The Central Bank of Egypt (CBE) announced that the volume of local currency deposits with banks operating in Egypt jumped by EGP 80.104bn during August 2020. They reached about EGP 3.413trn compared to about EGP 3.333trn in July 2020.
In a recent report, the CBE stated that demand deposits in local currency also increased by EGP 18.829bn to EGP 507.804bn in August, compared to EGP 488.975bn in July.
The volume of time deposits and savings certificates in local currency with banks increased EGP 61bn to about EGP 2.905trn during August 2020, compared to EGP 2.844trn in the previous month.
The CBE explained that the public sector’s share of demand deposits amounted to about EGP 33.075bn compared to EGP 279.630bn for the private sector, and about EGP 195.275m only for the household sector.
The public sector’s share amounted to EGP 31.452bn from time deposits and savings certificates, compared to EGP 154.863bn for the private sector, and EGP 2.719trn for the household sector.
The CBE said the volume of foreign currency deposits with banks operating in the local market decreased by the equivalent of about EGP 1.15bn during August 2020 to reach the equivalent of about EGP 656.003bn. This compared to the equivalent of about EGP 657.153bn reported in July 2020.
It added that demand deposits in foreign currencies amounted to about EGP 138.599bn in August, compared to EGP 139.081bn in July, a decrease of EGP 482m.
According to the CBE, the volume of time deposits and savings certificates in foreign currencies with banks also decreased by about EGP 668m to the equivalent of about EGP 517.404bn in August, compared to the equivalent of about EGP 518.072bn in July 2020.
The CBE said that the public sector’s share of demand deposits in foreign currencies amounted to about EGP 5.540bn, compared to EGP 81.213bn for the private sector, and about EGP 51.861bn for the household sector.
The public sector share amounted to about EGP 26.253bn of time deposits and savings certificates in foreign currencies. This compared to the equivalent of about EGP 85.684bn for the private sector, and the equivalent of about EGP 405.467bn for the household sector.
