EGP 53.774bn increase in local currency deposits at banks in Egypt during May 2021: CBE

Volume of term deposits, proceeds of savings certificates in foreign currencies increased to EGP 503.085bn

The Central Bank of Egypt (CBE) revealed an increase in the volume of local currency deposits in banks operating in Egypt by about EGP 53.774bn, to reach about EGP 3.932trn during May 2021, compared to about EGP 3.879trn in April 2021.
In a recent report, CBE explained that demand deposits in local currency amounted to EGP 551.398bn in May 2021, compared to about EGP 550.406bn in April 2021, an increase of about EGP 992m.
The volume of term deposits and proceeds of saving certificates in local currency in banks increased by about EGP 52.782bn during May 2021, to reach about EGP 3.381trn, compared to about EGP 3.328trn in April 2021.
The public sector's share of demand deposits in local currency reached about EGP 32.591bn in May 2021, and the private sector's share was about EGP 305.807bn, and about EGP 213.223bn for the household sector.
The public sector's share amounted to about EGP 34.251bn of time deposits and savings certificates in local currency, compared to about EGP 177.690bn for the private sector, and about EGP 3.169tn for the household sector.
Furthermore, CBE revealed an increase in the volume of time deposits and the proceeds of saving certificates in foreign currencies in banks of about EGP 1.229bn during May 2021, to reach the equivalent of about EGP 503.085bn, compared to EGP 501.786bn in April 2021.
CBE explained that the volume of deposits in foreign currencies in banks during May 2021 reached EGP 648.669bn, compared to EGP 658.400bn in April 2021, down by EGP 9.731bn.
Demand deposits in foreign currencies amounted to EGP 145.584bn in May 2021, compared to about EGP 156.614bn in February 2021, down by EGP 11.05bn.
The public sector's share of demand deposits in foreign currencies reached about EGP 6.717bn by the end of May 2021, and the private sector's share equaled EGP 86.239bn, and the equivalent of about EGP 52.655bn for the family sector.
The public sector's share amounted to about EGP 23.719bn of time deposits and savings certificates in foreign currencies, compared to EGP 83.899bn for the private sector, and EGP 395.467bn for the household sector.
On the other hand, CBE said that the volume of its foreign assets increased in May 2021 to EGP 621.569bn, compared to EGP 620.243bn in April, an increase of EGP 1.326bn.
This comes at a time when the volume of foreign assets with banks declined to EGP 337.883bn, compared to EGP 365.394bn.
CBE explained that the net foreign assets of the banking sector reached about EGP 249.654bn in May 2021, compared to EGP 272.294bn in April 2021, a decrease of EGP 22.64bn.
It pointed out that the decrease in net foreign assets was the result of the difference between the decrease in the volume of foreign assets in the banking sector, to about EGP 26.185bn in May 2021 reaching EGP 959.452bn, compared to EGP 985.637bn in April 2021, and the decrease in the volume of foreign liabilities equivalent to about EGP 3.545bn, reaching about EGP 709.798bn in May, compared to EGP 713.343bn in April.
The volume of foreign liabilities in CBE decreased to EGP 399.428bn in May 2021, compared to EGP 401.990bn in April 2021. Furthermore, the volume of liabilities in banks decreased to about EGP 310.370bn, compared to EGP 311.353bn.