CBE: Local Currency Bank Deposits Grow by 4.72%, Reaching EGP 5.667 Tn by May-2023end

Total deposits of banks in local currency (excluding CBE) increased by 4.72% during the first 5 months of 2023, with an increase of EGP255.2 bn, reaching EGP5.667 tn by the end of May 2023, compared to EGP5.411 tn by the end of December 2022.

The Central Bank of Egypt Monthly data revealed that local currency deposits were divided into demand deposits, time deposits ( term deposits), and savings certificates.

Demand deposits in local currency reached EGP1.015 tn by the end of May 2023, compared to EGP908.4 bn by the end of December 2022, achieving a growth rate of 11.79% and an increase of EGP107.1 bn.

Demand deposits were further categorized into public sector deposits, which amounted to EGP53.461 bn, private sector deposits totaling EGP 653.065 bn, and household sector deposits amounting to EGP309.183 bn by the end of May 2023.

Time deposits and savings certificates in local currency increased by a growth rate of 3.29%, reaching EGP4.651 tn by the end of May 2023, compared to EGP4.503 tn by the end of December 2022, with an increase of EGP148.2 bn.

Time deposits and savings certificates were divided into public sector deposits, which amounted to EGP82.506 bn, private sector deposits totaling EGP 331.740 bn, and household sector deposits amounting to EGP4.237 tn by the end of May 2023.