Banking deposits plunge LE114B in one month: CBE

CAIRO – 9 June 2017: The total value of deposits at the Egyptian banking system slumped LE 114 billion ($6.2 billion) in one month, recording LE 2.7 trillion in February, down from LE 2.82 trillion, the Central Bank of Egypt (CBE) said Thursday.

The decline is attributed to the difference in U.S. dollar exchange rates, which fell from LE 19 per $1, to less than LE 16 in that month, the CBE said, according to state-owned news agency MENA.

Non-government deposits have declined in February to LE 2.59 trillion, compared to LE 2.34 trillion in January.

Meanwhile, the total government deposits were LE 455.2 billion; LE 291 billion from them are in local currency, while the remaining LE 163.6 billion are in foreign currency.
The total value of foreign currency deposits also fell from LE 589.9 in February from LE 704.4 billion in January, the CBE added.

Dividing it into sectors, the public business sector registered the highest deposits value, at LE 30.7 billion, while the private sector was at LE 170 billion, the family sector at LE 382.6 billion and other sectors at LE 41 billion.