Household sector acquires 75.3% of total deposits in banks in May: CBE

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The household sector acquired 75.3% of the total deposits in banks in May, according to a recently issued report by the Central Bank of Egypt (CBE).

The bank stated in its report that the household sector acquired about 78% of the total local currency deposits and about 63.3% of the total foreign currency deposits.

According to the CBE, total deposits of the household sector in banks reached about EGP 1.29tn in May, of which about EGP 1.088tn is in local currency and about EGP 202.06bn in foreign currencies.

The household sector accounts for the largest deposits in banks and includes those of individuals and family businesses, said Haitham Abdel Fattah, director general of the treasury of the Industrial Development and Workers Bank of Egypt.

Abdel Fattah also said that investing savings in the Egyptian market or maintaining their value is done in several ways. One of these ways is to keep savings in the form of US dollars, gold, real estate, stock market investments, or in savings instruments.

He also added that investing in gold has many risks related to fluctuations in the price of gold in world markets. Investment in real estate requires experience in the field and a huge liquidity that many people may not have.

Investment in the stock market has many risks and requires experience that is not usually available to individuals. Therefore, it is better to keep savings in banks in the form of local currency or foreign currency, or keep them in US dollars, according to Abdel Fattah.

Source: Daily News Egypt