By Abdel Qader Ramadan
Bank deposits grew almost EGP 45.5bn in the first quarter of the fiscal year, reaching EGP 1.3615trn in March, according to a recent CBE report.
Total government deposits at the end of March were EGP 169.412bn, decreasing EGP 1.29bn from December 2013, when deposits were EGP 170.702bn
Government deposits were split between local and foreign currency, with local currency deposits of EGP 78.349bn and foreign currency deposits of EGP 91.063bn in March
Non-government deposits during the first quarter rose by EGP 46.3bn, reaching EGP 1.1916tn, of which EGP 962.458bn was distributed in domestic currency and EGP 229.213bn in foreign currency.
Further figures for March also indicate that the public business sector accounted for EGP 22.82bn of non-governmental domestic currency deposits versus EGP 23.17bn in December. The private business sector accounted for EGP 145.94bn in March versus 141.59bn in December. The household sector accounted for EGP 789.4bn in March, 775.5bn in February, and 755.2bn in December.
The public business sector accounted for EGP 13bn of foreign currency non-governmental deposits in March versus 12.3bn in December. The private business sector accounted for EGP 71.5bn in March versus 68bn in December.