CBE Governor Says Banks Deposit Hit EGP1.2 tln by August-End

By Salma Ayman On Oct 23, 2013

Hisham Ramez, the Governor of the Central Bank of Egypt (CBE), denied media rumors which reported a decline of deposits of the banking sector, noting that the volume of deposits for both local and foreign currencies inched up to EGP 1 trillion and EGP 200 billion at the end of last August, from EGP 936 billion in January 2011.

Ramez has pointed out that local currency deposits has hit a record around EGP 916 billion at the end of August, opposed to EGP 725 billion at the end of January 2011, whereas the foreign currency deposits has recorded EGP 297.5 billion in August against EGP 211 billion at the end of January2011.

The top official has further said the loans granted by the banking sector registered EGP 550 billion at the end of August, compared to EGP 465 billion in January 2011.