Egypt’s CBE says total deposits in local currency increases by 17.5% in 10M

Total deposits in local currency (excluding the Central Bank of Egypt) increased by 17.55% to record EGP 5.26 trillion at the end of October 2022 compared to EGP4.47 trillion at the end of December 2021, according to latest CBE data.

However, the total deposits of banks in local currency on a monthly basis grown  of 0.1% to record EGP 5.255 trillion at the end of October 2022, compared to EGP 5.254 trillion at the end of July 2022.

The CBE also revealed that deposits in the local currency were divided into demand deposits, time deposits, and savings certificates.

Demand deposits in local currency recorded EGP 855.8bn at the end of October 2022, compared to EGP 680.5bn at the end of December 2021, a growth rate of 25.77% during the first 10 months of this year, and an increase of EGP 175.3bn.

Demand deposits were divided into the public sector, which amounted to EGP 55.5 billion, the private sector, which recorded EGP547 billion pounds, and the family sector, which amounted to EGP253.5 billion by the end of October 2022.

Term deposits and savings certificates in local currency have seen a growth rate of 16.08% to record EGP 4.399 trillion by the end of October 2022, compared to EGP 3.789 trillion by the end of December 2021.