CBE: Bank Deposits Grow by 6.5%, Reach EGP 9.14 Tn by Feb-2023end
First bank
The monthly statistical bulletin of the Central Bank of Egypt, recently released on the bank's website, revealed an increase in bank deposits (excluding CBE) with a growth rate of 6.5% on an annual basis, reaching EGP 9.138 tn by the end of February 2023, compared to EGP 8.580 tn by the end of December 2022, an increase of EGP 557.9 bn.
The portfolio of banking sector deposits includes government deposits, as well as non-government deposits in both local and foreign currencies.
Total government deposits in local and foreign currencies increased by 5.84% on an annual basis, reaching EGP 2.066 tn by the end of February 2023, compared to EGP 1.952 tn by the end of December 2022, an increase of EGP 114.013 bn.
Government deposits in local currency alone increased by 5.12% on an annual basis, reaching EGP 1.726 tn by the end of February 2023, compared to EGP 1.641 tn by the end of December 2022, an increase of EGP 84.052 bn.
Government deposits in foreign currency increased by 9.66%, reaching EGP 340.036 bn by the end of February 2023, compared to EGP 310.075 bn by the end of December 2022, an increase of EGP 29.961 bn.
Meanwhile, non-government deposits in both local and foreign currencies reached EGP 7.073 tn by the end of February 2023, compared to EGP 6.629 tn by the end of December 2022, achieving a growth rate of 6.70% and an increase of EGP 443.896 bn.
Non-government deposits in local currency alone increased by 2.47% on an annual basis, with an increase of EGP 134.436 bn, reaching EGP 5.568 tn by the end of February 2023, compared to EGP 5.433 tn by the end of December 2022.
Deposits in foreign currency for non-government entities alone jumped by 25.89%, reaching EGP 1.505 tn by the end of February 2023, compared to EGP 1.195 tn by the end of December 2022, an increase of EGP 309.460 bn.
Non-government deposits acquired the largest share of total bank deposits at 77.40% by the end of February 2023, while government deposits acquired 22.60% of the total bank deposits at the end of the same period.
