CBE: Bank deposits grow by 18.5%, recording EGP 10.2 tn by 2023 End

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 18.45% during the period from January to December 2023, to record EGP10.16 tn by the end of December 2023, compared to EGP8.580 tn at the end of December 2022, with an increase of EGP1.58 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 16.71%, an increase of EGP326.1Bn during 2023 reaching EGP2.28 tn by the end of December 2023, compared to EGP1.95 tn at the end of December 2022.

In terms of government deposits in the local currency only, they grew by 19.76%, reaching EGP1.97 tn by the end of December 2023, compared to EGP1.641 tn at the end of December 2022.However, government deposits in foreign currency witnessed a slight increase by 0.56% during the last year, totaling EGP311.8bn by the end of December 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 EGP7.89 tn by the end of December 2023, growing by 18.96% with an increase of EGP1.26tn during the last year.

Non-government deposits in the local currency increased by 15.72%, reaching EGP6.29tn by the end of December 2023, compared to EGP5.43 tn at the end of December 2022.

Foreign currency non-government deposits jumped to EGP1.598 tn by the end of December 2023, growing by 33.69% and achieving an increase of EGP402.4 bn during the the last year.