 3.0 billion and the decrease in import payments by US$ 265.6 million, due to the following developments:
Export proceeds grew by 15.9 percent to US$ 21.7 billion (against US$ 18.7 billion) owing to the increase in the proceeds of both non-oil and oil exports. The former rose by US$ 2.1 billion or 16.2 percent to US$ 15.1 billion, due to the better competitive advantage of Egyptian exports following the exchange rate liberalization. The latter increased by 15.4 percent to US$ 6.5 billion (against US$ 5.7 billion).
Import payments decreased by 0.5 percent to US$ 57.1 billion (against US$ 57.4 billion) reflecting a decline in non-oil imports by US$ 2.2 billion or 4.5 percent to US$ 45.9 billion, and a rise in oil imports by US$ 1.9 billion or 20.5 percent to US$ 11.2 billion.
It is worth mentioning that April/June 2017's data showed a decline in
the trade deficit by 5.1 percent to US$ 8.4 billion (against US$ 8.8 billion), due mainly to the rise in export proceeds by 7.4 percent and the decline in import payments by 0.4 percent.
Against this background, the coverage ratio of merchandise exports to
merchandise imports went up to 38.0 percent (from 32.6 percent).
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
US$ bn Trade Balance
Merchandise Exports Merchandise Imports Trade Balance
-66-
5/2/1/2- Services Balance, Investment Income Balance, and Net Unrequited Current Transfers
A- Services Balance:
During the year under review, the services surplus widened by 4.3 percent
to US$ 6.8 billion (against US$ 6.5 billion) as the increase in services receipts outpaced that of services payments as follows:
1- Services Receipts
Services receipts rose by 3.2 percent to US$ 16.6 billion (against US$ 16.1
billion). This was a result of the rise in some items as follows:
- Travel receipts (tourism revenues) climbed by 16.2 percent to US$ 4.4 billion (against US$ 3.8 billion), mainly due to the higher average spending per tourist a night to US$ 82.5, US$ 82.5, US$ 88.2, and US$ 88.2 in the first, second, third, and fourth quarters of the reporting year, respectively (against US$ 72.7, US$ 67.5, US$ 80.2, and US$ 76.8 in the corresponding periods a year earlier).
It is worth mentioning that tourism revenues surged by 128.3 percent
and 201.5 percent during Jan./March and April/June 2017, respectively, compared to the same periods a year earlier, after registering a decline by 56.1 percent and 15.8 percent during July/Sept. and Oct./Dec. 2016, respectively, relative to the same periods a year earlier.
-4.0-3.0-2.0-1.00.01.02.03.04.05.06.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
US$ bnServices Balance
Services Receipts Services Payments Services Balance
-67-
- Government receipts accelerated by 105.4 percent to US$ 776.4 million (against US$ 378.0 million) due to the rise in other government receipts and expenses of the League of Arab States and international institutions.
On the other hand, the following items witnessed a decline:
- Transportation receipts by 4.5 percent to only US$ 9.1 billion (against US$ 9.5 billion).This was attributable to the fall in Suez Canal receipts by 3.4 percent to US$ 4.9 billion (against US$ 5.1 billion), due to the depreciation of SDR against the US dollar by 1.9 percent on average in FY 2016/17, notwithstanding the higher net tonnage of transiting vessels by 0.8 percent. Another factor that added to the decline was the retreat in the receipts of Egyptian aviation and navigation companies.
- The receipts of other services by 2.8 percent to US$ 2.3 billion (against US$ 2.4 billion), due to a fall in the receipts of communication services, agencies' commissions and expenses, and insurance services.
0.00.10.20.30.40.50.60.70.8
0.00.20.40.60.81.01.21.41.61.82.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
%US$ bnTravel Receipts and their Percentage of GDP
Travel receipts Travel receipts/GDP %
220.0
230.0
240.0
250.0
260.0
270.0
1.1
1.2
1.3
1.4
1.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
million tonUS$ bn Net Tonnage and Suez Canal Receipts
Suez Canal Receipts Net Tonnage
-68-
2- Services Payments
During the year under review, services payments rose by 2.5 percent to US$ 9.8 billion (against US$ 9.5 billion), due to the following increases:
- Other services payments by 37.5 percent to US$ 4.6 billion (against US$
3.3 billion), driven by the rise in the amounts transferred abroad by foreign oil companies; payments for computer services; subscriptions for magazines & journals; communication services; and legal and consultation fees.
- Government expenses by 44.7 percent to US$ 1.1 billion (against US$ 777.1 million), due to the rise in other government expenses.
On the other hand, the following items witnessed a decline as follows:
- Travel payments decreased by 33.0 percent to US$ 2.7 billion (against US$ 4.1 billion), largely due to the decline in e-card payments abroad to register only US$ 1.6 billion (against US$ 2.5 billion), along with the fall in the expenses of both pilgrimage and Umrah, and tourism and medical treatment abroad.
It is worth mentioning that travel payments sharply slumped by 53.3
percent to only US$ 550.2 million during April/June 2017 (against US$ 1.2 billion) due to the fall in e-card payments by 70.7 percent to US$ 226.9 million (against US$ 774.6 million).
- Transportation payments fell by 0.5 percent to US$ 1.33 billion (against US$ 1.34 billion), mirroring the drop in the amounts transferred as transportation services and those transferred for repairing airplanes and ships at foreign airports and ports.
B- Investment Income Balance
The deficit on the investment income balance shrank by 1.1 percent to US$ 4.4 billion during FY 2016/17 (against US$ 4.5 billion). This is mainly due to the fact that the investment income payments recorded US$ 4.9 billion, as profit transfers of foreign companies operating in Egypt (oil and non-oil) constituted 64.3 percent of these payments. Meanwhile, investment income receipts registered US$ 497.9 million (against US$ 396.9 million).
-69-
C- Unrequited Current Transfers (net)
Net unrequited current transfers rose during FY 2016/2017 by 4.1 percent to US$ 17.5 billion (against US$ 16.8 billion) due to the following increases:
- Net private transfers to US$ 17.3 billion (against US$ 16.7 billion),
driven by the rise in remittances of Egyptians working abroad by 2.2 percent.
It is worth noting that the period Nov./June 2016/17 that followed the
decision of exchange rate liberalization witnessed an increase in the remittances of Egyptians working abroad by US$ 1.4 billion to US$ 12.8 billion (against US$ 11.4 billion in the same period a year earlier).
- Official transfers (net) to US$ 149.0 million (against US$ 101.5
million).
-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 Q4
2015/2016 2016/2017
US$ bnInvestment Income Balance
Income Receipts Income Payments Investment Income Balance
0
0.5
1
1.5
2
2.5
0.01.02.03.04.05.06.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
%US$ bnEgyptian Workers' Remittances and their Percentage of GDP
Workers' remittances Workers' remittances/GDP %
-70-
5/2/2- Capital and Financial Account
The capital and financial account showed a growing international confidence in the Egyptian economy, especially after launching the economic reforms, mainly the liberalization of the LE exchange rate. In FY 2016/2017, the capital and financial account achieved a net inflow of US$ 29.0 billion (against US$ 21.2 billion), as a confluence of the following developments: - The total inflow of FDI in Egypt in the reporting year scaled up by 6.5
percent, to US$ 13.3 billion (from US$ 12.5 billion). Meanwhile, the total
outflow registered US$ 5.4 billion (against US$ 5.6 billion). Hence, the net
inflow of FDI in Egypt mounted to US$ 7.9 billion (from US$ 6.9 billion).
This was mainly a result of the hike in the net inflow of oil sector
investments by US$ 2.3 billion to US$ 4.0 billion (from US$ 1.7 billion).
The following table shows the sectoral distribution of total FDI inflows to Egypt in the reporting and comparison years:
(US$ mn)
Activity Sector FY
2015/2016* Share (%) 2016/2017* Share
(%) Total FDI Inflows to Egypt 12528.7 100.0 13349.1 100.0 1- Oil 6710.7 53.5 8174.6 61.2 2- Manufacturing 423.2 3.4 776.4 5.8 3- Agriculture 0.7 0.0 21.3 0.2 4- Construction 186.8 1.5 120.8 0.9 5- Services, of which 1299.6 10.4 1261.1 9.5
- Real Estate 459.4 3.7 420.1 3.1 - Finance 474.8 3.8 221.2 1.7 - Tourism 33.9 0.3 50.7 0.4 - Communications & IT 58.0 0.4 38.8 0.3 - Other services 273.5 2.2 530.3 4.0
6- Undistributed 3907.7 31.2 2994.9 22.4 * Preliminary
0.00.51.01.52.02.53.03.54.04.55.0
Greenfield investments(net)
Transfers for buying realestates in Egypt by non-
residents
Petroleum sectorinvestments (net)
Proceeds from sellinglocal entities to non-
residents
US$ bn
Net Foreign Direct Investment in Egypt(During FY 2016/2017)
2015/2016 2016/2017
-71-
1- Portfolio investment in Egypt expanded, achieving a net inflow of US$ 16.0 billion (against a net ouflow of US$ 1.3 billion). This was primarily due to the rise in foreigners' investments in Egyptian TBs recording net purchases of US$ 10.0 billion. Moreover, the Egyptian authorities issued bonds abroad during the period that followed the liberalization of the exchange rate, during which foreigners' investments amounted to US$ 6.8 billion. In addition, foreigners' investments on EGX moved up to register net purchases of US$ 497.3 million (against US$ 157.1 million).
2- Medium- and long-term loans and facilities unfolded net disbursements of US$ 5.6 billion (against US$ 1.3 billion).
3- The net change in other assets and liabilities (the change in net foreign assets and liabilities of banks; the CBE non-reserve foreign assets and foreign liabilities; and the counterpart to some items included in the current account) posted a net outflow of US$ 2.5 billion (against a net inflow of US$ 8.5 billion). This was ascribed to the increase in foreign assets at banks and the availability of foreign currency resources after the liberalization of exchange rate as banks' assets increased by US$ 9.5 billion, whereas their obligations rose only by US$ 1.4 billion.
-4
-2
0
2
4
6
8
10
12
14
16
18
Net PortfolioInvestment in Egypt
Net Foreigners'Transactions in
Treasury Bills
Net Foreigners'Transactions in Bonds
Net Foreigners'Transactions in Shares
on EGX
US$ bnNet Portfolio Investment in Egypt
2015/2016
2016/2017
-72-
5/3- Foreign Trade
In FY 2016/2017, the total volume of Egypt's foreign trade increased to US$
78.8 billion (or 33.5 percent of GDP according to the Trade Openness Indicator), against US$ 76.1 billion in the previous FY (22.6 percent of GDP). This was an outcome of the rise in merchandise export proceeds by US$ 3.0 billion to US$ 21.7 billion, and the decline in merchandise import payments by US$ 265.6 million to US$ 57.1 billion.
5/3/1 - Merchandise and Sectoral Distribution of Exports by Degree of Processing*:
Merchandise export proceeds grew by 15.9 percent to US$ 21.7 billion (9.2 percent of GDP), against US$ 18.7 billion. This was mainly due to the rise in both non-oil exports by US$ 2.1 billion and oil exports by US$ 874.0 million.
Hereunder is a detailed review of oil and non-oil export proceeds: 1- Oil Export Proceeds (30.2 percent of total exports):
In FY 2016/2017, oil export proceeds scaled up by 15.4 percent to US$ 6.6 billion (from US$ 5.7 billion in the previous FY). This was owed to the increase in exports of both oil products1 by US$ 592.5 million to US$ 2.7 billion, and crude oil by US$ 281.5 million to US$ 3.8 billion (due to the hike in the average prices of oil products, natural gas, and crude oil as well as the exported quantities of oil products and natural gas).
* Table 5/2 in the Statistical Annex shows the distribution of merchandise exports by degree of processing. 1 Including natural gas & bunker and jet fuel.
0.0
2.0
4.0
6.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
US$ bnOil & Non-Oil Exports
Fiscal Year
Non-Oil Exports Oil Exports
-73-
As regards the sectoral breakdown of oil exports in the year under
review, the shares of public, private, and investment sectors were close. The private sector contributed 35.3 percent (represented mainly in crude oil), the public sector 32.9 percent (chiefly in crude oil), and the investment sector 31.8 percent (mainly in oil products). 2- Non-oil Export Proceeds (69.8 percent of total exports):
The non-oil export proceeds increased by 16.2 percent to US$ 15.1 billion (against US$ 13.0 billion in the previous FY). This was traceable to the higher export proceeds of semi-finished goods by 46.2 percent, finished goods by 7.1 percent, and raw materials by 7.0 percent. A- Semi-Finished Goods
Exports of semi-finished goods rose by 46.2 percent to US$ 4.0 billion, thanks to the rise in the exports of some goods, mainly gold by US$ 715.4 million and cast iron by US$ 261.1 million.
B- Finished Goods
Exports of finished goods increased by 7.1 percent to US$ 9.3 billion, reflecting higher exports of some goods, mainly phosphate and mineral fertilizers by US$ 246.2 million; glass and glassware by US$ 90.3 million; and telephone and communication devices by US$ 86.3 million. C- Raw Materials Exports of raw materials moved up by 7.0 percent to US$ 1.7 billion, due to higher exports of some goods, mainly fresh and dried fruits by US$ 125.0 million, and raw cotton by US$ 46.3 million.
Other Fuel, Mineral Oils &
Products
1.4%
Raw Materials10.9%
Semi-Finished Goods26.5%
Finished Goods61.2%
Relative Structure of Non-Oil Exports by Degree of Processing
FY 2016/2017
Sectoral Distribution of Non-Oil Exports
(US$ 15.1 billion)
The Private Sector
US$ 13.3 billion
Main commodities:
• Gold
• Phosphate or mineral fertilizers
• Textiles
• Ready-made clothes
The Investment Sector
US$ 1.5 billion
Main commodities:
• Ethylene-propylene polymers
• Textiles
• Carpets and other floor coverings
• Cast iron
-74-
As regards the sectoral breakdown of non-oil export proceeds in the
reporting year, the private sector acquired the lion's share of these proceeds (88.0 percent), which confirms its role in production for promoting exports. Meanwhile, the investment sector accounted for only 9.6 percent of the total and the public sector's share was no more than 2.4 percent.
5/3/2- Merchandise and Sectoral Distribution of Imports by Degree of Use*
In FY 2016/2017, import payments inched down by 0.5 percent to register only US$ 57.1 billion or 24.3 percent of GDP (against US$ 57.4 billion in the previous FY). This came as an effect of the decline in non-oil imports by US$ 2.2 billion and the rise in oil imports by US$ 1.9 billion.
* Table 5/3 in the Statistical Annex shows the distribution of merchandise import payments by degree of use.
2.04.06.08.0
10.012.014.016.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015/2016 2016/2017
US$ bnOil & Non-Oil Imports
Fiscal Year
Non-Oil Imports Oil Imports
The Public Sector
US$ 363.7 million
Main commodities:
• Aluminum and articles thereof
• Gold
• Phosphate or mineral fertilizers
• Cast iron
-75-
Hereunder is a detailed review of oil and non-oil import payments: 1- Oil Import Payments (19.6 percent of total imports):
Import payments of oil went up in the reporting year by 20.5 percent to US$ 11.2 billion, (from US$ 9.3 billion in the previous FY). This was due to the increase in import payments of both oil products** by US$ 1.3 billion to US$ 9.6 billion and crude oil by US$ 642.8 million to US$ 1.6 billion (mirroring the high global prices of crude oil and oil products, in addition to the pickup in the imports of crude oil and natural gas probably due to the increased demand for their use in the national projects under implementation).
As regards the sectoral breakdown of oil imports, the public sector
imported 85.0 percent of total oil imports (mainly oil products). Meanwhile, the private sector accounted for 11.9 percent (chiefly oil products), and the investment sector 3.1 percent (mainly crude oil).
2- Non-oil Import Payments (80.4 percent of total imports):
Non-oil import payments decreased by 4.5 percent to US$ 45.9 billion (from
US$ 48.1 billion in the previous FY), mirroring the decline in imports of consumer goods by 13.7 percent and investment goods by 8.6 percent. However, the imports of raw materials and intermediate goods scaled up by 14.2 percent and 2.8 percent, respectively.
** Including bunker & jet fuel and the imports of natural gas.
Other Fuel, Mineral Oils & Products
0.7%
Raw Materials
13.5%
Intermediate Goods34.3%
Investment Goods19.2%
Consumer Goods27.5%
Undistributed Goods4.8%
Relative Structure of Non-Oil Imports by Degree of UseFY 2016/2017
-76-
A- Consumer Goods
Imports of this group went down by 13.7 percent to only US$ 12.6 billion, due to the following declines:
- Durable consumer goods by 27.9 percent to only US$ 2.8 billion, because of
lower imports of some goods, mainly passenger cars by US$ 649.2 million, and televisions and household electric appliances by US$ 385.3 million.
- Non-durable consumer goods by 8.7 percent to register only US$ 9.9 billion,
owing to lower imports of some goods, mainly ready-made clothes by US$ 269.8 million and meat preparations by US$ 265.3 million.
B- Investment Goods
Imports of investment goods dropped by 8.6 percent to record only US$ 8.8 billion, due to the decline in the imports of some goods, mainly telephone and communication devices by US$ 642.8 million, and liquid and air pumps by US$ 212.0 million. C- Raw Materials
Imports of raw materials moved up by 14.2 percent to US$ 6.2 billion, due to higher imports of some goods, mainly wheat by US$ 453.6 million and iron ores by US$ 251.4 million. D- Intermediate Goods
Imports of intermediate goods increased by 2.8 percent to US$ 15.7 billion, on the back of the higher imports of some goods, mainly animal and vegetable fats, greases and oils by US$ 262.9 million; and hot/cold flat-rolled products by US$ 146.1 million.
As regards the sectoral breakdown of non-oil imports during the
reporting year, the private sector accounted for 71.8 percent of total non-oil imports. Meanwhile, the shares of the public and investment sectors were only 19.1 percent and 9.1 percent, in order.
Main commodities:
• Wheat
• Animal and vegetable fats, greases and oils
• Rail locomotives
• Medicines
Main commodities:
• Maize
• Medicines
• Polypropylene Polymers
• Spare parts and accessories for cars and tractors
Main commodities:
• Organic and inorganic compounds
• Textiles
• Liquid and air pumps
• Spare parts for machines and appliances
-77-
5/3/3 – Foreign Trade by Geographical Distribution*:
According to the geographical distribution of foreign trade and main trade partners, Egypt's foreign trade with the USA increased by 22.0 percent, Australia and other countries & regions by 17.6 percent, Russian Federation and the Commonwealth of Independent States by 7.3 percent, the Arab countries by 7.0 percent, other European countries by 6.7 percent, and the non-Arab African countries by 6.6 percent. Meanwhile, Egypt's foreign trade with non-Arab Asian countries and the EU countries declined by 6.9 percent and 2.3 percent, respectively.
At the level of trade partners, the UAE came on top as the main trade
partner with Egypt (constituting 7.4 percent of total foreign trade), followed by the USA (6.0 percent), China (5.6 percent), Italy (5.2 percent), Saudi Arabia (4.8 percent), Germany (4.5 percent), the UK (4.0 percent), Russia (3.6 percent), Turkey (3.5 percent), and Switzerland (3.4 percent). These countries combined constituted 48.0 percent of total foreign trade. * Table (5/4) in the Statistical Annex illustrates the geographical distribution of exports and imports.
Sectoral Distribution of Non-Oil Imports (US$ 45.9 billion)
The Public Sector
US$ 8.8 billion
The Private Sector
US$ 33.0 billion
The Investment Sector
US$ 4.1 billion
African Countries (Non-
Arab)1.7%
Russian Federation
& C.I.S.5.7%
USA
6.0% Other European Countri es
7.3%
Aus tra lia
& Other Countri es &
Regions
12.4 %
As ian Countries
(Non-Arab)15.9%
Arab Countries22.0%
EU
29.0%
Relative Structure of Trade Volume by Geographical Distribution
FY 2016/2017
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The geographical distribution of merchandise export proceeds shows that the UAE was the key importer, followed by Italy, the USA, the UK, Saudi Arabia, Turkey, Germany, and Switzerland, with a combined share of 53.0 percent of total export proceeds.
The geographical distribution of import payments shows that China was the
key exporter, followed by the USA, the UAE, Saudi Arabia, Germany, Russia, Italy, Switzerland, the UK, Turkey, France, and Qatar, with a combined share of 52.0 percent of total imports.
5/3/4 - Foreign Trade by Main Commodity and Merchandise Balances:
Breakdown of export proceeds by main commodity shows that exports of crude oil and products topped the list, with a share of 30.2 percent of total exports during the reporting year, followed by foodstuffs (excluding cereals) with 13.9 percent, then chemicals with 10.3 percent.
As for import payments, crude oil and products ranked first also, constituting
19.6 percent of total imports, followed by electric machinery, appliances and equipment & parts thereof (15.6 percent), chemicals (9.9 percent), and foodstuffs (excluding cereals) (9.8 percent).
0.0
1.0
2.0
3.0
4.0
5.0
2.9
1.8
0.1
2.0
1.0 0.8 1.2
0.20.9 0.8
0.4
2.9 2.9
4.3
2.0
2.8 2.7
1.92.6
1.9 1.9 1.8
Main Trade PartnersFY 2016/2017
Exports Imports
US$ bn
-15
-10
-5
0
5
10
15
20
Oil Foodstuffs Cereals &Milling
products
TextileMaterials &
ArticlesThereof
Chemicals ElectricalMachinery,
Appliances &Equipment &Parts Thereof
Base Metals &Products
Vehicles,Cars & Other
Means ofTransportation
US$bn
Foreign Trade by Merchandise GroupsFY 2016/2017
Exports Imports Volume of Trade
-79-
5/4- International Finance
According to international finance data in FY 2016/2017, international
finance recorded a net inflow of US$ 34.1 billion (against US$ 12.2 billion a year earlier), up by US$ 21.9 billion, as a result of the following developments:
Resources from abroad (inflows) picked up by US$ 21.8 billion, to US$
38.4 billion (against US$ 16.6 billion). Most of the rise was due to: - The marked increase in
portfolio investments in Egypt (net) by US$ 17.3 billion, due to a net inflow of US$ 16.0 billion, against a net outflow of US$ 1.3 billion during the year of comparison.
- The rise in net external borrowing by US$ 3.5 billion to US$ 14.3 billion.
- The pickup in net Foreign Direct Investment (FDI) in Egypt by US$
983.2 million, registering US$ 7.9 billion.
Outflows of interest payments and profit transfers fell by US$ 0.1 billion to US$ 4.3 billion (against US$ 4.4 billion).
Net International Finance from Abroad
(US$ mn)
Change +(-) 2016/2017* 2015/2016 During FY 21891.2 34141.5 12250.3 Net International Finance from Abroad (A+B) 21775.3 38423.3 16648.0 A- Inflows
47.5 149.0 101.5 1- Official grants (net) 3467.1 14339.9 10872.8 2- External borrowing (net)** 983.2 7915.8 6932.6 3- FDI in Egypt (net)
17272.1 15985.3 (1286.8) 4- Portfolio investments in Egypt (net) (10.9) (175.1) (164.2) 5- Direct investment abroad (net)
16.3 208.4 192.1 6- Portfolio investments abroad (net)
115.9 (4281.8) (4397.7) B- Net Interest Payments and Profit Transfers (Outflows)
(58.9) (261.4) (202.5) 1- Net profit transfers of investments in securities 319.0 (3366.5) (3685.5) 2- Net profit transfers of FDI
(270.5) (897.3) (626.8) 3- Interest on external loans and facilities 126.3 243.4 117.1 4- Net interest on deposits
* Provisional ** Including deposits of non-residents
-10.00.0
10.020.030.040.0
2014/2015 2015/2016 2016/2017
)US$ bn( Net International Finance From Abroad During FY
Net Interest Payments and Profit Transfers
Net Resources from Abroad
Net International Finance from Abroad
-80-
Below is a detailed review of the main items of international finance:
5/4/1- Foreign Direct Investment (FDI) in Egypt
During FY 2016/2017, net FDI in Egypt rose by US$ 983.2 million (inflow), to US$ 7.9 billion (relative to a year earlier). This was ascribable to the hike in investment inflows by US$ 820.4 million to US$ 13.3 billion and the decline in capital repatriation1 to US$ 5.4 billion (from US$ 5.6 billion).
Geographical Distribution of FDI in Egypt (US$ mn)
FY 2015/2016 2016/2017* Change
Net Flows of FDI in Egypt (A-B) 6932.6 7915.8 983.2
A-Total Inflows 12528.7 13349.1 820.4
USA 883.0 1832.9 949.9
EU Countries 7876.7 8693.5 816.8
Arab Countries 2277.7 1800.0 (477.7)
Other Countries 1491.3 1022.7 (468.6) 1Capital Repatriation-B 5596.1 5433.3 (162.8)
* Provisional.
The rise in investment inflows, during the year under review, was a dual
effect of the increase in investments from both the USA and the EU countries; and the decline in those from Arab countries and the rest of the world.
1 Capital repatriation means that a direct investor recovers his share in the capital of an investment enterprise - in
case of partial or full disposal - and transfers part or all of it abroad.
7.96.96.4
0
5
10
15
2016/20172015/20162014/2015
)US$ bn( Net FDI in Egypt During FY
Inflows Net Foreign Direct Inverstment in Egypt
-81-
The sectoral distribution of
total FDI inflows reveals that the oil sector attracted US$ 8.2 billion of the total; followed by services (US$ 1.3 billion); manufacturing (US$ 0.8 billion); and construction (US$ 120.8 million).
The breakdown of total FDI
inflows in Egypt by investment purpose indicated that the petroleum investments came in the first place, with a share of US$ 8.2 billion (or 61.2 percent of the total). Greenfield investments ranked second (US$ 4.7 billion or 35.5 percent), followed by investments resulting from transfers for buying real estates (US$ 0.4 billion or 3.1 percent), and proceeds from selling local entities to non-residents (US$ 20.8 million or 0.2 percent).
5/4/2- Portfolio Investment in Egypt
During FY 2016/2017, port-folio investments in Egypt shifted to a net inflow of US$ 16.0 billion (from a net outflow of US$ 1.3 billion in the previous fiscal year). This was due to the pickup in foreigners' investments in Egyptian treasury bills, resulting in net purchases of US$ 10.0 billion. Moreover, foreigners' investments in government bonds issued abroad rose to US$ 6.8 billion (following the exchange rate liberalization). In addition, foreigners' investments on EGX moved up to register net purchases of US$ 497.3 million (against US$ 157.1 million).
Manufacturing
5.8%
Agriculture 0.2%
Construction 0.9%
Petroleum 61.2%
Undistributed 22.4%
Other Services
4.7%
Real Estate 3.1%
Financial 1.7%
Services9.5%
FDI in Egypt by Economic SectorFY 2016/2017
0123456789
2016/20172015/20162014/2015
)US$ bn(FDI Inflows by Investment Purpose in FY
Greenfield investmentsTransfers for buying real estates in EgyptPetroleum sector investmentsProceeds from selling local entities to non-residents
-3000
0
3000
6000
9000
12000
15000
18000
2014/2015 2015/2016 2016/2017
)US$ mn(Net Portfolio Investment in Egypt in FY
-82-
5/4/3- External Official Grants Net official grants rose by some US$ 47.5 million in FY 2016/2017
(compared to a year earlier), mainly due to the increase in inflows of official grants by US$ 43.4 million to US$ 203.6 million. In figures, cash grants accounted for US$ 125.0 million and in- kind grants made up US$ 78.6 million. In addition, official grants transferred abroad scaled down by about US$ 4.1 million, to US$ 54.6 million.
The geographical distribution of
official grants showed that the USA ranked first with a share of US$ 85.1 million, followed by Saudi Arabia (US$ 30.7 million), Kuwait (US$ 18.2 million), Germany (US$ 14.8 million), the UK (US$ 13.5 million) and UAE (US$ 13.0 million). Other countries and international organizations contributed US$ 28.3 million.
Data from the Ministry of International Cooperation during FY 2016/2017
(as compared with the previous fiscal year) revealed that total grant commitments went down by US$ 327.4 million to US$ 306.9 million.
Official Grants: New Commitments
(US$ mn)
FY 2015/2016 2016/2017*
Total Commitments, of which: 634.3 306.9 USA 142.9 0.0 EU 175.8 213.3 Germany 82.4 13.5
Japan 18.8 20.0
France 93.5 5.4 China 61.8 0.0 Canada 23.5 21.9 Kuwait 20.7 16.0 African Development Bank 3.2 1.1
Mena Transition Fund 9.9 5.0 * Provisional.
USA41.8%
Saudi Arabia15.1%
Other countries
9.5%
Kuw ait8.9%
Germany7.3%UK
6.6%
UAE6.4%
Belgium4.4%
Geographical Distribution of Official Grants ( Inflows)in FY 2016/2017
-83-
As for the sectoral distribution of
grant commitments during the period, the services sectors came first with a share of US$ 261.9 million (of which, US$ 121.0 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).
5/4/4- External Debt
Total external debt increased by US$ 23.3 billion or 41.7 percent, reaching US$ 79.0 billion at end of June 2017 (compared to the end of June 2016). This came due to the rise in net disbursements of loans and facilities by US$ 23.6 billion as well as the depreciation of most currencies of borrowing versus the US dollar by US$ 0.3 billion. As for external debt service, it reached US$ 7.3 billion in FY 2016/2017 (principal repayments made up US$ 6.1 billion and interest payments US$ 1.2 billion). a- External Debt Structure
The data of external debt by original
maturity indicated that medium- and long-term debts (guaranteed and non-guaranteed) registered US$ 66.7 billion, or 84.5 percent of total external debt at end of June 2017. In figures, long-term debt made up US$ 48.7 billion, while medium-term debt constituted US$ 18.0 billion (mostly debts owed to inter-national & regional organizations, and deposits from Arab countries). In the meantime, short-term debt stood at US$ 12.3 billion or 15.5 percent of total external debt.
General government
39.4%
Housing & utilities28.9%
Energy & electricity
14.6%
Education, health & scientific research
13.0%
Others0.4%
Insurance & social
solidarity3.6%Agriculture
& irrigation0.1%
Sectoral Distribution of GrantsFY 2016/2017
Long -term debt
61.7 %Medium -term debt
22.8 %
Short -term debt
15.5 %
External Debt Structure by Original MaturityEnd of June 2017
-84-
Below are the main components of external debt: First- Medium-and Long-Term External Debt
- Bilateral rescheduled loans scaled down by 19.0 percent compared to the end of June 2016 to register US$ 4.3 billion at end of June 2017. In the meantime, other bilateral loans rose to US$ 6.6 billion up by 4.3 percent.
- Buyers' & suppliers' credit rose to
US$ 6.5 billion, with an increase of 108.6 percent.
- Debt of international and regional organizations scaled up by US$ 7.7 billion
or 54.4 percent compared to the end of June 2016 to reach US$ 21.7 billion. - The balance of Egyptian bonds and notes floated abroad (held by non-
residents) rose to US$ 9.0 billion, up by US$ 5.5 billion (157.2 percent). It consisted of the following:
Global Medium-Term Notes Programme issued in 2017, at a value of
US$ 6.8 billion (first tranche) and falling due in 2022, 2027, and 2047. Global Medium-Term Notes (GMTN) at a value of US$ 1.2 billion, and
falling due in 2025. Sovereign bonds issued by the government in April 2010, at a value of
US$ 988.6 million, and falling due over two tranches by 2020 and 2040.
- Long-term deposits of non-residents (representing Arab countries' deposits at the CBE) registered US$ 18.5 billion at end of June 2017, up by US$ 2.2 billion or 13.7 percent.
- Non-guaranteed debts of the private sector decreased to US$ 155.3 million (against US$ 195.4 million at end of June 2016) down by 20.5 percent.
Including the liquidity support facility provided by China Development Bank to the Central Bank of Egypt.
Private sector (non-
guaranteed) 0.2%
Rescheduled bilateral loans
6.4% Suppliers' & buyers' credits 9.7%
Other bilateral
loans 9.8%
Egyptian bonds and
notes 13.5%
Long-term deposits 27.8%
International & regional
organizations 32.6%
Medium & Long-term External DebtEnd of June 2017
-85-
Second: Short-Term External Debt
Short-term external debt (by
original maturity) increased by US$ 5.2 billion compared to the end of June 2016, to stand at US$ 12.3 billion (representing 39.2 percent of net international reserves). This was ascribed to the pickup in cash loans and short- term trade facilities by US$ 2.9 billion or 52.5 percent, to US$ 8.5 billion, and short-term deposits of non-residents by US$ 2.3 billion or 158.7 percent, to US$ 3.8 billion.
b- External Debt by Debtor
The data of external debt by debtor
indicated that external debt owed by the central and local government accelerated by US$ 10.4 billion to US$ 34.9 billion at end of June 2017, representing 44.1 percent of total external debt. Debt owed by the monetary authority scaled up by US$ 8.2 billion to US$ 30.3 billion (or 38.5 percent), and other sectors and banks by US$ 4.6 billion and US$ 0.1 billion, to US$ 9.7 billion and US$ 4.1 billion, respectively. c- External Debt by Creditor
The breakdown of external debt by
creditor revealed that US$ 22.3 billion were owed to Arab countries, mainly Saudi Arabia (10.4 percent), UAE (9.6 percent), Kuwait (6.3 percent), and Libya (1.3 percent), while debt to international and regional organizations registered US$ 21.7 billion, and
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
June 2015 June 2016 June 2017
(US$ bn)
Short-term External DebtEnd of
Deposits Loans and Facilities
France1.7%
United Kingdom
4.3%
USA2.0%
Japan2.8%
China6.0%
Germany8.0%
Other countries
8.1%
Egyptian bonds and
notes11.4%
International
& regional organizations
27.5%
Arab Countries
28.2%
External Debt by Creditor
End of June 2017
%0
%20
%40
%60
%80
%100
June 2015 June 2016 June 2017
External Debt by DebtorEnd of
Other sectors BanksMonetary authority Central & local government
-86-
Egyptian bonds and notes US$ 9.0 billion. In the meantime, US$ 19.6 billion were owed to main six countries; namely Germany (8.0 percent), China (6.0 percent), the UK (4.3 percent), Japan (2.8 percent), the USA (2.0 percent), and France (1.7 percent). d- External Debt by Borrowing Currencies
The breakdown of currency
composition of external debt showed that the US dollar accounted for the bulk of external debt, with a relative importance of 69.9 percent, due to the outstanding obligations in US dollar to creditors other than the USA. The euro came next with a share of 12.6 percent, followed by the SDRs (7.0 percent), then the Chinese yuan (3.4 percent), the Kuwaiti dinar (3.0 percent) and the Japanese yen (2.9 percent). e- External Debt Service
External debt service reached US$ 7.3 billion in FY 2016/2017. Of this
amount, principal repayments made up US$ 6.1 billion and interest payments (including interests on deposits and bonds during the period) US$ 1.2 billion. f- New Commitments on Loans and Facilities
During FY 2016/2017, new commitments on loans and facilities fell by US$ 0.8 billion to US$ 3.1 billion (against US$ 3.9 billion in FY 2015/2016). This came as an outcome of the decline of commitments of international organizations and the rise in bilateral commitments.
US Dollar 69.9%Euro
12.6%
SDRs7.0%
Chinese Yuan3.4%
Kuwaiti Dinar3.0%
Japanese Yen
2.9%
Other currencies
1.2%
External Debt Structure by CurrenciesEnd of June 2017
0.0
2.0
4.0
6.0
8.0
2014/2015 2015/2016 2016/2017
(US$ bn)
New Commitments on Loans & Facilities
-87-
g- External Debt Indicators
Despite the higher level of external
debt during FY 2016/2017, most of its 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 33.6 percent * at end of June 2017 against 16.6 percent at end of June 2016.
- The ratio of short-term external
debt to total external debt posted 15.5 percent against 12.6 percent.
- The ratio of short-term external
debt to NIRs reached 39.2 percent against 40.0 percent.
- The ratio of external debt service to exports of goods and services during
FY 2016/2017 reached 19.1 percent against 14.6 percent a year earlier. - The ratio of external debt service to current receipts registered 13.0
percent against 9.8 percent a year earlier.
* This was partly due to the decision of Egyptian pound liberalization on November 3, 2016.
0
20
40
60
80
2015 2016 2017
%External Debt Indicators
End of June
Government External Debt / Total External Debt
External Debt /GDP
Short-term Debt / Net International Reserves
Short-term Debt / Total External Debt
0
5
10
15
20
25
2014/2015 2015/2016 2016/2017
% External Debt Indicators
Debt Service / Current Receipts (includingtransfers)Debt Service / Exports of Goods andServices
Annex
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) Implemented Investments (Current Prices) by Economic Sector (1/4) Position of Egyptian Cotton (1/5) Exports of Egyptian Cotton (1/6) Consumer Price Index (Urban Population) (January 2010 = 100) (1/7) Producer Price Index (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 and Other Items (Net) (2/1/7) Total Saving Vessels (2/1/8) Bank Lending and Discount Balances to Business Sector
Financial Sector
(2/2/1) Structure of the Egyptian Banking System and Banking Density (2/2/2) Representative Offices of Foreign Banks in Egypt Registered with the
CBE (on June 30, 2017)
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
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) Outstanding Balance of Treasury Bills (Quarterly) (3/6) 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)
(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 LE per foreign currency unit) (5/6) External Debt Structure (5/7) Distribution of External Debt by Main Currencies (5/8) Main External Debt Indicators
(LE mn)
2015/2016 2016/2017 2016/2017Public Private Total Public Private Total Public Private Total
Total GDP 641872.0 1264261.9 1906133.9 650115.0 1324070.9 1974185.9 1.3 4.7 3.6
Agriculture, irrigation & fishing 157.3 212687.3 212844.6 165.6 219577.7 219743.3 5.3 3.2 3.2
Extractions 181260.8 56315.8 237576.6 177794.5 55515.1 233309.6 (1.9) (1.4) (1.8) Oil 95320.5 16249.2 111569.7 89354.3 15013.1 104367.4 (6.3) (7.6) (6.5)Gas 84607.5 15935.9 100543.4 87058.1 15548.4 102606.5 2.9 (2.4) 2.1Others 1332.8 24130.7 25463.5 1382.1 24953.6 26335.7 3.7 3.4 3.4
Manufacturing 91575.1 209629.4 301204.5 90339.0 217063.7 307402.7 (1.3) 3.5 2.1
Oil refining 68781.6 3622.5 72404.1 66680.7 3510.4 70191.1 (3.1) (3.1) (3.1)
Others 22793.5 206006.9 228800.4 23658.3 213553.3 237211.6 3.8 3.7 3.7
Electricity 28433.2 4556.4 32989.6 28972.1 4634.0 33606.1 1.9 1.7 1.9
Water, Sanitation and Recycling 10756.3 1199.6 11955.9 11175.8 1244.7 12420.5 3.9 3.8 3.9
Construction & Building 9753.2 86741.7 96494.9 10628.2 95077.5 105705.7 9.0 9.6 9.5
Transportation & Storage 15801.1 68013.6 83814.7 16695.4 71570.4 88265.8 5.7 5.2 5.3
Communication 11321.1 45566.9 56888.0 12666.6 51316.6 63983.2 11.9 12.6 12.5
Information 433.4 5517.5 5950.9 450.0 5740.4 6190.4 3.8 4.0 4.0
Suez Canal 32753.7 0.0 32753.7 33210.0 0.0 33210.0 1.4 0.0 1.4
Wholesale & Retail Trade 14018.2 240499.2 254517.4 14660.6 253215.9 267876.5 4.6 5.3 5.2
Financial Intermediaries & Auxiliary Services 44482.6 30430.8 74913.4 46162.0 31748.8 77910.8 3.8 4.3 4.0
Social Security and Insurance 10869.4 3386.8 14256.2 11299.0 3528.0 14827.0 4.0 4.2 4.0
Tourism 336.2 30636.7 30972.9 301.9 31876.0 32177.9 (10.2) 4.0 3.9
Real Estate 2019.4 179495.8 181515.2 2100.1 188798.2 190898.3 4.0 5.2 5.2
Real Estate Ownership 253.8 126540.7 126794.5 264.6 133365.5 133630.1 4.3 5.4 5.4
Business Services 1765.6 52955.1 54720.7 1835.5 55432.7 57268.2 4.0 4.7 4.7
General Government 185446.7 0.0 185446.7 190959.0 0.0 190959.0 3.0 0.0 3.0
Social Services 2454.3 89584.4 92038.7 2535.2 93163.9 95699.1 3.3 4.0 4.0
Education 0.0 33751.6 33751.6 0.0 35062.9 35062.9 0.0 3.9 3.9
Health 2159.4 40782.2 42941.6 2229.0 42360.6 44589.6 3.2 3.9 3.8Others 294.9 15050.6 15345.5 306.2 15740.4 16046.6 3.8 4.6 4.6
Source: Ministry of Planning, Monitoring, and Administrative Reform.
(1/1) GDP at Factor Cost by Economic Sector
At 2011/2012 prices P
/1
Sectors
Rate of change + (-) (%)
2015/2016 2016/2017 2015/2016 2016/2017 2015/2016 2016/2017
1- GDP at Market Price (2+5-6) 1918.1 1998.3 100.0 100.0 4.3 4.2
2- Total Domestic Expenditure (3+4) 2105.7 2211.6 109.8 110.7 5.5 5.0
3- Final Consumption 1803.7 1875.4 94.1 93.9 4.6 4.0
Final private consumption 1573.0 1638.9 82.0 82.0 4.7 4.2
Final government consumption 230.7 236.5 12.1 11.9 3.9 2.5
4- Gross Capital Formation 302.0 336.2 15.7 16.8 11.2 11.3
Investments 290.0 325.3 15.1 16.3 13.0 12.2
Change in stock 12.0 10.9 0.6 0.5 (19.5) (9.2)
5- Exports of Goods & Services 217.1 403.9 11.3 20.2 (15.0) 86.0
6- Imports of Goods & Services 404.7 617.2 21.1 30.9 (2.2) 52.5
(1/2) GDP by Expenditure
At 2011/2012 prices
Value at LE bn Structure (%) Rate of change + (-) (%)
Source: Ministry of Planning, Monitoring, and Administrative Reform.
P/2
Government
Sector
Economic
Authorities
Public
Companies
Private
SectorTotal
Government
Sector
Economic
Authorities
Public
Companies
Private
SectorTotal
Total Investments 69249.9 79043.4 33128.7 210616.9 392038.9 109141.3 53289.6 81094.6 270783.5 514309.0
Agriculture, Irrigation & Reclamation 4844.6 194.2 0.4 11240.0 16279.2 4664.5 158.4 0.1 17040.0 21863.0
Crude Oil 0.0 28121.0 1492.7 2614.0 32227.7 0.0 4202.3 2344.3 2650.0 9196.6
Natural Gas 0.0 2573.2 2990.0 30190.0 35753.2 0.0 16312.7 6626.0 42980.0 65918.7
Other Extractions 0.0 0.0 0.0 14200.0 14200.0 0.0 0.0 14.9 15000.0 15014.9
Oil Refining 0.0 0.0 724.3 0.0 724.3 0.0 0.0 869.5 0.0 869.5
Other Manufacturing 160.1 62.2 5860.8 42000.0 48083.1 72.6 3.4 2180.5 45600.0 47856.5
Electricity 1064.4 3763.9 12226.6 1281.4 18336.3 1199.1 5371.4 64230.0 20.0 70820.5
Water 5664.8 2831.9 0.0 0.0 8496.7 3828.7 1952.6 0.0 0.0 5781.3
Drainage 6305.0 1736.6 0.0 0.0 8041.6 7561.6 1127.4 0.0 0.0 8689.0
Construction & Building 316.5 0.0 4313.5 7000.0 11630.0 167.8 7.0 1009.0 11500.0 12683.8
Transportation & Storage 15053.9 6284.2 4837.3 14500.0 40675.4 22861.6 5942.9 2811.3 19500.0 51115.8
Communications 219.3 315.7 0.0 14200.0 14735.0 492.8 793.6 0.0 15000.0 16286.4
Information 181.5 227.1 0.0 6300.0 6708.6 626.6 78.6 0.1 7000.0 7705.3
Suez Canal 0.0 31447.8 0.0 0.0 31447.8 0.0 15675.3 0.0 0.0 15675.3
Wholesale & Retail Trade 0.0 30.4 376.9 15000.0 15407.3 0.0 71.4 390.4 16200.0 16661.8
Financial Intermediaries, Insurance and Social Solidarity 27.5 114.0 3.1 0.0 144.6 6.1 1.0 6.5 0.0 13.6
Tourism 13.3 23.0 150.0 2922.5 3108.8 3.8 23.6 380.0 4300.0 4707.4
Real Estate 7851.4 30.6 0.0 31300.0 39182.0 11174.7 346.6 0.0 52433.5 63954.8
Educational Services 5955.0 463.9 0.0 5100.0 11518.9 9111.5 326.6 0.0 6100.0 15538.1
Health Services 3160.2 294.5 0.0 4100.0 7554.7 4504.9 287.2 0.0 5460.0 10252.1
Others 18432.4 529.2 153.1 8669.0 27783.7 8865.0 607.6 232.0 10000.0 19704.6
Settlements 0.0 0.0 0.0 0.0 0.0 34000.0 0.0 0.0 0.0 34000.0
(1/3) Implemented Investments (Current Prices) by Economic Sector
P/3
(LE mn)
2015/2016 2016/2017
Source: Ministry of Planning, Monitoring, and Administrative Reform
Cultivated Opening Imported Total Total Domestic Total Average
Area Extra Stock Cotton Supply Exports Consumption Demand Productivity
(Thousand
Feddans)Long (utilized) (Metric cantar
per Feddan)
(1) (2) (3) (4)=(2+3) (5) (6) (7)=(4+5+6) (8) (9) (10)=(8+9) (11)=(4/1)
2007/2008 575 815 3627 4442 1411 659 6512 2584 2535 5119 7.7
2008/2009 313 459 1647 2106 736 1373 4215 381 879 1260 6.7
2009/2010 288 257 1634 1891 436 1274 3601 1560 556 2116 6.5
2010/2011 375 556 2059 2615 226 840 3681 2213 646 2859 7.0
2011/2012 525 791 2895 3686 283 222 4191 1732 1353 3085 7.0
2012/2013 340 183 1961 2144 848 177 3169 1443 1449 2892 6.4
2013/2014 288 96 1785 1881 206 918 3005 934 794 1728 6.5
2014/2015 376 72 2124 2196 184 620 3000 969 562 1531 5.8
2015/2016 249 34 1038 1072 839 480 2391 666 659 1325 4.3
2016/2017 132 41 669 710 657 .. .. 773 529 1302 5.4
Source: Cotton, Spinning and Weaving Holding Company.
..Not available
(1/4) Position of Egyptian Cotton
(Thousand metric cantars)
Season
Production
Long & long
meduimTotal
P/4
QuantityRelative
ImportanceQuantity
Relative
Importance
Export Commitments 665964 100.0 773026 100.0
Asian Countries 399340 60.0 520280 67.3
India 281980 42.3 354804 45.9
Pakistan 65380 9.8 91650 11.9
China 11680 1.8 46120 6.0
South Korea 4370 0.7 0 0.0
Japan 3700 0.6 2006 0.2
Bangladesh 19130 2.9 21140 2.7
Indonesia 6000 0.9 0 0.0
Taiwan 2760 0.4 1340 0.2
Thailand 4340 0.6 3220 0.4
Malaysia 0 0.0 0 0.0
Maynamar 0 0.0 0 0.0
EU Countries 52480 7.9 57116 7.4
Italy 18790 2.8 10476 1.4
Portugal 14040 2.1 23550 3.0
Germany 8350 1.3 13210 1.7
Slovenia 10440 1.6 9880 1.3
Belgium 640 0.1 0 0.0
Greece 220 0.0 0 0.0
Spain 0 0.0 0 0.0
Other European Countries 62620 9.4 37030 4.8
Turkey 41840 6.3 34090 4.4
Switzerland 20780 3.1 2940 0.4
USA 9280 1.4 15220 2.0
Arab Countries 8684 1.3 8480 1.1
UAE 5334 0.8 0 0.0
Bahrain 0 0.0 4420 0.6
Morocco 3350 0.5 4060 0.5
Qatar 0 0.0 0 0.0
Other Countries 21500 3.2 16090 2.1
Brazil 17570 2.6 11280 1.4
Mexico 810 0.1 460 0.1
Peru 0 0.0 0 0.0
Russia 0 0.0 0 0.0
Vietnam 0 0.0 0 0.0
Australia 3120 0.5 4350 0.6
Free Zone (Egypt) 112060 16.8 118810 15.3
Source: Cotton, Spinning and Weaving Holding Company.
P/5
(1/5) Exports of Egyptian Cotton
(Metric cantars)
From the beginning of season
till the end of season
2015/2016 2016/2017
Groups
All Items 100.0 162.5 185.2 240.3 14.0 29.8
Food & Non-Alcoholic Beverages 39.92 191.4 225.1 315.8 17.6 40.3
Alcoholic Bevrages & Tobacco 2.19 314.6 320.8 429.5 2.0 33.9
Clothing & Footwear 5.41 123.1 135.7 176.0 10.2 29.7
Housing,Water, Electricity, Gas & Fuel 18.37 124.2 130.8 140.9 5.3 7.7
Furnishings, Household Equipment & Routine Maintenance of the House
3.77 139.1 157.7 202.1 13.4 28.2
Health Care 6.33 131.2 172.5 194.3 31.5 12.7
Transportation 5.68 139.2 144.2 181.6 3.7 25.9
Communications 3.12 96.8 96.9 98.6 0.0 1.8
Recreation & Culture 2.43 168.1 190.6 282.7 13.4 48.3
Education 4.63 196.9 219.0 246.0 11.2 12.3
Restaurants & Hotels 4.43 177.5 215.4 268.2 21.3 24.5
Miscellaneous Goods & Services 3.72 111.5 121.1 159.8 8.6 31.9
* 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.
2015/2016 2016/2017
Source: Central Agency for Public Mobilization and Statistics (CAPMAS), (Monthly bulletin of Consumer Price Index).
(1/6) Consumer Price Index (Urban Population) (January 2010=100)*
Relative Weights June 2015 June 2016 June 2017
Inflation Rate (%)
Fiscal Year
P/6
2015/2016 2016/2017
All Items 100.0 204.4 216.0 291.4 5.7 34.9
Agriculture & Fishing 25.1 298.1 339.0 447.4 13.7 32.0
Mining & Quarrying 21.8 125.9 102.5 103.5 (18.6) 1.0
Manufacturing 38.9 201.1 212.2 321.1 5.5 51.3
Electricity, Gas, Steam & Air Conditioning Supply 2.3 251.2 266.9 376.0 6.3 40.9
Water Supply, Sewerage, Waste Management & Remediation Activities
2.0 205.7 256.9 256.9 24.9 0.0
Transportation & Storage 2.8 164.8 169.8 191.5 3.0 12.8
Accommodation & Food Service Activities 5.0 139.6 149.7 201.9 7.2 34.9
Information & Communication 2.1 112.5 112.5 112.5 0.0 0.0
Source: Central Agency for Public Mobilization and Statistics (CAPMAS), (the bi-monthly bulletin of the Producer Price Index).
(1/7) Producer Price Index (2004/2005=100)
Relative Weights June 2015 June 2016 June 2017
Rate of Change in PPI + (-) (%)
Fiscal Year
P/7
Sections
End of June 2011 2012 2013 2014 2015 2016 2017
Reserve Money 250992 263668 317944 364473 485876 478076 577582
Currency in circulation outside CBE* 179096 204870 260849 288651 313468 368459 452035
Banks' deposits in local currency at CBE 71896 58798 57095 75822 172408++ 109617 125547
Counterpart Assets 250992 263668 317944 364473 485876 478076 577582
Net Foreign Assets 147197 76059 38235 37395 25278 -44863 3690
Foreign Assets 156331 92169 101685 115770 148098 149943 551514
Gold 16343 19979 17239 18983 18195 22820 46910
Foreign securities 114608 51524 34163 61506 104523 32795 225711
Foreign currencies 25380 20666 50283 35281 25380 94328 278893
Foreign Liabilities 9134 16110 63450 78375 122820 194806 547824
Net Domestic Assets 103795 187609 279709 327078 460598 522939 573892
Net Claims on Government+ 102562 165374 299806 419218 523893 619410 708637
Claims; of which: 189621 256605 404837 463724 620003 706885 821975
Government securities 130597 178831 238831 240331 240330 390830 714454
Deposits 87059 91231 105031 44506 96110 87475 113338
Net Claims on Banks 147 -2706 -5811 -9045 -26334 59621 157141
Claims 23496 22296 27259 25265 25017 120432 286855
Deposits in foreign currencies 23349 25002 33070 34310 51351 60811 129714
Other Items (Net) 1086 24941 -14286 -83095 -36961++ -156092 -291886
Source : Central Bank of Egypt.
* Including subsidiary coins issued by the Ministry of Finance.
+ Including public economic authorities and NIB.
++ 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.
P/8
(2/1/1) CBE Financial Position: Reserve Money and Counterpart Assets
(LE mn)
End of June 2011 2012 2013 2014 2015* 2016 2017
1- Domestic Liquidity 1009411 1094408 1296086 1516601 1765492 2094500 2918193
A- Money Supply 248707 274510 344100 410554 499065 572935 707427
Currency in circulation outside the banking system 167887 194027 241011 270856 292699 346853 419058
Demand deposits in local currency 80820 80483 103089 139698 206366 226082 288369
B- Quasi-Money 760704 819898 951986 1106047 1266427 1521565 2210766
Time & saving deposits in local currency 583732 633858 727778 869976 1003432 1197746 1516480
Demand and time & saving deposits in foreign currencies 176972 186040 224208 236071 262995 323819 694286
2- Counterpart Assets
Net foreign assets 253500 157624 123198 119162 51487 -87389 61056
Domestic credit 892766 1072566 1343140 1625141 1978211 2460115 3111270
Other items (net) -136855 -135782 -170252 -227702 -264206 -278226 -254133
* As of March 2015, data of Arab International Bank were added to the banking survey, thereby affecting the related tables.
Source : Central Bank of Egypt.
P/9
(LE mn)
(2/1/2) Banking Survey: Domestic Liquidity and Counterpart Assets
End of June 2011 2012 2013 2014 2015 2016 2017
Total Deposits in Local Currency 664552 714341 830867 1009674 1209798 1423828 1804849
1- Demand Deposits 80820 80483 103089 139698 206366 226082 288369
Public business sector * 6670 7363 6825 8523 16050 20628 24154
Private business sector 43324 39083 55804 76384 123964 129896 152851
Household sector 31645 34944 41401 55560 67133 76924 112974
Minus: Purchased cheques & drafts 819 907 941 769 781 1366 1610
2- Time and Saving Deposits 583732 633858 727778 869976 1003432 1197746 1516480
Public business sector * 22608 17480 17298 17812 21843 23105 23136
Private business sector 60736 53862 65141 75577 106386 135249 130639
Household sector 500388 562516 645339 776587 875203 1039392 1362705
P/1
0
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
(LE mn)
(2/1/3) Banking Survey: Deposits in Local Currency
End of June 2011 2012 2013 2014 2015 2016 2017
Total Deposits in Foreign Currencies 176972 186040 224208 236071 262995 323819 694286
1- Demand Deposits 41298 44965 55152 62214 68631 75910 150042
Public business sector * 1248 980 1285 1307 2580 3318 5979
Private business sector 26039 29669 35412 37696 39387 47471 90884
Household sector 14077 14443 18535 23275 26695 25150 53259
Minus: Purchased cheques & drafts 66 127 80 64 31 29 80
2- Time and Saving Deposits 135674 141075 169056 173857 194364 247909 544244
Public business sector * 6301 7832 11307 12405 12469 14607 32409
Private business sector 34202 34827 41160 37092 39453 51961 102016
Household sector 95171 98416 116589 124360 142442 181341 409819
P/1
1
Source: Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
(LE mn)
(2/1/4) Banking Survey : Deposits in Foreign Currencies
End of June 2011 2012 2013 2014 2015 2016 2017
Net Foreign Assets 253500 157624 123198 119162 51487 -87389 61056
1- Foreign Assets 295480 206965 220039 231608 234312 231475 890640
Central Bank of Egypt 156331 92169 101685 115770 148098 149943 551514
Banks 139149 114796 118354 115838 86214 81532 339126
2- Foreign Liabilities 41980 49341 96841 112446 182825 318864 829584
Central Bank of Egypt 9134 16110 63450 78375 122820 194806 547824
Banks 32846 33231 33391 34071 60005 124058 281760
Source: Central Bank of Egypt.
(LE mn)
(2/1/5) Banking Survey: Foreign Assets and Liabilities
P/1
2
End of June 2011 2012 2013 2014 2015 2016 2017
1-Domestic Credit 892766 1072566 1343140 1625141 1978211 2460115 3111270
Net claims on the government (A+B-C) 437337 578654 802539 1045186 1291427 1654910 1979641
A-Securities 542792 677139 832770 1004342 1193595 1614650 2155163
B-Credit facilities 98826 111362 201787 264196 446094 489795 462244
C-Government deposits 204281 209847 232018 223352 348262 449535 637766
Claims on public business sector * 32981 40620 42866 45417 63218 93073 148715
Claims on private business sector 323241 340865 369814 389275 448276 504258 744572
Claims on household sector 99207 112427 127921 145263 175290 207874 238342
2-Other Items (Net) -136855 -135782 -170252 -227702 -264206 -278226 -254133
Capital accounts -146543 -168778 -200057 -233369 -263117 -305204 -495952
Net unclassified assets and liabilities (Including net Interbank Debt and Credit Position)
9688 32996 29805 5667 -1089 26978 241819
P/1
3
* Including all public sector companies subject or not to Law No 203 for 1991.
Source: Central Bank of Egypt.
(LE mn)
(2/1/6) Banking Survey: Domestic Credit / Other Items (Net)
End of June 2011 2012 2013 2014 2015 2016 2017
Total Saving Vessels 955163 1028953 1178318 1360870 1544783 1849555 2564061
Savings at the Banking System 760704 819898 951986 1106047 1266427 1521565 2210766
Time & saving deposits in local currency 583732 633858 727778 869976 1003432 1197746 1516480
Demand and time & saving deposits in foreign currencies 176972 186040 224208 236071 262995 323819 694286
Net Sales of Investment Certificates 94428 97745 102159 108378 108875 139771 155897
Post Office Saving Deposits 100031 111310 124173 146445 169481 188219 197398
P/1
4
Source: Central Bank of Egypt.
(LE mn)
(2/1/7) Total Saving Vessels
End of June 2011 2012 2013 2014 2015 2016 2017
Total 32688 40417 42666 45100 62970 92832 148302
In Local Currency 24560 31581 33673 35107 43742 65168 95621
Agriculture 105 - - 21 2 - -
Manufacturing 10167 14465 15779 19303 23917 29582 37950
Trade 918 1651 1423 2359 2778 4275 5411
Services 13370 15465 16471 13424 17045 31311 52260
In Foreign Currencies 8128 8836 8993 9993 19228 27664 52681
Agriculture - - - - - - -
Manufacturing 2237 1938 1247 2003 6361 6035 19357
Trade 934 955 624 904 1208 883 736
Services 4957 5943 7122 7086 11659 20746 32588
Source: Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
P/1
5
(LE mn)
(2/1/8) Bank Lending and Discount Balances to Business Sector
Public Business Sector*
End of June 2011 2012 2013 2014 2015 2016 2017
Total 284756 304386 331200 348971 403434 459582 676227
In Local Currency 187811 207334 216664 227819 252405 302322 396626
Agriculture 6295 4573 4853 5118 5833 8384 8259
Manufacturing 78448 92477 97492 102245 110762 126105 178576
Trade 36265 39244 43411 45572 47245 61355 74671
Services 66803 71040 70908 74884 88565 106478 135120
In Foreign Currencies 96945 97052 114536 121152 151029 157260 279601
Agriculture 2314 1398 1366 1666 2595 2025 2693
Manufacturing 48551 52259 63040 68238 83812 86203 152027
Trade 9508 7616 9063 11115 15965 14965 21899
Services 36572 35779 41067 40133 48657 54067 102982
Source: Central Bank of Egypt.
P/1
6
(LE mn)
(2/1/8) Bank Lending and Discount Balances to Business Sector (Contd.)
Private Business Sector
End of JuneNumber of Banks
Operating in Egypt Number of Branches Banking Density
2011 39 3573 22.5
2012 40* 3610 22.9
2013 40 3651 23.2
2014 38** 3710 23.4
2015 38 3766 23.6
2016 38 3882 23.5
2017 38 4009 23.3
* After adding the Arab International Bank to the Banks' Register and being under the supervision of the CBE
as of 5/6/2012.
** The National Bank of Oman & The Bank of Nova Scotia, obtained approvals to cease operations in Egypt in December 2013
and March 2014, respectively.
(2/2/1) Structure of the Egyptian Banking System
P/1
7
and Banking Density
Source: Central Bank of Egypt.
Name Registration Date Address
Al-Raghi Bank 20/10/1993 2 Aly Rashed St., Star Capital 2, 3rd floor, Office 34, CityStars, Heliopolis, Cairo.
The Bank of New York Mellon 27/10/1993 Concordia Building No. B2111, Smart Village, Cairo-Alex.desert road, 6th of October,Giza.
Commerz Bank AG. 31/05/1994 Building No. 2401 B, 1st floor, Smart Village, Cairo-Alex. Highway (28 Km), 6th of October.
Monte dei Paschi di Siena S.P.A 05/07/1994 10 Sarai EL- Gezeera St., 2nd floor, Flat No. 5, Zamalek 11211,Cairo.
Union De Banques Arabes et Francaises (UBAF) 15/08/1994 4 Behlar Passage, Kasr El-Nil St., Cairo.
Deutsche Bank AG 10/11/1994 Building No. 47 Section 1, City Center, New Cairo.
Intesa Sanpaolo Spa 13/03/1995 3 Abou El Feda St., Zamalek, Cairo.
JP Morgan Chase Bank N.A 05/08/1996 3, Ahmed Nessim St., Giza.
Bank of Tokyo Mitsubishi UFJ Ltd. 04/03/1997 Nile City Towers, South Tower, 10th floor/C, Corniche El-Nil, Cairo.
Credit Suisse AG 16/03/1998 7 b ,Ibn Shamer, Giza.
Credit Industriel et Commercial,CIC 22/07/1999 28 Sherif St., Cairo.
B.H.F Bank AG 02/08/1999 8 El-Sadd El-Aley St., Dokki, Giza.
Natixis 22/03/2000 El-Kamel Building, 54/B, Banks Zone, 6th of October.
Bank of Valletta Plc 10/07/2003 7 El Sawra square, Dokki, 7th floor, flat #71 .
Sumitomo Mitsui Banking Corporation 19/01/2004 Nile City Towers, North Tower 2005 C, 23rd floor, Corniche El Nile, Ramelet Boulak, Cairo.
Standard Chartered Bank 12/09/2005 El Shekha Fatma St.,City Stars Office Bldgs.,Star Capital "2", Office 21/22 Heliopolis, Cairo.
Sudanese Egyptian Bank 28/05/2008 4 Ahmed Basha St., 16th floor, Garden City, Cairo.
China Development Bank Corporation 02/11/2009 Apartment (no. 1 & 2), Building 41 A, St. 18., Maadi, Cairo.
Türkiye Iş Bankasi A.Ş 31/03/2010 Nile City Towers, North Tower, 27th floor, Corniche El-Nile, Cairo.
Caixa Bank S.A 08/07/2012 Nile City Towers, North Tower, 23rd floor, Corniche El-Nile, Cairo.
Source : Central Bank of Egypt.
(2/2/2) Representative Offices of Foreign Banks in Egypt Registered with the CBE
(on June 30, 2017)
P/18
End of June 2011 2012 2013 2014 2015 2016 2017
Currency By Denomination+ 179794 207473 264128 289875 314885 369321 453081
PT 25 161 147 143 146 159 166 170
PT 50 303 296 293 316 355 365 407
LE 1 909 890 913 945 969 1029 1238
LE 5 2738 1944 1902 1833 1828 2431 3080
LE 10 2983 2940 3192 3516 3504 3089 3815
LE 20 9950 7809 6654 6809 6749 6093 6899
LE 50 22350 21720 25017 25279 30767 29115 28434
LE 100 73444 83606 107212 115749 114574 132481 159390
LE 200 66956 88121 118802 135282 155980 194552 249648
Source: Central Bank of Egypt.
+ Including coins denominations of 25,50,&100 piasters.
P/1
9
(LE mn)
(2/3/1) Note Issued by Denomination
End of June 2011 2012 2013 2014 2015 2016 2017
Total Currency in Circulation Outside CBE 179096 204870 260849 288651 313468 368459 452035
Subsidiary Coins & Notes* 324 351 377 408 428 436 448
PT 25 161 147 142 145 158 166 170
PT 50 302 296 292 314 352 364 406
LE 1 907 888 910 941 963 1027 1233
LE 5 2654 1897 1839 1763 1803 2392 3048
LE 10 2886 2797 2949 3263 3411 3018 3742
LE 20 9672 7527 6465 6668 6636 6003 6670
LE 50 22246 20629 24765 25154 30579 29004 28316
LE 100 73269 82961 106192 115402 114027 132277 159129
LE 200 66675 87377 116918 134593 155111 193772 248873
Source: Central Bank of Egypt.
* Issued by the Ministry of Finance.
P/2
0
(LE mn)
(2/3/2) Currency in Circulation Outside the CBE by Denomination
During FY 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) 13012 12829 13266 12886 13439 13500 12449
Value of transactions (LE bn) 627 661 728 789 966 1047 1249
2- Other Transactions via RTGS**
Number of transactions (in unit) 1248692 1298763 1230197 1034549 1021058 1074548 1197635
Value of transactions (LE bn) 15880 9402 12294 16421 22587 29709 33349
Foreign Currency Transfers (Dollar Interbank Transactions) via the Fin-Copy
System***
Number of transactions (in unit) 15066 14080 9885 4842 5482 3399 8367
Value of transactions (US$ mn) 88052 62321 34523 8468 7597 9257 6916
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.
P/2
1
(2/3/3) CBE: Transactions via RTGS and SWIFT
End of June 2011 2012 2013 2014 2015* 2016 2017
Assets
Cash 14830 14534 29227 27276 27381 31432 57471
Securities & investments in TBs of which: 474176 555326 653889 825524 1016025 1283616 1537036
Balances with banks in Egypt, of which: 117010 104269 131326 174786 240336 374644 876544
Loans and discounts 885 978 953 363 1500 1682 4713
Balances with banks abroad, of which: 96080 75905 77012 78742 54834 51074 283966
Loans and discounts 1398 2714 1800 2284 1520 1391 2502
Loan and discount balances 474139 506736 549120 587852 717999 942727 1426457
Other assets 93455 109390 123275 122693 142404 162601 239386
Assets =Liabilities 1269690 1366160 1563849 1816873 2198979 2846094 4420860
Liabilities
Capital 59049 67345 72061 77555 92550 100726 128420
Reserves 22056 25539 35838 47022 50080 63002 185846
Provisions 55105 54127 61264 62777 66049 66880 107859
Long-term loans & bonds 26180 27840 30312 30168 38453 48532 123960
Obligations to banks in Egypt 28171 19009 25608 17858 20763 60551 286116
Obligations to banks abroad 15168 14792 15222 14699 30147 86060 194551
Total deposits 957037 1023517 1186985 1429432 1734178 2116117 3027811
Other liabilities, of which: 106924 133991 136559 137362 166759 304226 366297
Cheques payable 5143 4848 4850 6880 8175 10984 12300
Source : Central Bank of Egypt.
P/2
2
*As of March 2015, data of the Arab International Bank were added to the aggregate financial position for banks, thereby affecting the related tables
(2/4/1) Banks : Aggregate Financial Position
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total Deposits 957037 1023517 1186985 1429432 1734178 2116117 3027811
Demand deposits 130087 133705 167939 215870 308915 354033 527044
Time & Saving deposits and saving accounts 789407 851116 974286 1157976 1330179 1641305 2319072
Blocked or retained deposits 37543 38696 44760 55586 95084 120779 181695
Local Currency Deposits 724878 777806 896477 1093686 1369674 1691590 2120787
Demand deposits 86967 86742 110598 150297 236440 275374 368774
Time & Saving deposits and saving accounts 615839 666995 759515 907531 1054047 1318564 1618131
Blocked or retained deposits 22072 24069 26364 35858 79187 97652 133882
Foreign Currency Deposits 232159 245711 290508 335746 364504 424527 907024
Demand deposits 43120 46963 57341 65573 72475 78659 158270
Time & Saving deposits and saving accounts 173568 184121 214771 250445 276132 322741 700941
Blocked or retained deposits 15471 14627 18396 19728 15897 23127 47813
Source : Central Bank of Egypt.
P2
3
(2/4/2) Banks : Deposits by Maturity
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total Deposits 957037 1023517 1186985 1429432 1734178 2116117 3027811
Local Currency Deposits 724878 777806 896477 1093686 1369674 1691590 2120787
Government sector 56728 58930 60252 78425 149115 258021 303714
Public business sector * 29278 24843 24123 26336 37893 43733 47290
Private business sector 103965 92697 120807 151740 230143 263961 283312
Household sector 532033 597460 686740 832147 942336 1116316 1475679
External sector ** 2874 3876 4555 5038 10187 9559 10792
Foreign Currency Deposits 232159 245711 290508 335746 364504 424527 907024
Government sector 51403 55731 62018 95513 96452 96876 204858
Public business sector * 7549 8812 12592 13712 15049 17925 38388
Private business sector 60241 64496 76572 74788 78840 99432 192900
Household sector 109248 112859 135124 147634 169137 206491 463078
External sector ** 3718 3813 4202 4099 5026 3803 7800
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
** Including counterpart deposits of USAID.
P/2
4
(2/4/3) Banks : Deposits by Sector
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total Deposits 957037 1023517 1186985 1429432 1734178 2116117 3027811
Local Currency Deposits 724878 777806 896477 1093686 1369674 1691590 2120787
Agriculture 3792 2820 3313 4444 5272 6851 6263
Manufacturing 38119 31985 46339 59636 107152 127232 137828
Trade 24304 21097 28685 38121 58793 67440 69092
Services 62311 55171 65026 79390 119610 147640 171708
Unclassified sectors 596352 666733 753114 912095 1078847 1342427 1735896
Foreign Currency Deposits 232159 245711 290508 335746 364504 424527 907024
Agriculture 771 935 1272 1246 1640 1976 2395
Manufacturing 24876 27775 35112 34699 33317 44570 88530
Trade 14182 15014 15199 16032 17621 22310 34527
Services 28529 27432 33695 33417 36233 42959 95729
Unclassified sectors 163801 174555 205230 250352 275693 312712 685843
Source : Central Bank of Egypt.
P/2
5
(2/4/4) Banks : Deposits by Economic Activity
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total 474176 555326 653889 825524 1016025 1283616 1537036
In Local Currency 442648 494934 571204 716059 900418 1070906 1088193
Government sector 407814 461821 536155 678512 861935 1033467 1034571
Public business sector * 980 714 505 527 383 306 448
Private business sector 33764 32310 34469 36938 38021 37060 53126
Household sector - - - - - - -
External sector 90 89 75 82 79 73 48
In Foreign Currencies 31528 60392 82685 109465 115607 212710 448843
Government sector 4382 36488 57784 85500 91330 190352 406138
Public business sector * - - - - - - -
Private business sector 5475 4708 4575 4149 9471 10498 20950
Household sector - - - - - - -
External sector 21671 19196 20326 19816 14806 11860 21755
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
P/2
6
(2/4/5) Banks : Portfolio Investments by Sector
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total 474139 506736 549120 587852 717999 942727 1426457
In Local Currency 327764 364175 387880 418371 479357 672578 867213
Government sector 18191 14615 11401 11872 10855 100230 142710
Public business sector * 24560 31581 33673 35107 43742 65169 95621
Private business sector 187811 207334 216664 227819 252405 302396 396626
Household sector 96112 109738 125505 143251 171989 204470 231403
External sector 1090 907 637 322 366 313 853
In Foreign Currencies 146375 142561 161240 169481 238642 270149 559244
Government sector 21611 18974 24379 28930 55566 73510 212013
Public business sector * 8128 8836 8993 9993 19228 27663 52681
Private business sector 96945 97052 114536 121152 151029 157261 279601
Household sector 3095 2690 2416 2011 3302 3403 6938
External sector 16596 15009 10916 7395 9517 8312 8011
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
P/2
7
(2/4/6) Banks : Lending and Discount Balances by Sector
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total 948315 1062062 1203009 1413376 1734024 2226343 2963493
In Local Currency 770412 859109 959084 1134430 1379775 1743484 1955406
Government sector 426005 476436 547556 690384 872790 1133697 1177281
Public business sector * 25540 32295 34178 35634 44125 65474 96069
Private business sector 221575 239644 251133 264757 290426 339457 449752
Household sector 96112 109738 125505 143251 171989 204470 231403
External sector 1180 996 712 404 445 386 901
In Foreign Currencies 177903 202953 243925 278946 354249 482859 1008087
Government sector 25993 55462 82163 114430 146896 263862 618151
Public business sector * 8128 8836 8993 9993 19228 27663 52681
Private business sector 102420 101760 119111 125301 160500 167759 300551
Household sector 3095 2690 2416 2011 3302 3403 6938
External sector 38267 34205 31242 27211 24323 20172 29766
Source : Central Bank of Egypt.
* Including all public sector companies subject or not to Law No. 203 for 1991.
P/2
8
(2/4/7) Banks : Credit by Sector
( LE mn )
End of June 2011 2012 2013 2014 2015 2016 2017
Total 474139 506736 549120 587852 717999 942727 1426457
In Local Currency 327764 364175 387880 418371 479357 672578 867213
Agriculture 6800 4822 4853 5148 5843 8408 8266
Manufacturing 100646 116282 120383 128487 141025 162198 232248
Trade 37186 41012 44834 47930 50024 65631 85543
Services 85578 91062 91262 92790 109633 140931 193577
Unclassified sectors 97554 110997 126548 144016 172832 295410 347579
In Foreign Currencies 146375 142561 161240 169481 238642 270149 559244
Agriculture 2314 1398 1366 1666 2595 2054 2743
Manufacturing 70744 71868 87255 97549 135748 152279 356750
Trade 10445 8571 9688 12020 17174 15849 23162
Services 43180 43024 49599 48841 70227 87323 158987
Unclassified sectors 19692 17700 13332 9405 12898 12644 17602
Source : Central Bank of Egypt.
P/2
9
(2/4/8) Banks : Lending and Discount Balances by Economic Activity
( LE mn )
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
Periodic
return
Accumulated
return
January 2015 9.25 7.20 7.50 8.90 11.70 9.75 9.25 8.50
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 ،، ،، ،،
April ،، 10.90 11.70 11.50 16.70 ،، ،، ،،
May 17.25 10.80 12.20 11.90 17.00 ،، ،، ،،
June ،، 11.20 12.60 12.20 18.00 ،، ،، ،،
Source: Central Bank of Egypt, the National Bank of Egypt and the National Post Authority.
(2/5/1) Discount and Interest Rates on Deposits and Loans
End of Discount
Rate
P/30
(% Annually)
Interest rate on
post office saving
deposits
Average Interest Rate in Banks Interest Rate on Investment
Certificates
in Egyptian Pound
US Dollar Sterling Pound Euro
Min. Max. Min. Max. Min. Max.
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
April 0.53 1.15 0.08 0.23 0.03 0.09
May 0.53 1.16 0.08 0.21 0.03 0.09
June 0.58 1.27 0.07 0.21 0.03 0.09
Source: National Bank of Egypt.
End of
P/31
(2/5/2) Domestic Interest Rates on 3-Month Deposits
in Major Currencies
( % Annually )
(%)
91 days 182 days 266 days 273 days 357 days 364 days
April 2017
First week (4/4) 19.418 19.373 0.000 19.178 0.000 19.173
Second week (11/4) 19.413 19.380 19.196 0.000 19.122 0.000
Third week (18/4) 19.397 19.419 0.000 19.131 0.000 19.136
Fourth week (25/4) 19.350 19.392 19.072 0.000 19.032 0.000
Monthly Average 19.395 19.391 19.134 19.155 19.077 19.155
May 2017
First week (2/5) 19.273 19.276 0.000 19.070 0.000 18.988
Second week (9/5) 19.224 19.272 19.249 0.000 19.050 0.000
Third week (16/5) 19.332 19.417 0.000 19.479 0.000 19.307
Fourth week (23/5) 19.493 19.814 19.709 0.000 19.698 0.000
Fifth week (30/5) 20.519 20.661 0.000 20.478 0.000 20.588
Monthly Average 19.568 19.688 19.479 19.676 19.374 19.628
June 2017
First week (6/6) 20.338 20.442 20.366 0.000 20.494 0.000
Second week (13/6) 20.263 20.373 0.000 20.316 0.000 20.274
Third week (20/6) 20.244 20.384 20.350 0.000 20.307 0.000
Fourth week (27/6) 20.375 20.413 0.000 20.662 0.000 20.390
Monthly Average 20.305 20.403 20.358 20.489 20.401 20.332
Source: Central Bank of Egypt.
* Represents the interest rates of the accepted bids in the sessions held on every Tuesday, according 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
P/3
2
End of June 2011 2012 2013 2014 2015 2016 2017
Number of Companies (Unit) 211 212 210 213 221 222 222
Number of Shares (mn) 32364 40019 40147 43800 53304 61773 64110
Nominal Value of Capital (LE mn) 144699 150106 152078 162671 178068 188833 213266
Market Value of Capital (LE mn) 399756 339768 321679 477641 485175 382541 687419
The Market of Medium and Small Enterprises (Nilex)*
Number of Companies (Unit) 18 21 23 24 33 32 32
Number of Listed Shares (mn) 152 190 228 265 460 672 1017
Total Value of Traded Shares (LE mn) 14 7 9 51 43 63 27
Market Value of Capital (LE mn) 1007 1093 963 1062 1202 1198 1142
The Egyptian Exchange Indices**
EGX 20 Capped 5888.1 5452.0 5210.7 9869.7 8543.6 6977.4 12326.0
EGX 30 5373.0 4708.6 4752.2 8162.2 8371.5 6942.5 13395.8
EGX 70 629.6 422.0 360.2 591.1 444.7 351.0 649.4
EGX 100 972.9 729.5 643.0 1034.3 941.8 743.7 1509.2
Nile 839.2 763.8 657.2 631.6 510.1
EGX 50 EWI 1853.4 1430.1 1259.9 2076.3
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.
(3/1) The Egyptian Exchange
P/3
3
Number of
Transactions
(Unit)
Amount
(Thousand)
Market Value
(mn)
Number of
Transactions
(Unit)
Amount
(Thousand)
Market Value
(mn)
Shares in (Egyptian Pound) 5093148 57130365 143214 6580664 74493995 279241
Floor Transactions 5063958 55486254 125707 6551078 73358059 258741
Over the Counter Trading 29190 1644111 17507 29586 1135936 20500
Shares in Foreign Currencies
(US Dollar) 40141 686841 622 46345 783506 464
Floor Transactions 39664 366300 177 45790 423307 193
Over the Counter Trading 477 320541 445 555 360199 271
(Euro) 10 1044 17 31 1860 74
Floor Transactions - - - - - -
Over the Counter Trading 10 1044 17 31 1860 74
P/3
4
(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
During FY
Number of
Transactions Amount Market Value
Number of
Transactions Amount Market Value
(Unit) (Unit)
Bonds in (Egyptian Pound)_ 1805 94967 97336098 795 40075 40583363
Floor Transactions 1805 94967 97336098 795 40075 40583363
Over the Counter Trading - - - - - -
Mutual Funds’ Certificates 58628 30614 1911675 39416 32004 2735796
During FY
P/3
5
Source: Egyptian Financial Supervisory Authority (EFSA) - Monthly Report of the Capital Market.
(3/3) Trading in Bonds and Mutual Funds’ Certificates on the Egyptian Exchange
2015/2016 2016/2017
(Thousand) (Thousand)
2015/2016 2016/2017
Net Number of Transactions (Unit) -20538 135124
Purchases 587430 900197
Sales 607968 765073
Net Volume of Securities (mn) -829 425
Purchases 6412 11809
Sales 7241 11384
Net Value of Securities (LE mn) 1447 8751
Purchases 34844 79402
Sales 33397 70651
Source: The data of the table were updated according to the recent data released from the Egyptian Financial
Supervisory Authority (EFSA).
(3/4) Foreigners’ Transactions on the Egyptian Exchange
P/3
6
During FY
(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
March 9500 51500 0 0 0 55500 0 0 6000 0 97940 0 220440
June 6021 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
June 93137 184357 0 0 123559 120814 0 0 0 143709 192428 0 858004
P/37
(3/5) 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
April 2017
First week (4/4) 78521 151329 109969 106383 133501 176616 756319
Second week (11/4) 79039 154206 112003 101132 142294 176616 765290
Third week (18/4) 81418 156294 112003 109668 137294 178526 775203
Fourth week (25/4) 82610 159635 115460 102418 143438 178526 782087
May 2017
First week (2/5) 85977 160940 115460 109310 138438 180557 790682
Second week (9/5) 88755 165944 116555 103810 144438 180557 800059
Third week (16/5) 89407 167255 116555 109810 139438 181557 804022
Fourth week (23/5) 90820 168877 119242 104310 145437 181557 810243
Fifth week (30/5) 91570 170468 119242 110710 140438 185023 817451
June 2017
First week (6/6) 91714 173847 123059 107703 147565 185024 828912
Second week (13/6) 92464 178820 123059 117479 142565 190935 845322
Third week (20/6) 93603 181374 123559 115422 149209 190935 854102
Fourth week (27/6) 93137 184357 123559 120814 143709 192428 858004
Source: Central Bank of Egypt.
* Outstanding balance in the last week represents the balance at the end of the month.
(3/6) Outstanding Balance of Treasury Bills (Weekly)*P
/38
T.bills according to maturity
( LE mn)
The
Budget
Sector
The General
Government
The
Budget
Sector
The General
Government
Total Revenues 456788 519449 465241 538378
Tax Revenues 260289 260289 305957 305957
Taxes on Income and Profits from: 120926 120926 129818 129818
EGPC 46060 46060 36000 36000
SCA 14312 14312 13400 13400
CBE 4042 4042 3691 3691
Payable by individuals 31413 31413 38215 38215
Other Units 25099 25099 38512 38512
Taxes on Property 18761 18761 21107 21107
Taxes on Goods and Services 91867 91867 122930 122930
Taxes on International Trade (Customs) 17673 17673 21867 21867
Other Taxes 11062 11062 10235 10235
Non-Tax Revenues 196499 259160 159284 232421
Grants 95856 95856 25437 25437
Current 81744 81744 24226 24226
Capital 14112 14112 1211 1211
Other Revenues 100643 163304 133847 206984
Property Income from: 56990 69402 81463 94980
EGPC 21809 21809 25414 25414
SCA 18084 18084 19214 19214
CBE 9283 9283 13417 13417
Economic Authorities 1630 1630 10093 10093
Companies 3157 3157 2191 3295
Other 3027 15439 11134 23547
Sales of Goods and Services 28499 28499 26457 26457
Financing Investment 6180 6180 10614 10614
Other 8974 59223 15313 74933
Source: Ministry of Finance.
(4/1) Consolidated Fiscal Operations of the General Government *
(Total Revenues)
* Includes the Budget Sector, NIB and SIFs.
P/39
During FY 2013/2014 2014/2015
(LE mn )
The
Budget
Sector
The
Budget
Sector
The General
Government
Total Revenues 491488 659184 755110
Tax Revenues 352315 462007 462007
Taxes on Income and Profits from: 144743 166897 166897
EGPC 37313 42464 42464
SCA 14903 22300 22300
CBE 13245 3860 3860
Payable by individuals 42356 51014 51014
Other Units 36926 47259 47259
Taxes on Property 27990 36539 36539
Taxes on Goods and Services 140525 208624 208624
Taxes on International Trade (Customs) 28091 34255 34255
Other Taxes 10966 15692 15692
Non-Tax Revenues 139173 197177 293103
Grants 3543 17683 17683
Current .. 368 368
Capital .. 17315 17315
Other Revenues 135630 179494 275420
Property Income from: 69452 95199 111142
EGPC 7820 5944 5944
SCA 14755 29381 29381
CBE 29462 19427 19427
Economic Authorities 7820 10989 10989
Companies 2272 5230 5230
Other .. 24228 40171
Sales of Goods and Services 29052 38058 38058
Financing Investment .. 27282 27282
Other .. 18955 98938
Source: Ministry of Finance.
.. Not available.
2015/2016 ** 2016/2017
P/40
(4/1) Consolidated Fiscal Operations of the General Government * (Contd.)
(Total Revenues)
During FY
* Includes the Budget Sector, NIB and SIFs.
** Data for The General Government is not available.
( LE mn)
The
Budget
Sector
The General
Government
The
Budget
Sector
The General
Government
Total Expenditures 701514 759847 733350 805929
Wages and Compensations of Employees 178589 180829 198468 200933
Wages and allowances 146869 148940 162311 164597
Social contributions 16705 16852 18997 19159
Other 15015 15037 17160 17177
Purchases of Goods and Services 27248 27556 31276 31580
Goods 12084 12103 14448 14474
Services 11786 11940 13549 13721
Other 3378 3513 3279 3385
Interest 173150 159330 193008 179035
Domestic 168154 154334 188308 174335
To NIB & SIFs 24481 0 26038 0
To Others 143673 154334 162270 174335
Foreign 4996 4996 4700 4700
Subsidies, Grants and Social Benefits 228578 298002 198569 282116
Subsidies 187658 187658 150198 150198
To Petroleum 126180 126180 73915 73915
To GASC 35493 35493 39395 39395
To Others 25985 25985 36888 36888
Grants 5190 5190 6211 6211
Social Benefits 35200 104624 41037 124584
Contribution to SIFs 29200 0 33213 1
Other 6000 104624 7824 124583
Other 530 530 1123 1123
Other Expenditures 41067 41209 50279 50348
Defense 31844 31844 41477 41477
Other 9223 9365 8802 8871
Purchases of Non-Financial Assets (Investments) 52882 52921 61750 61917
Fixed assets 38437 38476 45547 45714
Others 14445 14445 16203 16203
Source: Ministry of Finance.
P/41
During FY 2013/2014 2014/2015
* Includes the Budget Sector, NIB and SIFs.
(4/2) Consolidated Fiscal Operations of the General Government *
(Total Expenditures )
( LE mn)
The
Budget
Sector
The
Budget
Sector
The General
Government
Total Expenditures 817844 1031941 1116985
Wages and Compensations of Employees 213721 225513 227709
Wages and allowances 173827 181245 183249
Social contributions 20606 23184 23358
Other 19288 21084 21102
Purchases of Goods and Services 35662 42450 42825
Goods 16536 21678 21721
Services 15029 16719 16945
Other 4097 4053 4159
Interest 243635 316602 284746
Domestic 238569 307003 275147
To NIB & SIFs .. 46249 0
To Others .. 260754 275147
Foreign 5066 9599 9599
Subsidies, Grants and Social Benefits 201024 276719 386255
Subsidies 138724 202559 202559
To Petroleum 51045 115000 115000
To GASC 42738 47535 47535
To Others 44941 40024 40024
Grants 7806 8919 8919
Social Benefits 53919 64194 173730
Contribution to SIFs 43956 45235 0
Other 9963 18959 173730
Other 575 1047 1047
Other Expenditures 54552 61516 66244
Defense .. 48934 48934
Other .. 12582 17310
Purchases of Non-Financial Assets (Investments) 69250 109141 109206
Fixed assets 54637 88327 88392
Others 14613 20814 20814
Source: Ministry of Finance.
* Includes the Budget Sector, NIB and SIFs.
** Data for The General Government is not available.
.. Not available.
P/42
(4/2) Consolidated Fiscal Operations of the General Government * (Contd.)
(Total Expenditures )
During FY 2015/2016 ** 2016/2017
( LE mn)
The
Budget
Sector
The General
Government
The
Budget
Sector
The General
Government
Total Revenues 456788 519449 465241 538378
Total Expenditures 701514 759847 733350 805929
Cash Surplus (+) / Deficit (-) -244726 -240398 -268109 -267551
Overall Fiscal Surplus (+) / Deficit (-) ** -255439 -254715 -279430 -284314
Primary Surplus (+) / Deficit (-) *** -82289 -95385 -86422 -105279
Financing Sources 255439 254715 279430 284314
Domestic Financing 277319 258399 327728 296593
Banking Financing 244363 240151 248454 248580
Central Bank 119349 119349 105724 105724
Other Banks 125014 120802 142730 142856
Non-Banking Financing 32956 18248 79274 48013
NIB -3513 0 -1792 0
SIFs 26261 0 34365 0
Other 6373 6373 596 596
NIB Borrowing 0 8040 0 1312
Special Accounts for Economic Authorities 3835 3835 46105 46105
Foreign Borrowing 4022 4022 -25119 -25119
Other -25387 -7191 -35987 32
Exchange Rate Revaluation 1242 1242 549 549
Net Privatization Proceeds -315 -315 0 0
Difference between Treasury Bills Face Value & Present Value -1051 -1051 -9540 -9540
Discrepancy -391 -391 21799 21799
Cash Surplus (+) / Deficit (-) as a percentage of GDP (%) -11.7 -11.5 -11.0 -11.0
Overall Fiscal Surplus (+) / Deficit (-) as a percentage of GDP(%) -12.2 -12.1 -11.5 -11.7
Primary Surplus (+) / Deficit (-) as a percentage of GDP(%) -3.9 -4.5 -3.6 -4.3
Revenues as a percentage of GDP (%) 21.7 24.7 19.1 22.1
Expenditures as a percentage of GDP (%) 33.4 36.2 30.2 33.2
Source: Ministry of Finance.
(4/3) Summary of the Consolidated Fiscal Operations of the General Government *
*** Overall Fiscal Surplus (+) / Deficit (-) after excluding Interest payments from Total Expenditures.
P/43
During FY 2013/2014 2014/2015
* Includes the Budget Sector, NIB and SIFs.
** Including Net Acquisition of Financial Assets.
( LE mn)
The
Budget
Sector
The
Budget
Sector
The General
Government
Total Revenues 491488 659184 755110
Total Expenditures 817844 1031941 1116985
Cash Surplus (+) / Deficit (-) -326356 -372757 -361875
Overall Fiscal Surplus (+) / Deficit (-) *** -339495 -379590 -366401
Primary Surplus (+) / Deficit (-) **** -95860 -62988 -81655
Financing Sources 339495 379590 366401
Domestic Financing .. 398784 347980
Banking Financing .. 206048 180395
Central Bank .. 80602 80602
Other Banks .. 125446 99793
Non-Banking Financing .. 192736 167585
NIB .. 6519 0
SIFs .. 31717 0
Other .. 159829 159829
NIB Borrowing .. 0 13085
Special Accounts for Economic Authorities .. -5329 -5329
Foreign Borrowing .. 188211 188211
Other .. -25933 11682
Exchange Rate Revaluation .. 0 0
Net Privatization Proceeds .. 0 0
Difference between Treasury Bills Face Value & Present Value .. -46987 -46987
Discrepancy .. -134485 -134485
Cash Surplus (+) / Deficit (-) as a percentage of GDP (%) -12.1 -10.7 -10.4
Overall Fiscal Surplus (+) / Deficit (-) as a percentage of GDP(%) -12.5 -10.9 -10.6
Primary Surplus (+) / Deficit (-) as a percentage of GDP(%) -3.5 -1.8 -2.4
Revenues as a percentage of GDP (%) 18.1 19.0 21.8
Expenditures as a percentage of GDP (%) 30.2 29.7 32.2
Source: Ministry of Finance.
P/44
(4/3) Summary of the Consolidated Fiscal Operations of the General Government * (Contd.)
During FY
.. Not available.
**** Overall Fiscal Surplus (+) / Deficit (-) after excluding Interest payments from Total Expenditures.
** Data for The General Government is not available.
2015/2016 ** 2016/2017
* Includes the Budget Sector, NIB and SIFs.
*** Including Net Acquisition of Financial Assets.
( LE mn )
End of June 2012 2013 2014 2015 2016 2017
Gross Domestic Debt (1+2+3-4) 1238137 1527378 1816582 2116345 2620662 3160864
1- Net Domestic Debt of Government (A+B+C+D+E) 990529 1261141 1538459 1871332 2285644 2685898
A- Balances of Bonds & Bills 1078162 1269289 1478846 1722165 2290527 3024480
Treasury Bonds : 669554 786024 944176 1125969 1474532 1838777
Treasury bonds with the CBE 178830 238830 240330 240330 390830 642330
Local currency bonds with public sector banks 4000 0 0 0 0 0
US dollar bonds issued for commercial banks ( NBE - Banque Misr ) 0 0 21390 22560 26310 49584
Bonds offered abroad *:
US$ 3834 5539 6166 6108 8832 18309
LE 4279 0 0 0 0 0
Egyptian treasury bonds ** 270567 315478 436510 596940 745005 728991
International euro bonds ( private placment for the account of CBE) *** 0 0 0 0 0 72123
Government notes to compensate for the actuarial deficit in social insurance funds 2000 2000 2000 2000 2000 2000
Housing bonds 111 106 101 92 62 46
The equivalent of the retained 5% of corporate profits to purchase government bonds 1905 1998 2051 2124 2199 2270
Bonds of the Insurance Funds (against the transfer of NIB debt to the Treasury) 204028 219507 233704 254532 298653 323124
Bonds of Barwa Real Estate Investment Company. 0 2566 1924 1283 641 0
Treasury Bills : 408608 483265 534670 596196 815995 1185703
LE 373398 425847 471521 531543 656740 858004
US$ 35210 46914 51166 53307 145576 300218
Euro 0 10504 11983 11346 13679 27481B- Borrowing from other entities 13036 25348 15686 5640 0 0C- Credit Facilities from the Social Insurance Funds 1725 1225 1225 450 250 250
D- The Masri Dollar Certificate**** 193 1421 2256 2207 1125 248
E- Net Government Balances with the Banking System -102587 -36142 40446 140870 -6258 -3390802- Net Debt of Public Economic Authorities 63112 63256 58360 11341 103720 222329
Net Balances of Public Economic Authorities with the Banking System 10457 11943 6331 -41524 52171 170713 Borrowing of Public Economic Authorities from NIB ***** 52655 51313 52029 52865 51549 516163- Net NIB Debt 251028 266595 280946 293902 309591 336934
NIB Debt 253679 268388 282674 295339 315201 344080 Deposits of the NIB with the banking system (-) 2651 1793 1728 1437 5610 71464- Intra-debt 66532 63614 61183 60230 78293 84297
Government debt to the NIB (investments in government securities) 13877 12301 9154 7365 26744 32681 Loans of public economic authorities to NIB 52655 51313 52029 52865 51549 51616Source: 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, including US$ 1.0 billion worth Egyptian T-bonds, with Zero-Coupon issued on 28/2/2017 with a maturity of two years.
*** This item represents 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 DebtP
/45
( LE mn )
Liabilities :of which 253679 268388 282674 295339 315201 344080
Social Insurance Fund for Gov. Employees 34999 38499 40580 41524 32264 33407
Social Insurance Fund for Pub. & Priv. Business Sectors Employees 29765 30249 31441 32757 23637 22581
Proceeds of investment certificates 97904 102253 108451 108938 138265 155947
Accumulated interest on investment certificates (category A) 8005 7149 7240 7874 7994 7546
Proceeds of US dollar development bonds 7 6 5 5 4 4
Post office savings deposits 78852 86382 93376 102297 111044 122271
Others* 4147 3850 1581 1944 1993 2324
Assets :of which 253679 268388 282674 295339 315201 344080
Loans to public economic authorities 52655 51313 52029 52865 51549 51616
Investments in government securities (bills and bonds) 13877 12301 9154 7365 26744 32681
Deposits of the NIB with the banking system 2651 1793 1728 1437 5610 7146
Lending to holding companies and affiliate units, concessional loans and others(Net NIB debt minus its intra-debt)
184496 202981 219763 233672 231298 252637
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.
P/4
6
20172016
(4/5) NIB Resources and Uses
2012 2013 2014 2015 End of June
(US$mn)
2015/2016* 2016/2017*
Trade Balance -38683.1 -35435.1
Exports 18704.6 21687.0
Petroleum 5674.3 6548.3
Other Exports 13030.3 15138.7
Imports -57387.7 -57122.1
Petroleum -9293.6 -11196.7
Other Imports -48094.1 -45925.4
Services Balance 6533.0 6811.1
Receipts 16079.3 16597.0
Transportation 9534.6 9108.1
'Of which: Suez Canal 5121.6 4945.3
Travel 3767.5 4379.7
Government Receipts 378.0 776.4
Other 2399.2 2332.8
Payments 9546.3 9785.9
Transportation 1339.1 1332.1
Travel 4091.0 2739.9
Government Expenditures 777.1 1124.1
Other 3339.1 4589.8
Investment Income Balance -4471.7 -4423.0
Investment Income receipts 396.9 497.9
Investment Income payments 4868.6 4920.9
'Of which: Interest Paid 752.0 1143.5
Current Transfers 16790.7 17471.8
Private Transfers (net) 16689.2 17322.8
'Of which: Remittances of Egyptians working abroad 17077.4 17453.0
Official Transfers (net) 101.5 149.0
Current Account Balance -19831.1 -15575.2
P/47
(5/1) Balance of Payments
FY
(US$mn)
2015/2016* 2016/2017*
Capital & Financial Account 21176.7 29034.2
Capital Account -141.4 -113.3
Financial Account 21318.1 29147.5
Direct Investment Abroad -164.2 -175.1
Foreign Direct Investment in Egypt (Net) 6932.6 7915.8
Portfolio Investments Abroad 192.1 208.4
Portfolio Investments in Egypt (Net), : -1286.8 15985.3
'Of which: Bonds -1444.8 5491.5
Other Investments (Net) 15644.4 5213.1
Net Borrowing 7102.7 7735.3
Medium -and Long -Term Loans -186.3 4133.4
Disbursements 2523.4 6679.1
Repayments -2709.7 -2545.7
Medium -Term Suppliers' snd Buyers' Credit 1505.3 1516.4
Disbursements 1560.7 1637.3
Repayments -55.4 -120.9
Short -Term Suppliers' and Buyers' Credit (Net) 5783.7 2085.5
Other Assets -3476.9 -12095.7
CBE -104.4 -27.5
Banks 2092.1 -9462.5
Other -5464.6 -2605.7
Other Liabilities 12018.6 9573.5
CBE 5857.7 8128.6
Banks 6160.9 1444.9
Net Errors & Omissions -4158.6 258.2
Overall Balance -2813.0 13717.2
Change in CBE Reserve Assets, Increase (-) 2813.0 -13717.2
Source: CBE.
* Preliminary figures.
P/48
(5/1) Balance of Payments (Contd.)
FY
(US$ mn)
value % value %
Total*** 18704.6 100.0 21687.0 100.0 2982.4
Fuel, Mineral Oils and Products, of which: 5767.3 30.8 6755.4 31.2 988.1
Crude oil 3557.9 19.0 3839.4 17.7 281.5Oil products**** 2116.4 11.3 2708.9 12.5 592.5Coal of various types 39.8 0.2 68.8 0.3 29.0
Raw Materials, of which: 1544.6 8.3 1652.0 7.6 107.4
Fresh, chilled, or cooked vegetables 635.9 3.4 590.1 2.7 (45.8)Fresh or dried fruits 227.8 1.2 352.8 1.6 125.0
Potatoes 177.8 1.0 202.9 0.9 25.1Raw cotton 13.9 0.1 60.2 0.3 46.3
Plants and parts thereof 108.1 0.6 36.2 0.2 (71.9)Mineral materials 60.1 0.3 43.1 0.2 (17.0)
Semi-finished Goods, of which: 2740.3 14.7 4006.2 18.5 1265.9
Gold 1154.7 6.2 1870.1 8.6 715.4Ethylene-propylene polymer 445.1 2.4 515.9 2.4 70.8
Organic and inorganic compounds 360.7 1.9 343.9 1.6 (16.8)
Animal or vegetable fats, greases, and oils 105.2 0.6 143.2 0.7 38.0Carbon 93.5 0.5 82.7 0.4 (10.8)Pipes, tubes, and hoses 54.7 0.3 41.1 0.2 (13.6)cast iron 87.5 0.5 348.6 1.6 261.1
Molasses (treacle) 33.4 0.2 26.1 0.1 (7.3)
P/4
9
Change+(-)
(5/2) Exports by Degree of Processing *
Fiscal Year2015/2016** 2016/2017**
(US$ mn)
value % value %
Finished Goods, of which: 8649.7 46.2 9267.1 42.7 617.4
Textiles 760.7 4.1 771.2 3.6 10.5Household electrical appliances 612.7 3.3 496.4 2.3 (116.3)
Ready-made clothes 690.9 3.7 649.8 3.0 (41.1)
Milk, Dairy products and cheese 284.5 1.5 291.7 1.3 7.2Phosphate or mineral fertilizers 515.3 2.8 761.5 3.5 246.2Medicines, serums, vaccines, and pharmaceuticals 228.5 1.2 301.4 1.4 72.9
Wires and cables 565.0 3.0 458.4 2.1 (106.6)Cane or beet sugar and pure sucrose 185.1 1.0 210.0 1.0 24.9
Aluminum and articles thereof 198.3 1.1 264.1 1.2 65.8Communication and telephone equipment 210.8 1.1 297.1 1.4 86.3
Passenger vehicles 181.3 1.0 213.1 1.0 31.8Carpets and other floor coverings 169.5 0.9 180.9 0.8 11.4Soap and organic detergents 248.5 1.3 236.8 1.1 (11.7)Cosmetics, or skin-care products 108.9 0.6 160.7 0.7 51.8
Transmission and reception apparatus for radio and television
230.8 1.2 138.7 0.6 (92.1)
Parts & accessories of motor vehicles 141.4 0.8 113.4 0.5 (28.0)Retreaded pneumatic tyres 67.3 0.4 94.6 0.4 27.3
(5/2) Exports by Degree of Processing * (Contd.)
Fiscal YearChange+(-) 2015/2016** 2016/2017**
P/5
0
(US$ mn)
value % value %
Oranges 203.4 1.1 239.5 1.1 36.1
Paints, varnishes and liquid lustres 87.9 0.5 85.4 0.4 (2.5)
Ceramic sinks 106.7 0.6 72.5 0.3 (34.2)
Glass & glassware 122.6 0.7 212.9 1.0 90.3
Tiles & ceramic cubes 69.7 0.4 78.6 0.4 8.9
Rods for reinforcing concrete cylinders 82.1 0.4 50.8 0.2 (31.3)
Cooling Machinery & air conditioners 43.4 0.2 33.1 0.2 (10.3)
Undistributed Miscellaneous Products 2.7 0.0 6.3 0.0 3.6
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.)
Fiscal YearChange+(-) 2015/2016** 2016/2017**
P/5
1
(US$ mn)
Value % Value %
Total*** 57387.7 100.0 57122.1 100.0 (265.6)
Fuel, Mineral Oils and Products, of which: 9536.9 16.6 11548.9 20.2 2012.0
Oil products**** 8382.9 14.6 9643.2 16.9 1260.3Crude oil 910.7 1.6 1553.5 2.7 642.8Coal of various types 141.8 0.2 220.3 0.4 78.5
Raw Materials, of which: 5419.7 9.5 6191.7 10.9 772.0
Wheat 1723.5 3.0 2177.1 3.8 453.6
Iron ore 388.9 0.7 640.3 1.1 251.4Maize 1334.1 2.3 1437.4 2.5 103.3Raw cane sugar 235.1 0.4 117.6 0.2 (117.5)
Mineral materials 83.0 0.1 37.1 0.1 (45.9)
Intermediate Goods, of which: 15323.0 26.7 15749.7 27.6 426.7
Spare parts and accessories for cars and tractors 1452.9 2.5 1280.0 2.2 (172.9)Polypropylene 1149.0 2.0 1227.6 2.1 78.6
Organic and inorganic compounds 1670.3 2.9 1074.0 1.9 (596.3)Spare parts for machines and appliances 1599.5 2.8 1028.4 1.8 (571.1)
Animal and vegetable fats, greases and oils 862.8 1.5 1125.7 2.0 262.9Wood in the rough and densified wood 991.1 1.7 721.4 1.3 (269.7)Paper and paperboard 980.8 1.7 503.6 0.9 (477.2)
Cast iron 992.5 1.7 787.6 1.4 (204.9)Retreaded pneumatic tyres 441.0 0.8 344.6 0.6 (96.4)
(5/3) Imports by Degree of Use *
P/5
2
Fiscal YearChange+(-) 2015/2016** 2016/2017**
(US$ mn)
Value % Value %
Semi-raw and unrefined copper 502.1 0.9 334.9 0.6 (167.2)Cables and wires 352.0 0.6 339.2 0.6 (12.8)
Liquid gloss paints and varnishes 176.5 0.3 194.5 0.3 18.0Hot and cold rolled flat products 205.8 0.4 351.9 0.6 146.1Iron and steel pipes and tubes 242.5 0.4 153.4 0.3 (89.1)
Waste and scrap of cast iron 140.7 0.2 198.5 0.3 57.8Cotton yarn 142.2 0.2 237.6 0.4 95.4
Non-alloyed iron and steel 33.0 0.1 42.3 0.1 9.3Dismantled Air-conditioning machines and spare parts 269.7 0.5 212.9 0.4 (56.8)Nitrogen, phosphate and potash fertilizers 208.4 0.4 70.7 0.1 (137.7)Pulp fibers from waste paper 78.6 0.1 117.9 0.2 39.3
Aluminum plates, sheets and strip 40.3 0.1 63.0 0.1 22.7
Investment Goods, of which: 9638.8 16.8 8806.2 15.4 (832.6)
Communication and telephone equipment 1137.8 2.0 495.0 0.9 (642.8)Liquid and air pumps 826.1 1.4 614.1 1.1 (212.0)
Automatic data processing machines (computers) 457.1 0.8 533.2 0.9 76.1Electricity generator groups 55.9 0.1 199.4 0.3 143.5
(5/3) Imports by Degree of Use* (Contd.)
P/5
3
Fiscal YearChange+(-) 2015/2016** 2016/2017**
(US$ mn)
Value % Value %
Rail locomotives powered from an external source of electricity
96.4 0.2 255.8 0.4 159.4
Power transformers with electrical insulators 52.0 0.1 158.7 0.3 106.7
Agriculture and orchard machinery and equipment 101.6 0.2 153.1 0.3 51.5
Printing Machinery 79.8 0.1 48.2 0.1 (31.6)
High sea Vessels 73.9 0.1 30.8 0.1 (43.1)
Machines for extruding, drawing, texturing, or cutting textile materials
96.0 0.2 33.1 0.1 (62.9)
Transmission apparatus for radio-broadcasting and television
207.0 0.4 21.6 0.0 (185.4)
Consumer Goods 14646.2 25.5 12634.2 22.1 (2012.0)
A. Durable Goods, of which: 3832.0 6.7 2764.5 4.8 (1067.5)
Passenger vehicles 1506.8 2.6 857.6 1.5 (649.2)Household electrical appliances 577.8 1.0 465.8 0.8 (112.0)Televisions 580.5 1.0 307.2 0.5 (273.3)
B. Non-durable Goods, of which: 10814.2 18.8 9869.7 17.3 (944.5)
Medicines 1429.2 2.5 1520.4 2.7 91.2Meat and offals 996.9 1.7 910.9 1.6 (86.0)
Pharmaceutical preparations, gauze pads, and vaccines
1402.5 2.4 1165.9 2.0 (236.6)
Textiles 1003.2 1.7 886.6 1.6 (116.6)Ready-made clothes 621.1 1.1 351.3 0.6 (269.8)
(5/3) Imports by Degree of Use* (Contd.)P
/54
Fiscal YearChange+(-) 2015/2016** 2016/2017**
(US$ mn)
Value % Value %
Dairy products 342.6 0.6 326.0 0.6 (16.6)
Yarn 378.7 0.7 367.6 0.6 (11.1)
Tea 237.9 0.4 196.4 0.3 (41.5)
Organic Soap and detergents 316.8 0.6 292.1 0.5 (24.7)
Meat preparations 396.0 0.7 130.7 0.2 (265.3)
Live, fresh, chilled or dried fish 385.7 0.7 338.7 0.6 (47.0)
Other live, fresh, chilled or dried crustaceans 16.0 0.0 66.6 0.1 50.6
Cocoa powder 94.1 0.2 80.0 0.1 (14.1)
Insecticides 47.4 0.1 67.7 0.1 20.3
Shelled lentils for non-sowing 94.3 0.2 75.1 0.1 (19.2)
Undistributed Miscellaneous Goods 2823.1 4.9 2191.4 3.8 (631.7)
Source: Central Bank of Egypt.* Commodities are classified according to the Harmonized 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.)
Fiscal YearChange+(-) 2015/2016** 2016/2017**
P/5
5
(US$ mn)
2015/2016** 2016/2017** 2015/2016** 2016/2017** 2015/2016** 2016/2017**
Total *** 18704.6 21687.0 57387.7 57122.1 (38683.1) (35435.1)
European Union 6034.5 7018.0 17415.7 15884.0 (11381.2) (8866.0)
Other European countries 1325.3 1716.3 4072.4 4045.3 (2747.1) (2329.0)
Russian Federation & C.I.S 244.3 212.7 3950.6 4287.8 (3706.3) (4075.1)
United States of America 1275.2 1798.2 2587.5 2914.9 (1312.3) (1116.7)
Arab countries 5749.7 6419.1 10423.7 10889.9 (4674.0) (4470.8)
Asian countries (Non Arab) 2064.4 1776.8 11402.4 10758.9 (9338.0) (8982.1)
African countries (Non Arab) 508.2 529.0 735.4 796.6 (227.2) (267.6)
Australia 21.3 37.8 345.9 233.7 (324.6) (195.9)
Other countries & regions 1481.7 2179.1 6454.1 7311.0 (4972.4) (5131.9)
Source: Central Bank of Egypt
* Including in-kind grants and loans.** Provisional.*** Including exports & imports of free zones.
P/5
6(5/4) Geographical Distribution of Exports and Imports
Fiscal Year
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 18.0400 18.1397
Euro 9.8172 9.8479 20.4411 20.5559
Pound Sterling 11.8960 11.9312 23.1417 23.2805
Swiss Franc 9.0434 9.0696 18.7487 18.8602
100 Japanese Yen 8.6226 8.6491 16.1000 16.1904
Saudi Riyal 2.3616 2.3680 4.8099 4.8366
Kuwaiti Dinar 29.3350 29.4342 59.4889 59.8374
UAE Dirham 2.4114 2.4183 4.9107 4.9392
Chinese Yuan 1.3331 1.3367 2.6521 2.6680
Source : CBE daily exchange rates
The Interbank Rates started at 23/12/2004
P/57
June 2016 June 2017
First: Interbank Rates US$
(In LE per foreign currency unit)
(5/5) Average Foreign Exchange Rates
8.7800
8.7800
8.7800 18.0911
(US$ mn)
2017+2016201520142013End of June
79032.855764.448062.946067.143233.4Total External Debt *
4252.05249.66242.98440.59479.5 Rescheduled bilateral debt **
4015.04524.54637.25624.75915.1 ODA237.0725.11605.72815.83564.4 Non-ODA
6572.46299.95491.76104.05982.2 Other bilateral debt
3710.83553.52200.93646.13589.1 Paris club countries
2861.6++2746.4++3290.82457.92393.1 Other countries21751.614089.912246.312228.611963.3 International & regional organizations
6505.23118.91546.5546.4586.4 Suppliers' & buyers' Credits
8984.53493.04937.76085.35158.6 Egyptian bonds and notes
18537.416300.015000.09000.03000.0 Long- term deposits
155.3195.422.511.317.3 Private sector debt (Non guaranteed)
12274.47017.72575.33651.07046.1 Short-term debt
3824.11478.31295.31392.55293.4 Deposits8450.35539.41280.02258.51752.7 Other facilities
Source: External Debt Statistics Department- CBE.+ Provisional.++ Includes China facility agreement.* The difference from World Bank data is in short-term debt.** According to the agreement signed with Paris club countries on 25/5/1991
(5/6) External Debt Structure
P/5
8
(5/7) Distribution of External Debt by Main Currencies(US$ mn)
Change+ / (-)%Value%Value
23268.4100.079032.8100.055764.4Total
15152.869.955199.371.840046.5US dollar **
3087.312.69991.412.46904.1Euro
(289.4)2.92304.04.72593.4Japanese yen
3008.67.05543.14.52534.5SDRs
(48.9)3.02341.64.32390.5Kuwaiti dinar
(495.9)0.3235.91.3731.8Egyptain Pound
(63.7)0.2159.10.4222.8Swiss franc
327.80.6461.50.2133.7Saudi riyal
(7.6)0.154.60.162.2Danish krone
(9.9)0.036.70.146.6Canadian dollar
(5.2)0.029.00.134.2UAE dirham
(21.1)0.025.40.146.5Sterling pound
(0.2)0.02.00.02.2Norwegian krone
(4.1)0.02.50.06.6Swedish krona
2646.73.42646.70.00.0chinese Yuan
(8.8)0.00.00.08.8Australian dollar
Source: External Debt Statistics Department- CBE.
* Provisional.
** Including other liabilities in US dollar.
P/5
9
June 2017*June 2016 End of
2016/2017+2015/20162014/20152013/20142012/2013FY
206.4160.3109.1106.088.2External Debt / Exports (G&S)
7320.15084.75609.13198.93089.3Debt Service (Principal & Interest) (US$ mn.)*
19.114.612.77.46.3Debt Service / Exports (G&S)
13.09.88.54.34.5Debt Service / Current Receipts (Including transfers)
3.22.41.51.61.3Interest / Exports (G&S)
33.616.614.415.115.0External Debt /GDP
15.512.65.47.916.3Short-term Debt / Total External Debt
39.240.012.821.947.2Short-term Debt / Net International Reserves
754.1573.1513.5506.4475.3External Debt per Capita (US$)
+ Provisional
* Includes interest payments on Egypt's US dollar-denominated bonds and notes issued abroad.
(%)
P/6
0
(5/8) Main External Debt Indicators
Periodical Publications of the Central Bank of Egypt
Periodicity Language Name of Publication
Monthly English Arabic and 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