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EPG 489.138bn increase in banks’ deposits in 2018: CBE - Daily News Egypt

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EPG 489.138bn increase in banks’ deposits in 2018: CBE

Government’s deposits hit EGP 391.7bn, family sector deposited 66% of them


Deposits in Egyptian banks jumped to EGP 3.818tn by December 2018, compared to EGP 3.329tn in December 2017, which is an increase of EGP 489.138bn, the Central Bank of Egypt (CBE) said on Sunday.

In its monthly report, the CBE said that the governmental deposits hit EGP 613.655bn by December 2018, compared to EGP 516.191bn in December 2017, an increase of EGP 97.464bn.

Meanwhile, the total value of non-governmental deposits rose to EGP 3.204tn, compared to EGP 2.813tn, an increase of EGP 391.7bn, the report also noted.

According to the CBE, deposits in local currency reached EGP 2.951tn by the end of 2018, forming 77.3% of the total amount of deposits, while the foreign-currency deposits hit EGP 866.918bn, representing 22.7% of the total amount of deposits.

The family sector accounted for 66% of the total deposits in banks, as its total deposits reached EGP 2.518tn by the end of December 2018, compared to EGP 2.277tn at the end of December 2017, an increase of EGP 241bn.

In the same context, the CBE revealed that the volume of credit facilitations granted by banks to its customers amounted to about EGP 1.815tn by the end of December 2018, the private sector obtained about 60.9% of them.

The industrial sector received about 33.8% of the credit facilitations granted to non-governmental sector, while the service sector obtained 28.4%, the trade sector 10.7%, and the agriculture sector 1.4%. Meanwhile, other sectors, which were not detailed by the CBE’s report, including the family sector, accounted for 25.7% of the total facilitations.

The CBE Governor, Tarek Amer, had previously revealed that the CBE seeks to encourage banks to pour EGP 1tn in loans in the upcoming period.

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https://dailynewssegypt.com/2019/03/03/epg-489-138bn-increase-in-banks-deposits-in-2018-cbe/
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