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Total deposits growth rate in banks reached 18.88% in August: CBE EGP 29.5bn increase in deposits, EGP 10.7bn increase in bank loans during August: CBE
Banks working in the Egyptian market managed to attract deposits worth EGP 29.54bn in August, reaching EGP 1.809tr compared to EGP 1.779tr in July, according to a report by the Central Bank of Egypt (CBE) on Sunday. CBE explained the growth rate of total deposits in banks reached 18.88% in August, deposits in EGP reached 19.9%, and deposits in foreign currency reached 14.6%. Non-governmental deposits in local currency reached EGP 25.26bn, going up to EGP 1.255tr, compared to EGP 1.229tr last year. Non-governmental deposits in foreign currency reached EGP 100m, going up to EGP 278.341bn in August, compared to EGP 278.288bn in July. CBE's data also revealed an increase in the size of loans in banks of nearly EGP 10.75bn in August, with loans reaching EGP 732.61bn, compared to EGP 721.86bn by the end of June. The private business sector acquired nearly 60.8% of total credit facilities banks provided to non-governmental bodies from July to August of the Fiscal Year (FY) 2015/2016. The industrial sector alone acquired nearly 34.1% of those facilities, followed by services sector with nearly 26%, the commerce sector with 10.3%, and agriculture by 1.2%. A number of other sectors, including the family sector acquired nearly 28.4% of the total facilities.
