Local currency deposits in banks rise by $2.5bln in April in Egypt

Foreign currency deposits in the household sector increased to $28.09bln in April


The household sector has led a rise of EGP 41bn in local currency deposits at banks in April, the Central Bank of Egypt (CBE) data has shown. Local currency deposits now stand at a total of EGP 3.13tn, compared to the EGP 3.089tn reported at the end of March.

Local currency household sector deposits recorded EGP 2.664tn at the end of April, compared to EGP 2.612tn at the end of March, an increase of approximately EGP 52bn.

The National Bank of Egypt (NBE) and Banque Misr have both introduced a new saving certificate, carrying a 15% annual interest.

Private sector deposits recorded EGP 401.37bn in April, compared to EGP 412.45bn in March, a decrease of EGP 11.08bn.

Public sector deposits in the local currency reached EGP 64.44bn at the end of April, compared to EGP 64.42bn at the end of last March.

US dollar denominated deposits went on a downward spiral between June 2019 and February 2020, losing as much as $2.6bn, before rebounding in March 2020.

Foreign currency deposits in the household sector increased to $28.09bn in April, compared to $27.95bn in March, an increase of $140m. Private sector deposits decreased to $10.51bn in April, compared to $10.529bn in March. Public sector deposits amounted to $2.087bn in April, against $2.104bn in the previous month.

At the same time, the CBE divs revealed a decrease in the surplus of net foreign assets in the Egyptian banking sector for the second month in a row to reach $3.04bn in April. This marks a decline of $5.13bn on the $8.17bn reported in March.

According to the CBE, total assets in foreign currencies amounted to $49.45bn in April, compared to $52.01bn at the end of March, down $2.6bn.

Meanwhile, liabilities in foreign currencies increased to $46.41bn against $43.84bn in March, up by $2.6bn.

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