CBE: Domestic credit grows by 32.6%, recording EGP 10.1 tn during 2023
First Bank
The latest monthly statistical report from the Central Bank of Egypt, published on its official website, revealed 32.55% increase in domestic credit during the last year, reaching EGP 10.10 tn by the end of December 2023, compared to EGP7.62 tn by the end of 2022, an increase of EGP2.48tn.
Domestic credit increased at a monthly growth rate of 1.55% in last December, rising from EGP 9.94 tn at the end of November 2023 to EGP10.10 tn by the end of December 2023, indicating an increase of EGP153.7bn.
Local credit represents the banking system's requirements from local sectors, including investment in securities and credit facilities (in local and foreign currencies) granted to these sectors by the banking system. This includes net government requirements, public, private, and family sectors, as well as domestic credit in both local and foreign currencies.
Net government requirements increased by EGP1.90tn, achieving a growth rate of 37.83% during the last year, reaching EGP 6.93 tn by the end of December 2023, compared to EGP5.03 tn by the end of December 2022.
This growth is driven by the rise in the public sector, increasing from EGP159.03 bn at the end of 2022 to EGP 182.25 bn by the end of December 2023, with a growth rate of 14.60% and an increase of EGP 23.2 bn.
The value of credit for the private sector increased by a growth rate of 23.26%, with an increase of about EGP 386.4 bn, reaching EGP2.05 tn by the end of December 2023 compared to EGP1.66 tn by the end of 2022.
As for domestic credit in the local currency, it increased by a growth rate of 28.12%, reaching EGP7.77 tn from January to December 2023, compared to EGP 6.06 tn by the end of December 2022, achieving an increase of EGP1.71tn.
Regarding domestic credit in foreign currency, it jumped by a growth rate of 49.87%, with an increase of EGP 774.2 bn from January to December of the last year, reaching EGP 2.33 tn by the end of 2023, compared to EGP 1.55 tn by the end of December 2022.
