CBE: Local-currency deposits hit EGP7.3t in Oct

The Central Bank of Egypt (CBE) reported a significant increase in local currency deposits, reaching 7.307 trillion Egyptian pounds by the end of October 2024, compared to 6.079 trillion pounds in the same month last year.

According to a CBE recent report, demand deposits in local currency amounted to 1.614 trillion pounds in November 2024, up from 1.228 trillion pounds in November 2023.

The report further breaks down the composition of these deposits, showing that public sector deposits totaled 107.434 billion pounds, private sector deposits reached 907.222 billion pounds, and household deposits amounted to 600.038 billion pounds.

Additionally, time and saving deposits in local currency also grew to approximately 5.693 trillion pounds in October 2024, up from 4.851 trillion pounds in October 2023. Of this, the public sector accounted for 65.393 billion pounds, the private sector held 325.964 billion pounds, and the household sector dominated with a share of 5.301 trillion pounds.

This growth in local currency deposits reflects a robust increase in both business and household savings, indicating a positive trend for Egypt’s banking sector and the broader economy.

Attribution: CBE