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Egypt banks see EGP 62bn increase in local currency deposits in May - Daily News Egypt

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Egypt banks see EGP 62bn increase in local currency deposits in May

NFA surplus with banks, CBE records about $5.3bn increase


The Central Bank of Egypt (CBE) has announced that the volume of local currency deposits at banks operating in Egypt increased by about $62bn to about EGP 3.192trn in May, compared to about EGP 3.13trn in April.

A recent CBE report noted that demand deposits in the local currency recorded EGP 488.87bn in May, up from EGP 474.79bn in April, an increase of EGP 14.2bn.

Non-current deposits, or time and saving deposits, in the local currency, rose by EGP 47.8bn during May, to reach EGP 2.703trn, compared to EGP 2.655trn in April.

The CBE explained that household sector’s local currency deposits amounted to EGP 2.714trn in May, compared to EGP 2.664trn in April, an increase of about EGP 50bn.

Private sector deposits amounted to EGP 413.5bn in May, compared to EGP 401.37bn in April, an increase of EGP 12.1bn. Public sector deposits in the local currency also increased to EGP 64.59bn from EGP 64.44bn.

In the same context, the CBE revealed that US dollar deposits inched up to about $41.06bn in May, compared to $40.7bn in April, a growth of about $360m.

The CBE data also showed that foreign currency deposits by the household sector recorded about $28.22bn in May, up from $28.09bn in April, an increase of $130m.

Private sector deposits in foreign currencies increased by about $193m, to reach $10.7bn at the end of May, compared to $10.5bn in April. Public sector deposits recorded about $2.14bn, up from $2.087bn in April, an increase of $27m.

Demand deposits in foreign currencies recorded $8.57bn in May, while non-current deposits, or time and saving deposits, reached about $32.49bn.

The CBE revealed that the surplus of net foreign assets (NFA) at banks and the CBE rose further during May, to record an increase of about $5.3bn. This comes following a decline during the months of March and April, amounting to $21.6bn.

According to the report, the NFA surplus reached about $8.33bn in May, compared to $3.04bn in April.

The CBE stated that the total foreign currency assets recorded $54.68bn in May, compared to $49.45bn in April, an increase of $5.2bn. The foreign currency liabilities witnessed relative stability, recording $45.35bn in May, down from $46.41bn in April.

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https://dailyfeed.dailynewsegypt.com/2020/07/06/egypt-banks-see-egp-62bn-increase-in-local-currency-deposits-in-may/
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