The volume of local currency deposits at banks operating in the Egyptian market jumped during September by EGP 88.589bn, according to the Central Bank of Egypt (CBE). It said that the local currency deposits reached about EGP 3.502trn in September, up from about EGP 3.413trn in August 2020.
In a recent report, the CBE stated that demand deposits in local currency amounted to about EGP 523.515bn in September, compared to EGP 507.804bn in August, an increase of EGP 15.711bn.
The value of time deposits and savings certificates in local currency at banks increased by EGP 72.878bn to about EGP 2.978trn during September, compared to about EGP 2.905trn in August.
According to the CBE, the public sector’s share of demand deposits amounted to about EGP 34.1bn, compared to EGP 288.815bn for the private sector, and about EGP 200.827bn for the household sector.
The public sector’s share amounted to about EGP 31.196bn from time deposits and savings certificates, compared to about EGP 163.503bn for the private sector, and about EGP 2.783trn for the household sector.
In the same context, the CBE revealed an EGP 11.498bn decline in the volume of foreign-currency bank deposits in the local market during September 2020. As a result, it reached EGP 644.505bn, down from about EGP 656.003bn in August 2020.
The CBE said that demand deposits in foreign currencies amounted to about EGP 134.27bn in September, compared to about EGP 138.599bn in August, a decrease of EGP 4.329bn.
The volume of time deposits and savings certificates in foreign currencies with banks also decreased by about EGP 7.169bn to about EGP 510.235bn during September, compared to about EGP 517.404bn in August 2020.
It explained that the public sector’s share of demand deposits in foreign currencies amounted to nearly EGP 5.247bn, compared to about EGP 78.254bn for the private sector, and about EGP 50.782bn for the household sector.
The public sector’s share amounted to about EGP 25.341bn in foreign-currency time deposits and savings certificates, compared to about EGP 83.367bn for the private sector, and about EGP 401.527bn for the household sector.
