Deposits in local currency grow by 21.07% at 2022-end:CBE

Total bank deposits in local currency (other than the Central Bank) increased during 2022 by 21.07%, with an increase of 941.5 billion pounds, to record 5.411 trillion pounds by the end of 2022 compared to 4.470 trillion pounds by the end of 2021 according to recent data by the CBE.

The monthly data of the bank revealed that deposits in the local currency were divided into demand deposits, time deposits, and savings certificates.

Demand deposits in local currency recorded EGP 908.4 billion at the end of last December, compared to EGP 680.5 billion at the end of 2021, with a growth rate of 33.50%, and an increase of EGP 227.9 billion.

 Demand deposits were directed to the public business sector which stood at 57.027 billion pounds and the private sector, which recorded 596.573 billion pounds, and retail sector with 256.532 billion pounds, by the end of December 2022.

Time deposits and savings certificates in local currency also increased by the end of December last year, with a growth rate of 18.83%, to record EGP 4.503 trillion at the end of December 2022, compared to EGP 3.789 trillion at the end of December 2021, an increase of EGP 713.6 billion.

Furthermore, the time deposits were directed to into the public business sector, the private sector and the retail sector which recorded 68.378 billion pounds, 289.532 billion pounds and 4.145 trillion pounds respectively by the end of December 2022.