Egypt’s bank deposits record EGP 11.99t in 2023/2024

Egypt’s banking sector saw a notable 26.9 per cent rise in total deposit balances in the 2023/2024 fiscal year, reaching 11,991.8 billion Egyptian pounds, the Central Agency for Public Mobilisation and Statistics (CAPMAS) reported on Sunday.

In 2023/2024, household sector deposits rose to 7,030 billion pounds, reflecting a 27.5 per cent increase from the previous year. The sector accounted for 58.6 per cent of total bank deposits, with individuals contributing 95.9 per cent of this amount.

Private business sector deposits in 2023/2024 totalled 1986.9 billion pounds, up 37.6 per cent from the previous year. Meanwhile, public services sector deposits reached 1,601.6 billion pounds in 2023/2024, up 5.0 per cent from the previous year.

The treasury and government administration sector made up 97.6 per cent of these deposits, representing 13.4 per cent of total bank deposits, as mentioned in the CAPMAS latest report.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama