| 19 March, 2017

Deposits at Egypt banks rise 22.04% in November after pound float

19 March 2017
By Sayed Badr 

The total volume of deposits at banks operating in Egypt hiked to 2.714 trillion Egyptian pounds ($150.3 billion) at the end of November, which witnessed the floatation of local currency.

Earlier in October, deposits recorded 2.224 trillion pounds.

Government deposits also rose to 474.723 billion pounds, including 276.81 billion pounds in local currency and 197.91 billion pounds in foreign currencies, a recent report by the Central Bank of Egypt showed on Thursday.

Non-government deposits hit record rise to reach 2.239 trillion pounds, of which 1.579 trillion pounds were in local currency and 660.37 billion pounds in foreign currencies, the report added.

On November 3rd, Egypt took a dramatic step as it devalued its currency by a third and allowed its pound to float freely in an effort to attract inflows of capital and close down a booming black market in dollars.

© Amwal Alghad 2017