CBE: Banking sector loans increase by 7%, reach EGP 4.29 tn by February-2023end

The latest statistical bulletin from the Egyptian Central Bank, issued recently on the bank's website, revealed that loans by banks (excluding CBE) increased to EGP 4.293 tn by the end of February 2023, compared to EGP 4.013 tn at the end of December 2022, achieving a growth rate of 6.98% and an increase of EGP 279.9 bn.

Total government loans increased by a growth rate of 8.20% and an increase of EGP 131.622 bn on an annual basis, reaching EGP 1.736 tn by the end of February 2023, compared to EGP 1.604 tn at the end of December 2022.

Government loans are divided into local currency loans and foreign currency loans, with government loans in local currency reaching EGP 921.526 bn by the end of February 2023, compared to EGP 973.475 bn at the end of December 2022.

Government loans in foreign currency jumped by a rate of 29.09% on an annual basis, reaching EGP 814.666 bn by the end of February 2023, compared to EGP 631.095 bn at the end of 2022, an increase of EGP 183.571 bn.

Non-government loans increased by a growth rate of 6.16% on an annual basis, reaching EGP 2.557 tn by the end of February 2023, compared to EGP 2.408 tn at the end of December 2022, an increase of EGP 148.280 bn.

Non-government loans are divided into local currency loans and foreign currency loans. Government loans in local currency increased by a growth rate of 2.78% on an annual basis, reaching EGP 2.117 tn by the end of February 2023, compared to EGP 2.059 tn at the end of December 2022, an increase of EGP 57.326 bn.

Non-government loans in foreign currency jumped by a growth rate of 25.36% and an increase of EGP 88.517 bn on an annual basis, moving from EGP 349.046 bn at the end of December 2022 to EGP 437.563 bn by the end of February 2023.