CBE: Bank deposits grow by 13.5%, recording EGP 11.5 tn during Q1-2024

The latest statistical bulletin of the Central Bank of Egypt, issued on the official website of the bank, revealed an increase in the total deposits of banks (excluding CBE) by a growth rate of 13.5% during the period from January to March 2024, to record EGP11.53tn by the end of March 2024, compared to EGP10.16tn at the end of December 2023, with an increase of EGP1.37tn.

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 13.81%, an increase of EGP314.4Bn during the first 3 months 2024 reaching EGP2.59 tn by the end of March 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 4.80%, an increase of EGP94.27Bn reaching EGP2.06 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 70.61% during the first 3 months of 2024, totaling EGP532bn by the end of March 2024, compared to EGP311.82bn at the end of December 2023.

As for non-government deposits, the total portfolio in both local and foreign currencies reached EGP8.94tn by the end of March 2024, growing by 13.40% with an increase of EGP1.06tn during the first 3 months of the current year.

Non-government deposits in the local currency increased by 3.24%, reaching EGP6.49tn by the end of March 2024, compared to EGP6.29tn at the end of December 2023.