The Central Bank of Egypt (CBE) has revealed that local currency deposits with banks working in the Egyptian market increased by EGP 104.191bn during March 2021.
This meant that local currency deposits reached about EGP 3.863trn, compared to the EGP 3.759trn recorded in February 2021.
In a recent report, the CBE said that demand deposits in local currency amounted to EGP 562.552bn in March 2021, compared to about EGP 526.481bn in February 2021. This uptick reflected an increase of about EGP 36.071bn.
The volume of local currency time deposits and savings certificates with banks jumped by EGP 68.12bn in March 2021. This ensured they reached about EGP 3.301trn, compared to about EGP 3.232trn in February 2021.
The CBE explained that the public sector’s share of demand deposits in local currency reached about EGP 32.018bn in March 2021. Meanwhile, the private sector’s share stood at about EGP 319.885bn, and about EGP 210.870bn for the household sector.
The public sector’s share of time deposits and savings certificates in local currency amounted to about EGP 34.954bn, compared to about EGP 176.512bn for the private sector. This also compared to the approximately EGP 3.089trn recorded for the household sector.
In the same context, the CBE revealed that the volume of foreign currency deposits with banks during March 2021 reached the equivalent of about EGP 644.408bn. This compared to the equivalent of about EGP 644.428bn in February 2021, reflecting a slight decrease of about EGP 20m.
The CBE said that demand deposits in foreign currencies amounted to the equivalent of about EGP 143.119bn by the end of March 2021. This compared to the equivalent of about EGP 142.42bn recorded in February 2021, an increase of about EGP 699m.
In contrast, the volume of time deposits and savings certificates in foreign currencies with banks decreased by the equivalent of about EGP 719m during March 2021.
This ensured it reached the equivalent of about EGP 501.289bn, compared to the equivalent of about EGP 502.008bn in February 2021.
The CBE explained that the public sector’s share of demand deposits in foreign currencies reached the equivalent of about EGP 6.448bn by the end of March 2021. Meanwhile, the private sector’s share is equivalent to about EGP 84.87bn, while the equivalent of about EGP 51.836bn was recorded for the household sector.
The public sector share amounted to the equivalent of about EGP 24.081bn in time deposits and savings certificates in foreign currencies. This compared to the equivalent of about EGP 84.173bn for the private sector, and the equivalent of about EGP 393.035bn for the household sector.
The CBE said that the net foreign assets of Egypt’s banking sector reached the equivalent of about EGP 276.436bn in March 2021. This compared to the equivalent of about EGP 320.247bn in February 2021, with a decrease of the equivalent of EGP 43.811bn.
It explained that the decrease in net foreign assets came as a result of the difference between the decline in foreign assets in the banking sector, and the high volume of liabilities.
Regarding the decline in foreign assets, these were equivalent to a downturn of about EGP 36.669bn in March 2021, where they reached about EGP 992.717trn, compared to the equivalent of about EGP 1.029trn in February 2021.
Regarding the high volume of liabilities, these were reported at the equivalent of about EGP 7.142bn, to reach the equivalent of about EGP 716.281bn in March, compared to the equivalent of about EGP 709.139bn in February.
According to the report, the volume of foreign assets at the CBE increased during March 2021 to the equivalent of about EGP 621.783bn compared to the equivalent of about EGP 619.187bn in February.
Meanwhile, the volume of foreign assets with banks decreased to the equivalent of about EGP 370.934bn, compared to the equivalent of about EGP 410.199bn in February 2021.
The CBE also noted that its volume of foreign liabilities decreased to the equivalent of about EGP 402.978bn in March 2021, compared to the equivalent of about EGP 405.593bn in February 2021. Meanwhile, the volume of liabilities with banks increased to the equivalent of about EGP 313.303bn, compared to the equivalent of about EGP 303.546bn.
