CBE: Foreign currency deposits jump by 70%, reaching EGP2.656tn by August- 2024 End

According to the latest monthly data released on the central bank's website, total bank deposits in foreign currencies (CBE) surged by 70.15%, reaching EGP 2.656 tn by the end of August 2024. compared to the equivalent of EGP1.561 tn at the end of 2023, marking an increase of EGP1.095tn.

Foreign currency deposits were divided into demand deposits, time deposits, and savings certificates. Demand deposits in foreign currencies reached the equivalent of EGP636.436bn at the end of August 2024, compared to the equivalent of EGP379.160bn at the end of 2023, showing a growth rate of 67.85%.

Demand deposits in foreign currencies were further divided into deposits from the public sector, which amounted to EGP 30.164 bn, deposits from the private sector, totaling EGP421.863 bn, and deposits from household sector, totaling EGP184.464 bn, all at the end of August 2024.

Furthermore, time deposits and savings certificates in foreign currencies reached the equivalent of EGP 2.020 tn at the end of August 2024, compared to the equivalent of EGP1.182tn at the end of 2023, showing a growth rate of 70.88% and an increase of EGP838.003bn.