CBE: Local Currency Deposits Grow by 3.7%, Reaching EGP 5.611 Tn by April-2023end

Total deposits of banks in the local currency (excluding CBE) increased by 3.7% during the first 4 months of 2023, with an increase of EGP 2 bn, reaching EGP 5.611 tn by the end of April 2023, compared to EGP 5.411 tn by the end of 2022.

Monthly data from the Central Bank of Egypt revealed that local currency deposits are divided into demand deposits, time deposits, and savings certificates.

Demand deposits in the local currency reached EGP 977.9 bn by the end of April 2023, compared to EGP 908.4 bn by the end of 2022, achieving a growth rate of 7.7% and an increase of EGP 69.5 bn.

Demand deposits are further divided into public sector deposits, which reached EGP 48.176 bn, private sector deposits, which reached EGP 632.296 bn, and household deposits, which amounted to EGP 297.569 bn by the end of April 2023.

Moreover, time deposits and savings certificates in the local currency increased by 2.89% by the end of December of the previous year, reaching EGP 4.633 tn by the end of April 2023, compared to EGP 4.503 tn by the end of December 2022, with an increase of EGP 13 bn.

Time deposits and savings certificates are divided into public sector deposits, which amounted to EGP 75.740 bn, private sector deposits, which reached EGP 322.955 bn, and household deposits, which reached EGP 4.234 tn by the end of April 2023.