CBE: deposits in Local Currency grows by 13%, recording EGP7.06tn by August - 2024 End

Total deposits of banks in the local currency (excluding CBE) increased by 13%, with an increase of EGP810.71bn by August - 2024end, reaching EGP 7.058 tn by the end of August 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 1.525 tn by the end of August 2024, compared to EGP 1.301 tn by the end of 2023, achieving a growth rate of 17.19% and an increase of EGP 223.66 bn during 8M-2024

Demand deposits are further divided into public sector deposits, which reached EGP 73.61 bn, private sector deposits, which reached EGP 345.22 bn, and household deposits, which amounted to EGP 5.11tn by the end of August 2024.

Moreover, time deposits and savings certificates in the local currency increased by 11.87% by the end of August 2024, reaching EGP 5.53 tn by the end of August 2024, compared to EGP 4.95 tn by the end of December 2023, with an increase of EGP 587.05 bn.