Banque Misr deposits stand at LE439B by May-end

CAIRO – 12 June 2017: Deposits portfolio at Banque Misr hiked to LE 439 billion by the end of May, to be the second largest bank in Egypt in terms of deposits, bank deputy chairman Akef Maghraby said Monday.

Banque Misr targets 20 percent growth deposits in fiscal year 2016/2017, Maghraby told Egypt Today, adding that they are expected to exceed this level.

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 last week.

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 is in foreign currency.