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Household sector accounts for 82.92% of Egypt’s bank deposits in October - Daily News Egypt

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Household sector accounts for 82.92% of Egypt’s bank deposits in October

Total bank deposits amount to EGP 3.477trn, of which EGP 3.027tn in local currency, and equivalent of about EGP 450.151bn in foreign currencies: CBE


The household sector acquired 82.92% of total bank deposits in October 2020, according to the Central Bank of Egypt (CBE).

According to CBE, the total deposits of the household sector amounted to about EGP 3.477trn, of which about EGP 3.027trn in local currency, and the equivalent of about EGP 450.151bn in foreign currencies.

The total bank deposits in Egypt reached about EGP 4.193trn, of which about EGP 3.547trn in local currency, an equivalent of about EGP 646.345bn in foreign currencies.

The CBE said that the local currency deposits increased by EGP 45.611bn to about EGP 3.547trn in October 2020, compared to about EGP 3.501trn in September 2020.

In a recent report, the CBE said that the total demand deposits in the local market amounted to about EGP 529.901bn in October, compared to EGP 523.515bn in September, an increase of EGP 6.386bn.

According to CBE, the volume of time deposits and savings certificates in local currency with banks increased by EGP 39.225bn during October to about EGP 3.017trn, compared to about EGP 2.978trn in September.

He explained that the public sector’s share of demand deposits amounted to about EGP 33.659bn, compared to EGP 291.984bn for the private sector, and about EGP 204.618bn for the household sector.

Moreover, the public sector’s share of time deposits and savings certificates amounted to about EGP 28.785bn, compared to about EGP 165.887bn for the private sector, and about EGP 2.822tn for the household sector.

In the same context, the CBE revealed an increase in the volume of foreign currency deposits with banks during October, equivalent to about EGP 1.84bn, to reach the equivalent of about EGP 646.345bn, compared to the equivalent of about EGP 644.505bn in September 2020.

The CBE stated that demand deposits in foreign currencies amounted to about EGP 133.582bn in October, compared to about EGP 134.27bn in September, a decrease of EGP 688m.

According to CBE, the volume of time deposits and savings certificates in foreign currencies with banks increased by about EGP 2.528bn during October 2020, to reach the equivalent of about EGP 512.763bn, compared to the equivalent of about EGP 510.235bn in September 2020.

The public sector’s share of demand deposits in foreign currencies amounted to about EGP 5.278bn, compared to about EGP 77.433bn for the private sector, and about EGP 50.892bn for the household sector.

The public sector’s share of time deposits and savings certificates in foreign currencies amounted to the equivalent of about EGP 29.595bn, compared to the equivalent of about EGP 83.909bn for the private sector, and the equivalent of about EGP 399.259bn for the household sector.

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https://dailyfeed.dailynewsegypt.com/2020/12/13/household-sector-accounts-for-82-92-of-egypts-bank-deposits-in-october/
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