CBE: Bank deposits grow by 15%, recording EGP 11.7 tn by April-2024 end

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 14.89% during the period from January to April 2024, to record EGP11.68tn by the end of April 2024, compared to EGP10.16tn at the end of December 2023, with an increase of EGP1.51tn.

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 17.07%, during the first 4 months 2024 reaching EGP2.666 tn by the end of April 2024, compared to EGP2.277 tn at the end of December 2023.

In terms of government deposits in the local currency only, they grew by 8.38%, reaching EGP2.130 tn by the end of April 2024, compared to EGP1.965 tn at the end of December 2023.However, government deposits in foreign currency witnessed a significant increase by 71.88% during the first 4 months of 2024, totaling EGP535.933bn by the end of April 2024, compared to EGP311.815bn at the end of December 2023.

As for non-government deposits, the total portfolio in both local and foreign currencies reached EGP9.010 tn by the end of April 2024, compared to EGP7.885tn at the end of December 2023, growing by 14.26% during the first 4 months of the current year.

Non-government deposits in the local currency increased by 3.95%, reaching EGP6.536tn by the end of April 2024, compared to EGP6.29tn at the end of December 2023.