Balances in savings accounts, in both the public and private sector, reached EGP 1734.2bn in fiscal year (FY) 2014/2015, compared to EGP 1429.4bn in FY 2013/2014, an increase of 21.3%, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).
The agency explained in a report on Wednesday that the increase is driven by a rise in the volume of deposits at banks, which contributed by 42.1% of total individual savings in main savings accounts.
Balances in postal savings funds reached EGP 169.6bn in FY 2014/2015, compared to EGP 134.8bn in FY 2013/2014, of an increase of 25.8%.
The report stated that balances of insurance companies’ savings, in both the public and private sector, reached EGP 21.4bn in FY 2014/2015, compared to EGP 15.8bn in FY 2013/2014, an increase of 35.4%.
It added that savings balances in the National Social Insurance Authority for public businesses and the private sector reached EGP 312.2bn in FY 2014/2015, versus EGP 296.6bn in FY 2013/2014, an increase of 5.3%.
Investments in postal savings fund reached EGP 168.5bn in FY 2014/2015, compared to EGP 140.2bn in FY 2013/2014, an increase of 20.2%, according to CAPMAS.
Moreover, investments in insurance companies, in both the public and private sector, reached EGP 52.5bn in FY 2014/2015, compared to EGP 34.8bn in FY 2013/2014, an increase of 50.8%.
Investments in National Social Insurance Authority for public businesses and the private sector reached EGP 436bn in FY 2014/2015, compared to EGP 390.8bn in FY 2013/2014, an increase of 11.6%.
