CBE: Foreign Currency Deposits Grow by 30.5%, Reaching EGP 1.514 Tn by May-2023end
According to the monthly data released on CBE's website earlier today, total bank deposits in foreign currency (excluding CBE) have increased at an annual rate of 30.5%, reaching EGP1.514 tn by the end of May 2023. This is compared to EGP1.160 tn by the end of December 2022, reflecting an increase of EGP353.8 bn.
Foreign currency deposits are divided into demand deposits, time deposits (term deposits), and savings certificates. Demand deposits in foreign currency have increased by a growth rate of 28.41% on an annual basis, reaching EGP3.979 bn by the end of May 2023. This is compared to EGP309.9 bn by the end of December 2022, representing an increase of EGP88.032 bn.
Demand deposits in foreign currency are further divided into deposits of the public sector, which reached EGP23.518 bn, deposits of the private sector, which reached EGP263.476 bn, and deposits of the household sector, which reached EGP110.987 bn by the end of May 2023.
Furthermore, time deposits and savings certificates in foreign currency have increased by a growth rate of 31.26% on an annual basis, reaching EGP1.116 tn by the end of May 2023. This is compared to EGP850.2 bn by the end of December 2022, reflecting an increase of EGP265.807 bn.
Time deposits and savings certificates are divided into deposits of the public sector, which reached EGP74.209 bn, deposits of the private sector, which reached EGP247.427 bn, and deposits of household sector, which reached EGP794.388 bn by the end of May 2023.
