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Foreign currency deposits account for 21.73% of total bank deposits end-May - Daily News Egypt

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Foreign currency deposits account for 21.73% of total bank deposits end-May

Deposit growth fell to 11.34% in May from 11.46% in April


The Central Bank of Egypt (CBE) said the growth rate of bank deposits fell to 11.34% in May against 11.46% in April.

In its monthly report issued on Tuesday, the CBE stated that the growth of deposits in local currency rose in May to 14.9%, compared to 13% in April, while the deposits in foreign currencies grew by only 0.2% in May against 6.3% in April.

According to the CBE, foreign currency deposits accounted for 21.73% of total deposits at the end of May, down from 22.48% at the end of April.

The CBE revealed that customer deposits in the banking system declined by EGP 20bn to reach EGP 3.911tn down from EGP 3.931tn at the end of April.

While the government deposits declined by EGP 23.6bn to EGP 591.8bn compared to EGP 615.4bn.

Government deposits in local currency amounted to about EGP 482.4bn and foreign currency deposits reached EGP 109.4bn.

The CBE pointed out that non-governmental deposits increased by EGP 4bn in May to reach EGP 3.32tn, compared to EGP 3.316tn at the end of April.

It added that non-governmental deposits in local currency reached about EGP 2.594tn by the end of May, compared to EGP 2.566tn at the end of April.

The deposits of the public business sector in local currency amounted to about EGP 57.3bn, the private sector amounted to about EGP 364.2bn, and the household sector about EGP 2.162tn, while the rest of the other sectors, including non-residents, amounted to EGP 95bn.

According to the CBE, the volume of foreign currency deposits reached EGP 725.8bn at the end of May 2019, compared to EGP 749.8bn at the end of April.

The share of the public business sector in the total non-governmental deposits in foreign currencies amounted to about EGP 39.8bn, the private business sector to about EGP 189.8bn, and the household sector about EGP 488.1bn. The remaining sectors, including non-residents, have foreign currencies deposits of about EGP 82bn.

The CBE revealed that the household sector accounted for 80.3% of total deposits in banks until the end of May, noting that this sector accounted for 83.7% of total deposits in local currency and 68% of deposits in foreign currencies.

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