The Central Bank of Egypt (CBE) has reported that local bank deposits increased by about EGP 77.319bn during June 2020, to reach about EGP 3.268trn. The latest figures compare to the EGP 3.192trn the CBE reported in May 2020.
In a recent report, the CBE indicated that local bank term deposits amounted to EGP 2.787trn in June, of which the household sector accounted for EGP 2.598trn. A further EGP 34bn was deposited by the public sector, and about EGP 155.3bn was deposited by the private sector.
The CBE added that demand deposits recorded about EGP 482bn, of which about EGP 192.22bn was by the household sector, and about EGP 31.3bn for the public sector. The private sector accounted for about EGP 258.5bn of the whole figure.
In the same context, the CBE revealed that customer deposits in foreign currencies increased by EGP 14.195bn to about EGP 666.642bn during June, compared to about EGP 652.447bn in May.
The report explained that term deposits in foreign currencies amounted to EGP 524.62bn in June, of which EGP 410.188bn belonged to the household sector. The public sector accounted for about EGP 26.33bn, and the private sector accounted for about EGP 88.1bn.
It added that demand deposits recorded about EGP 142.02bn, of which about EGP 52.7bn was for the household sector, about EGP 6.2bn were for the public sector, and about EGP 83.136bn were for the private sector.
These increases in the volume of deposits at banks, especially in local currency, are largely due to the high-yield savings certificates offered by the National Bank of Egypt (NBE) and Banque Misr. The certificates, which provide rates of 15%, exceeded their proceeds reporting in at about EGP 255bn, since their launch on 16 March 2020, until the third week of July 2020.