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Reading: Local currency non-governmental bank deposits grow to EGP 4.38trn in November 2021: CBE
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Dailynewsegypt > Blog > Business > Banking > Local currency non-governmental bank deposits grow to EGP 4.38trn in November 2021: CBE
Banking

Local currency non-governmental bank deposits grow to EGP 4.38trn in November 2021: CBE

Hossam El-Din Talaat
Last updated: 2022/01/09 at 7:29 AM
By Hossam El-Din Talaat 4 Min Read
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The Central Bank of Egypt (CBE) has launched a new EGP 15bn initiative to finance the dual-fuel vehicle conversion plan, with a lump-sum return of 3%.
The Central Bank of Egypt (CBE) has launched a new EGP 15bn initiative to finance the dual-fuel vehicle conversion plan, with a lump-sum return of 3%. In a Sunday letter to banks, the CBE said that the initiative aims to support the government’s ambitious, recently announced multi-year plan to replace car engines powered by traditional fossil fuels with dual-fuel engines that run on both petrol and natural gas.
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The Central Bank of Egypt (CBE) has revealed that the total banking deposits — in local currency —increased to EGP 4.388trn in November 2021, compared to October’s EGP 4.308trn.

In a recent report, the CBE explained that deposits in local currency are divided into demand deposits worth EGP 665.597bn and time deposits and savings certificates worth EGP 3.723trn.

According to the CBE, the public business sector acquired EGP 46.898bn of demand deposits, followed by the private sector EGP 386.251bn, and the household sector EGP 232.920bn.

In terms of time deposits and savings certificates, the public business sector’s share amounted to EGP 420.85bn, the private sector EGP 196.037bn, and the household sector EGP 3.485trn.

The CBE also indicated that the volume of deposits in foreign currencies increased to $41.605bn (EGP 655.94bn) in November 2021, compared to the $41.203bn (EGP 649.380bn) recorded in October.

Furthermore, the CBE said that foreign currency demand deposits amounted to $10.225bn, and time deposits and savings certificates $31.380bn.

The public business sector accounted for $434.49m of demand deposits, the private business sector $6.356bn, and the household sector $3.440bn.

Moreover, the public business sector’s share of time deposits and savings certificates amounted to $1.403bn, the private business sector $5.555bn, and the household sector $24.421bn.

In the same context, the CBE’s data revealed an increase in domestic liquidity in the banking sector by EGP 89bn in November.

Domestic liquidity recorded EGP 5.74trn in November, compared to October’s EGP 5.65trn.

The CBE attributed the rise in liquidity to the rise in money supply, which recorded EGP 1.361trn in November, compared to the EGP 1.346trn in October. Quasi-money also increased to EGP 4.378trn, as opposed to the October’s EGP 4.305trn.

Furthermore, current deposits in local currency amounted to EGP 665.597bn in November, compared to the EGP 652.145bn recorded in October, while non-current deposits in local currency amounted to EGP 3.723trn, compared to October’s EGP 3.656trn.

Additionally, current and non-current deposits in foreign currencies increased to EGP 655.6bn in November, compared to the EGP 649.3bn in the previous month.

In another context, the CBE’s figures revealed that the net foreign assets of the Egyptian banking system — including both banks and the CBE — reached about $5.263bn (EGP 82.949bn) in November.

According to the CBE, the foreign assets of the banking sector amounted to $54.743bn in November, compared to October’s $56.567bn.

The total foreign assets of the CBE recorded $40.110bn in November, compared to the $40.017bn recorded in October, while foreign assets in banks recorded $14.633bn in November, compared to the previous month’s $16.550bn.

On the other hand, the total foreign obligations of the banking sector amounted to $49.479bn, up from October’s $49.322bn.

The foreign obligations of the CBE amounted to $27.744bn in November, compared to the $27.791bn recorded in October, while the total foreign obligations of banks amounted to $21.735bn, compared to $21.531bn.

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