Egypt’s CBE says total deposits in banking sector increases by 18.5% in 8M

Total deposits of Egyptian banking sector deposits has seen a growth rate of 18.56% generating EGP 7.648 trillion at the end of August 2022, compared to EGP 6.451 trillion at the end of December 2021 with an increase of 1.197 trillion pounds, according to the monthly bulletin of the Central Bank of Egypt.

The banking sector deposit portfolio includes government and non-government deposits in both local and foreign currencies.

Total government deposits in both local and foreign currencies increased by a growth rate of 22.27% during the first 8 months of this year, to record EGP 1.589 trillion at the end of August 2022, compared to EGP 1.300 trillion at the end of December 2021.

Government deposit jumped from EGP 1.540 trillion at the end of last July, to EGP1.589 trillion at the end of August 2022 recording an increase of 3.21%.

Moreover, Non-government deposits in both local and foreign currencies increased during the first 8 months of this year, to record EGP 6.059 trillion at the end of August 2022, compared to EGP 5.151 trillion at the end of December 2021 with a growth rate of 17.62%.

Furthermore, non-government deposits in local and foreign currencies increased on a monthly basis by 1.81%, from EGP 5.951 trillion at the end of the previous July, to reach EGP 6.059 trillion at the end of August 2022.

Non-government deposits have the lion share of total bank deposits by 79.22% during the first 8 months of 2022, while government deposits accounted for 20.78% of total bank deposits by the end of the same period.