CBE: Bank deposits grow by 4.5%, recording EGP 10.62 tn by February-2024end

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 4.5% during the period from January to February 2024, to record EGP10.62 tn by the end of February 2024, compared to EGP10.16tn at the end of December 2023, with an increase of EGP454.1 bn.

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%, an increase of EGP249.9Bn during the first 2 months 2024 reaching EGP2.53 tn by the end of February 2024, compared to EGP2.28 tn at the end of December 2023.

In terms of government deposits in the local currency only, they grew by 3%, an increase of EGP57.3Bn reaching EGP2.02 tn by the end of February 2024, compared to EGP1.97 tn at the end of December 2023.However, government deposits in foreign currency witnessed a significant increase by 62% during the first 2 months of 2024, totaling EGP504.3bn by the end of February 2024, compared to EGP311.8bn at the end of December 2023.

As for non-government deposits, the total portfolio in both local and foreign currencies reached EGP8.09tn by the end of February 2024, growing by 2.6% with an increase of EGP204.2bn during the first 2 months of the current year.

Non-government deposits in the local currency increased by 3.3%, reaching EGP6.49tn by the end of February 2024, compared to EGP6.29tn at the end of December 2023.