Egypt’s CBE governor: funds to be increased to $57bn

Central Bank of Egypt (CBE) plans for the banks operating in the country to increase funds to 1 trillion Egyptian pounds ($57 billion) within the next period, its governor Tarek Amer on Sunday.

“Egyptian banking sector has deposits worth around 4 trillion pounds,” Amer said.

At the end of August 2018, CBE unveiled that deposits in the banking sector rose to 3.606 trillion pounds against 3.586 trillion pounds at the end of last July.

Governmental deposits dropped to 523.3 billion pounds at the end of August, compared with 538.4 billion pounds in July.

CBE revealed that Egypt’s net international reserves reached $44.5 billion at the end of September 2018.

At the end of June 2018, banks’ Islamic deposits reached 233 billion pounds, capturing 6.5 percent of the market share, according to head of Egyptian Islamic Finance Association (EIFA) Mohamed El-Beltagy.