The Central Bank of Egypt (CBE) has released the latest data on deposits and employment in the banking sector as of April 2023. According to the CBE, customer deposits in banks rose by EGP 92.8bn to reach EGP 9.308trn in April 2023, compared to EGP 9.215trn in March 2023. The household sector accounted for 76.2% of the total deposits, with 80.8% in local currency and 59.3% in foreign currency. The annual growth rate of total deposits was 62.6%, with 16.5% for local currency deposits and 85.2% for foreign currency deposits. The share of foreign currency deposits increased to 21.45% of total deposits in April 2023. The CBE also reported that the balances of credit facilities granted by banks to customers increased by EGP 954.3bn to reach EGP 4.518trn in April 2023, compared to the end of June 2022. Credit facilities are loans, documentary credits, and letters of guarantee that banks offer to their customers. The increase was due to an increase of EGP 429.7bn in credit facilities to non-government entities and EGP 524.6bn to the government. The private business sector received 63.2% of the total credit facilities, followed by the industry sector at 29.9%, the services sector at 27.2%, the trade sector at 10%, the agriculture sector at 2.2%, and the undistributed sectors at 30.7%, of which 30.5% were for the household sector. The CBE also revealed that the net domestic assets of the banking sector increased by EGP 1.828trn, or 26.2%, during the period from July 2022 to April 2023, as a result of an increase in domestic credit by EGP 1.703trn, or 25.2%, and net budget items by EGP 125.1bn. Domestic credit increased as a result of an increase in net liabilities from the government by EGP 1.228trn, liabilities from the private business sector by EGP 359.3bn, from the household sector by EGP 109.8bn, and the public business sector by EGP 6.1bn. Foreign assets and financial position of banks The CBE also released the latest data on the foreign assets and the financial position of the banking sector as of April 2023. According to the CBE, the net foreign assets of the banking system decreased by EGP 373.8bn during the period from July 2022 to April 2023. This decrease was due to a decline of EGP 130.2bn in the net foreign assets of the CBE and EGP 243.6bn in the net foreign assets of the banks. The CBE also reported that the total financial position of banks increased by EGP 306.365bn to reach EGP 13.277trn in April 2023, compared to EGP 12.970trn in March 2023. On the assets side, cash balances in banks amounted to EGP 97.833bn, balances of some banks at home amounted to EGP 2.404trn, balances in banks abroad amounted to EGP 357.125bn, customer lending and debit balances amounted to EGP 4.518trn, securities portfolio and bank investments in treasury bills amounted to EGP 4.720trn, and other assets amounted to EGP 1.177trn. On the liabilities side, the CBE stated that banks' capital amounted to EGP 323.193bn, reserves amounted to EGP 484.383bn, balance of allocations amounted to EGP 303.474bn, obligations towards each other at home amounted to EGP 554.622bn, obligations towards banks abroad amounted to EGP 442.265bn, total deposits amounted to EGP 9.285trn, balances of bonds and long-term loans amounted to EGP 546.729bn, and other liabilities amounted to EGP 1.337trn.
