The volume of deposits in local currency for banks operating in the Egyptian market — excluding government deposits — increased to EGP 4.469trn in December 2021, compared to November’s EGP 4.388trn, according to the Central Bank of Egypt (CBE).
The CBE’s monthly data revealed that deposits in “on demand” local currency recorded EGP 680.5bn in December, compared to EGP 665.597bn in November. Meanwhile, time deposits and savings certificates recorded EGP 3.789trn in December, up from the previous month’s EGP 3.723trn.
The public business sector accounted for EGP 48.182bn of demand deposits, the private sector EGP 400.886bn, and the household sector EGP 231.858bn.
Furthermore, the public business sector acquired EGP 39.792bn of time deposits and savings certificates, the private sector EGP 199.6bn, and the household sector EGP 3.549trn.
In the same context, the total non-governmental banking sector deposits in foreign currencies amounted to an equivalent of about EGP 650.825bn in December, compared to November’s EGP 654.940bn.
A report of the CBE revealed that deposits in “on demand” foreign currency were equivalent to about EGP 157.165bn and time deposits and savings certificates were about EGP 493.660bn.
Moreover, the report indicated that the public business sector acquired the equivalent of about EGP 8.959bn of demand deposits in foreign currencies, the private business sector about EGP 94.684bn, and the household sector about EGP 53.6659trn.
The public business sector’s share amounted to about EGP 20.466bn of time deposits and savings certificates in foreign currencies, the private business sector about EGP 87.55bn, and the household sector about EGP 385.6bn.
According to the CBE, the local liquidity in the banking sector also rose to record EGP 5.822trn in December, up from November’s EGP 5.740trn.
The bank’s data also revealed that the money supply recorded EGP 1.382trn in December, compared to the previous month’s EGP 1.361trn.
Cash in circulation outside the banking system amounted to EGP 701.8bn, compared to November’s EGP 696.28bn, while current deposits in local currency amounted to EGP 680.5bn, up from EGP 665.597bn.
Additionally, quasi-money recorded EGP 4.440trn compared to EGP 4.378trn.
The CBE also said that non-current deposits in local currency amounted to EGP 3.789trn, compared to EGP 3.723trn in November 2021, while current and non-current deposits in foreign currencies recorded the equivalent of EGP 650.825bn, compared to the equivalent of EGP 655.6bn.
In terms of net foreign assets, banks in Egypt and the CBE recorded the equivalent of about EGP 37.905bn in December, compared to November’s EGP 83.416bn.
As for the volume of foreign assets, the Egyptian banking sector recorded an equivalent of about EGP 581.036bn, compared to about EGP 862.682bn.
According to the CBE, its total foreign assets amounted to the equivalent of about EGP 632.700bn by the end of December, compared to about EGP 632.085bn in November, while the volume of foreign assets in banks amounted to about EGP 218.336bn, compared to about EGP 230.597bn.
On the other hand, the Egyptian banking sector’s total foreign commitments amounted to about EGP 813.134bn in December, up from November’s EGP 779.266bn.
The CBE clarified that its foreign obligations amounted to about EGP 437.478bn in December, compared to November’s EGP 437.213bn, while foreign liabilities on banks amounted to about EGP 375.6bn, up from about EGP 342.053bn.
