Total non-governmental deposits in local currency within banks increased to EGP 5.791 trillion in July 2023, compared to approximately EGP 5.411 trillion in December 2022
The Egyptian banking sector saw an uptick in domestic liquidity with EGP 8.343 trillion recorded in July 2023, marking an increase from EGP 7.402 trillion in December 2022, according to the latest report by the Central Bank of Egypt (CBE), signifying a growth of 12.7% equivalent to EGP 941 billion.
The report indicated that the money supply, consisting of cash circulating outside the banking system and demand deposits in local currency, has risen to EGP 2.097 trillion, up from EGP 1.739 trillion. Cash circulating outside the banking system amounted to EGP 991.93 billion, compared to EGP 831.2 billion.
The CBE report highlighted that quasi-money, including time deposits, savings certificates in local currency, and non-governmental deposits in foreign currencies, reached EGP 6.245 trillion.
Total non-governmental deposits in local currency within banks increased to EGP 5.791 trillion in July 2023, compared to approximately EGP 5.411 trillion in December 2022.
The report revealed that demand deposits in banks were comprised of EGP 55.475 billion from the public business sector, EGP 727.958 billion from the private sector, and EGP 322.662 billion from the household sector.
The volume of time deposits and savings certificates in local currency approached EGP 4.685 trillion, compared to the previous EGP 4.503 trillion. Specifically, the public business sector held approximately EGP 82.728 billion in such deposits, the private sector had EGP 297.813 billion, and the household sector possessed EGP 4.304 trillion.
The CBE also reported an increase in non-governmental deposits in foreign currencies at banks to about EGP 1.560 trillion in July 2023, compared to around EGP 1.160 trillion in December 2022.
According to CBE data, demand deposits in foreign currencies amounted to nearly EGP 415.849 billion, while the volume of time deposits and savings certificates reached about EGP 1.144 trillion.
CBE added that the public business sector held approximately EGP 16.920 billion in demand deposits in foreign currencies, the private business sector had around EGP 279.64 billion, and the household sector possessed about EGP 119.5 billion.
The public business sector also recorded EGP 78.266 billion in time deposits and savings certificates in foreign currencies, the private business sector held approximately EGP 253.05 billion, and the household sector possessed roughly EGP 813.17 billion.
