Deposits in banks up by LE 920B in FY 2016/17: CBE

CAIRO – 16 September 2017: Deposits in Egypt’s banks have increased by LE 920 billion during fiscal year 2016/2017, to stand at around LE 3.04 trillion by the end of June 2017, compared to LE 2.12 trillion in the same month last year, the Central Bank of Egypt (CBE) announced Saturday.

Total Egyptians’ deposits, including government’s deposits, surged to more than LE 3 trillion by the end of June 2017, compared to LE LE 2.9 trillion by the end of June 2016.

Some 32 percent of the population, equivalent to 17 million people, are dealing with banks, CBE’s Governor, Tarek Amer, said on the sidelines of the ninth Global Policy Forum, which kicked off in Sharm El-Sheikh Thursday.

He added that there is a plan to increase this figure through legislative amendments and offering new products and services at banks.

Amer said that Egypt had achieved financial stability through the economic reform measures it adopted recently, including the flotation of the Egyptian pound. These reforms succeeded in attracting new deposits, worth LE 200 billion, to banks in the local market.

The two-day 9th Global Policy Forum is an international conference on financial inclusion that kicked off in the Red Sea resort of Sharm El-Sheikh on Thursday.

It is organized by the International Alliance for Financial Inclusion (AFI) and brings together some 95 states and 119 international financial institutions.