CBE: Bank deposits grow by 13.3%, recording EGP 9.72 tn by August-2023end

The latest statistical bulletin of the Central Bank of Egypt, issued on the official website of the bank a little while ago, revealed an increase in the total deposits of banks (excluding CBE) by a growth rate of 13.3% during the period from January to August 2023, to record EGP9.719 tn by the end of August 2023, compared to EGP8.580 tn at the end of December 2022, with an increase of EGP1.138 tn.

The portfolio of the banking sector (excluding CBE) consists of government deposits and non-government deposits in both local and foreign currencies.

Total government deposits in both local and foreign currencies increased by 11.68%, reaching EGP2.179 tn by the end of August 2023, compared to EGP1.952 tn at the end of December 2022.In terms of government deposits in the local currency only, they grew by 14.53%, reaching EGP1.880 tn by the end of August 2023, compared to EGP1.641 tn at the end of December 2022.However, government deposits in foreign currency decreased by 3.43% during the first 8 months of the current year, totaling EGP299.4 bn by the end of August 2023, compared to EGP310.1 bn at the end of December 2022.

As for non-government deposits, the total portfolio in both local and foreign currencies reached EGP7.540 tn by the end of August 2023, growing by 13.74% with an increase of EGP910.9 bn during the first 8 months of the current year.Non-government deposits in the local currency increased by 9.26%, reaching EGP5.936tn by the end of August 2023, compared to EGP5.433 tn at the end of December 2022.

Foreign currency non-government deposits jumped to EGP1.603 tn by the end of August 2023, growing by 34.13% and achieving an increase of EGP408 bn during the first 8 months of the current year.