CBE: deposits in Local Currency rises to EGP 6.2 tn by-2023 End

Total deposits of banks in the local currency (excluding CBE) increased by 15.45%, with an increase of EGP835.822 bn during the last year, reaching EGP 6.247 tn by the end of 2023, compared to EGP 5.411 tn by the end of 2022, according to recent data by the CBE.

Monthly data from the Central Bank of Egypt revealed that local currency deposits are divided into demand deposits, time deposits, and savings certificates.

Demand deposits in the local currency reached EGP 1.301 bn by the end of 2023, compared to EGP 908.4 bn by the end of 2022, achieving a growth rate of 43.24% and an increase of EGP 392.785 bn.

Demand deposits are further divided into public sector deposits, which reached EGP 65.990 bn, private sector deposits, which reached EGP 855.910 bn, and household deposits, which amounted to EGP 379.572 bn by the end of 2023.

Moreover, time deposits and savings certificates in the local currency increased by 9.84% by the end of December 2023, reaching EGP 4.946 tn by the end of 2023, compared to EGP 4.503 tn by the end of December 2022, with an increase of EGP 443.037 bn.