CBE: Banks' foreign currency deposits jump 32%, reach EGP 1.53 tn by April-2023end

The monthly data released on CBE's website earlier revealed a 32.04% year-on-year increase in total foreign currency deposits in banks (excluding CBE), reaching EGP1.532 tn by the end of April 2023, compared to EGP1.160 tn by the end of December 2022, with an increase of EGP371.7 bn.

Total foreign currency deposits in banks (excluding CBE) also rose by a monthly growth rate of 2.66%, compared to EGP1.492 tn by the end of March 2023, achieving a monthly increase of EGP39.7 bn.

Foreign currency deposits are divided into demand deposits, time deposits, and savings certificates. Demand deposits in foreign currency jumped by 39.22% on an annual basis, reaching EGP431.4 bn by the end of April 2023, compared to EGP309.9 bn by the end of 2022, with an increase of EGP121.5 bn.

Meanwhile, demand deposits in foreign currency increased by 8.32% on a monthly basis, compared to EGP398.3 bn by the end of March 2023, with an increase of EGP33.1 bn.

Demand deposits in foreign currency are further divided into public sector deposits, which amounted to 33.108 billion pounds, private sector deposits, which amounted to EGP282.8 bn, and household deposits, which amounted to EGP115.7 bn by the end of April 2023.

Time deposits and savings certificates in foreign currency increased by 28.57% on an annual basis, reaching EGP1.1 tn by the end of April 2023, compared to EGP850.2 bn by the end of December 2022, with an increase of EGP250.1 bn.

On a monthly basis, time deposits and savings certificates in foreign currency increased by 0.60%, compared to EGP1.094 tn by the end of March 2023, with a monthly increase of EGP 6.6 bn.

Time deposits and savings certificates are divided into public sector deposits, which amounted to EGP62.9 bn, private sector deposits, which amounted to EGP244.2 bn, and household deposits, which amounted to EGP793.3 bn by the end of April 2023.