Egypt's banking system records strong influx of non-government deposits, indicating economic resilience

CAIRO – 28 September 2023: Egypt's banking sector has witnessed a notable increase in non-government deposits in local currency, reaching LE 5.9 trillion by the end of August 2023. This marks a significant rise from approximately LE 5.411 trillion at the close of December 2022.

In its latest report, the Central Bank of Egypt revealed that on-demand deposits in local currency reached LE 1.15 trillion, compared to LE 908.3 billion previously.

Breaking down the figures, the central bank disclosed that the public sector accounted for LE 59.864 billion of these deposits, while the private sector held LE 754.7 billion, and households deposited LE 335.808 billion.

Furthermore, the central bank reported that time deposits and savings certificates in local currency totaled around LE 4.75 trillion, up from LE 4.503 trillion. In this category, the public sector held approximately LE 90.057 billion of these deposits, the private sector possessed LE 299.654 billion, and households contributed LE 4.36 trillion.

Egypt's banking sector has been steadily expanding and attracting more non-government deposits in local currency.

This growth signifies increased confidence in the stability of the Egyptian economy and the banking system. It also reflects positive sentiment among businesses, individuals, and investors regarding the country's financial prospects.