CBE: deposits in Local Currency grows by 11.6%, recording EGP 6.97tn by July- 2024 End

Total deposits of banks in the local currency (excluding CBE) increased by 11.62%, with an increase of EGP726.1bn by July- 2024end, reaching EGP 6.973 tn by the end of July 2024, compared to EGP 6.247 tn by the end of 2023, according to recent data by the CBE.

Monthly data from the Central Bank of Egypt revealed that local currency deposits are divided into demand deposits, time deposits, and savings certificates.

Demand deposits in local currency reached EGP 1.495 bn by the end of July 2024, compared to EGP 1.301 tn by the end of 2023, achieving a growth rate of 14.88% and an increase of EGP 193.6 bn.

Demand deposits are further divided into public sector deposits, which reached EGP 87.025 bn, private sector deposits, which reached EGP 873.667 bn, and household deposits, which amounted to EGP 543.318bn by the end of July 2024.

Moreover, time deposits and savings certificates in the local currency increased by 10.77% by the end of July 2024, reaching EGP 5.479 tn by the end of July 2024, compared to EGP 4.946 tn by the end of December 2023, with an increase of EGP 532.5 bn.