CBE: Foreign currency deposits jump by 34.6%, reaching EGP1.56 tn by 2023 End

According to the latest monthly data released on the central bank's website, total bank deposits in foreign currencies (CBE) surged by 34.59%, reaching EGP 1.561 tn by the end of 2023. compared to the equivalent of EGP1.160 tn recorded at the end of 2022, marking an increase of EGP401.282bn.

Foreign currency deposits were divided into demand deposits, time deposits, and savings certificates. Demand deposits in foreign currencies reached the equivalent of EGP379.160bn at the end of last year, compared to the equivalent of EGP309.862 bn at the end of 2022, showing a growth rate of 22.36% and an increase of EGP 69.298 bn.

Demand deposits in foreign currencies were further divided into deposits from the public sector, which amounted to EGP 13.341 bn, deposits from the private sector, totaling EGP255.658 bn, and deposits from household sector, totaling EGP110.286 bn, all at the end of 2023.

Furthermore, time deposits and savings certificates in foreign currencies reached the equivalent of EGP 1.182 tn at the end of 2023, compared to the equivalent of EGP850.217 bn at the end of 2022, showing a growth rate of 39.05% and an increase of EGP331.984bn.

The value of demand deposits in foreign currencies for the public sector amounted to approximately EGP81.197 bn, EGP275.182bn for the private sector, and around EGP 825.822 bn for the Household sector.