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Household sector accounts for 80.4% of total bank deposits - Daily News Egypt

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Household sector accounts for 80.4% of total bank deposits

It accounts for 83.6% of total deposits in local currency, 68.7% in foreign currency


The household sector has accounted for 80.4% of total bank deposits until the end of June 2019.

The Central Bank of Egypt (CBE) said in its monthly report that the  household sector represented 83.6% of total deposits in local currency and 67.7% of deposits in foreign currencies.

According to the CBE, the volume of customer deposits in the banking system increased by about EGP 95.47bn at the end of June 2019 to reach EGP 4.007tn, compared to EGP 3.911tn at the end of May 2019.

The bank pointed out that government deposits recorded EGP 610.45bn at the end of June, compared to EGP 591.882bn at the end of May 2019, an increase of EGP 18.57bn.

The volume of government deposits in local currency amounted to about EGP 503.279bn, and foreign currency deposits to EGP 107.173bn.

The CBE highlighted that non-governmental deposits increased by EGP 76.901bn in June 2019 to reach EGP 3.396tn, compared to EGP 3.320tn at the end of May.

Non-governmental deposits in local currency amounted to about EGP 2.673tn at the end of June, up from EGP 2.594tn at the end of May. The distribution of these deposits came as follows: public enterprise sector by EGP 58.405bn, the private sector by EGP 378.948bn, and the household sector by EGP 2.224tn, and non-residents by EGP 11.858bn.

Non-governmental deposits in foreign currencies recorded about EGP 723.325bn, compared to EGP 725.836bn in the previous month. The distribution of these deposits came as follows: public enterprise sector by EGP 37.639bn, private sector by EGP 186.493bn, household sector by EGP 490.595bn, and non-residents by EGP 8.694bn.

The CBE said growth in total bank deposits rose by 11.97% in June 2019, from 11.34% in May.

The growth rate in deposits in local currency rose in June to 15.8% from 14.9% in May, while the growth rate in foreign currency deposits continued to decline to -0.3% in June from 0.2% in May, CBE said.

According to the CBE, the share of foreign currencies in total bank deposits fell to 21.17% at the end of June, compared to 21.37% at the end of May 2019.

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https://dailyfeed.dailynewsegypt.com/2019/09/15/household-sector-accounts-for-80-4-of-total-bank-deposits/
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