CBE unveils key banking indicators up to August 2023

Hossam Mounir
3 Min Read

The Central Bank of Egypt (CBE) has disclosed key indicators of deposits and employment within banks in the local market up to August 2023.

In a recent report, the CBE announced that customer deposits at banks in the Egyptian market rose to EGP 9.719trn in August 2023. This marks an increase from EGP 9.619trn in July, showing a growth of EGP 100bn.

Government deposits in banks were reported at EGP 2.179trn in August 2023, while non-governmental deposits stood at EGP 7.539trn.

The CBE detailed that government deposits in local currency reached EGP 1.880trn, and deposits in foreign currencies were EGP 299.435bn.

Non-governmental deposits in local currency totaled EGP 5.936trn, and those in foreign currencies amounted to EGP 1.603trn.

The public business sector held EGP 150.082bn in non-governmental local currency deposits. The private business sector held EGP 1.054trn, the household sector EGP 4.696trn, and non-residents EGP 35.484bn.

In foreign currencies, the public business sector’s share was EGP 94.771bn, the private business sector approximately EGP 540.826bn, the household sector EGP 933.690bn, and non-residents about EGP 34.214bn.

The CBE emphasized that the household sector represented 75.4% of the total bank deposits in the Egyptian market as of August 2023.

The household sector’s share of total local currency deposits was approximately 79.6%, equating to EGP 4.696trn. Its share of foreign currency deposits was 59.5%, totaling EGP 933.690bn.

The overall growth rate of bank deposits in August 2023 was 24.3%. Local currency deposits grew by 15.1%, while foreign currency deposits surged by 77.9%.

The CBE noted that foreign currency deposits constituted 21.01% of total bank deposits in August 2023.

Furthermore, the CBE reported that credit facility balances provided by banks to customers exceeded EGP 5trn in August 2023, reaching EGP 5.006trn. This is an increase of EGP 207.1bn from the end of June 2023.

Credit facilities encompass loans issued by banks to customers, as well as documentary credits and letters of guarantee for import operations.

The CBE attributed this rise to a EGP 60.5bn increase (2.2%) in credit facilities to non-government entities and a EGP 146.6bn increase (7.1%) to the government.

The government’s credit balance growth was due to a EGP 104.1bn rise in foreign currency balances and a EGP 42.5bn increase in local currency balances.

The private business sector received 62.4% of non-governmental credit facility balances as of August 2023. By economic sector, the industry sector obtained 29.1% of these balances, followed by the services sector with 27.7%, the trade sector with 9.6%, the agriculture sector with 2.1%, and the remaining undistributed sectors, including the household sector, with 30.5%.

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