Egypt c.bank says FX deposits rise to EGP2.8t in Oct

Egypt’s Central Bank (CBE) announced a substantial surge in foreign currency deposits, reaching 2.776 trillion Egyptian pounds by the end of October 2024 from 1.565 trillion pounds in the same period last year.

In its latest monthly report, the CBE detailed that demand deposits in foreign currencies totaled approximately 684.987 billion pounds.

The breakdown of these deposits shows that the public sector held around 32.478 billion pounds in demand deposits, while the private business sector held approximately 467.198 billion pounds. Households accounted for about 185.434 billion pounds in demand deposits.

Meanwhile, time and saving deposits in foreign currencies amounted to roughly 2.091 trillion pounds.

The public sector’s share was around 142.847 billion pounds. The private business sector held 465.631 billion pounds, while households dominated with a significant 1.482 trillion pounds in foreign currency time and saving deposits.

This surge in foreign currency deposits reflects growing confidence in Egypt’s banking system, with both businesses and households increasingly investing in foreign currencies amid a volatile global economic landscape.

Attribution: CBE