FILE – CBE
CAIRO – 29 May 2018: Banks’ deposits marked an increase of LE 1.2 trillion in 18 months, recording about LE 3.33 trillion ($185.83 billion) in December 2017, compared to LE 2.12 trillion in June 2016, according to the Central Bank of Egypt.
Sources attributed this increase to the 20 percent certificates issued by banks over a year and a half, clarifying that these certificates reaped about LE 550 billion during its issuance period.
The loan to deposit ratio in the Egyptian banking system is currently recording an average of 45 percent and CBE targets to reach 65 percent during 2018, the sources said.
Governor of CBE, Tarek Amer, said that 17 million citizens, around 32 percent of eligible voters, deal with banks and post offices.
The Egyptian economic reform program contributed by deposits of LE 200 billion to banks operating in the Egyptian market, Amer added.
Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank’s deposit portfolio increased to record LE 1 trillion – LE 1,000 billion – for the first time in Egyptian banks’ history.
Total Egyptian deposits in banks reached LE 3.218 trillion by the end of October 2017, compared to LE 3.176 trillion by the end of September of the same year, with an increase of LE 42 billion, Abul Fotouh added.
The Central Agency for Public Mobilization and Statistics (CAPMAS) said earlier that bank deposits increased 43.1 percent in fiscal year 2016/2017 on a year-on-year basis to record LE 3027.8 billion.
For public service sector, the deposits increased 40.4 percent to record LE 384.3 billion in 2016/2017.
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