Banking sector sees significant increase in total bank deposits in August, CBE



Sun, 10 Dec 2023 - 05:07 GMT


Sun, 10 Dec 2023 - 05:07 GMT

Cairo – December 10, 2023: In its recent release, the Central Bank of Egypt (CBE) revealed new insights into the deposit landscape within the country's banks in August 2023, reporting that total bank deposits rose by 24.3 percent.

Local currency deposits climbed by 15.1 percent, foreign currency deposits surged by 77.9 percent, and foreign currency deposits amounted to 21.01 percent of total bank deposits in August 2023.

Breaking it down, the CBE wrote that customer deposits at Egyptian banks jumped to LE 9.719 trillion in that period, up LE 100 billion when compared to July's LE 9.619 trillion.

Government deposits reached LE 2.179 trillion, while non-governmental deposits accounted for LE 7.539 trillion.

These deposits consisted of LE 1.880 trillion in local currency, and LE 299.435 billion worth in foreign currencies, while non-governmental deposits were reported as LE 5.936 trillion in local currency and LE 1.603 trillion worth in foreign currencies.

The public business sector held LE 150.082 billion in non-governmental local currency deposits, while the private business sector secured LE 1.054 trillion. The household sector reached LE 4.696 trillion, and non-residents accounted for LE 35.484 billion.

In foreign currencies, the public business sector held LE 94.771 billion, the private business sector approximately LE 540.826 billion, the household sector LE 933.690 billion, and non-residents about LE 34.214 billion.

The household sector made up 75.4 percent of total bank deposits in the Egyptian market as of August 2023. Its share of total local currency deposits was approximately 79.6 percent, totaling LE 4.696 trillion, and its share of foreign currency deposits was 59.5 percent, amounting to LE 933.690 billion.

The CBE reported that credit facility balances provided by banks to customers exceeded LE 5 trillion in August 2023, reaching LE 5.006 trillion, marking a significant increase of LE 207.1 billion from the end of June 2023.

This increase was attributed to a 2.2 percent rise in credit facilities to non-government entities and an additional 7.1 percent to the government. The government's credit balance growth was fueled by an LE 104.1 billion rise in foreign currency balances and an LE 42.5 billion increase in local currency balances.

Breaking down non-governmental credit facility balances, the private business sector received 62.4 percent as of August 2023. By economic sector, the industry sector obtained 29.1 percent, followed by the services sector at 27.7 percent, the trade sector at 9.6 percent, the agriculture sector at 2.1 percent, and the remaining undistributed sectors, including the household sector, at 30.5 percent.








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