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Bank deposits up by EGP 95.471bn recording EGP 4.007tr in June - Daily News Egypt

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Bank deposits up by EGP 95.471bn recording EGP 4.007tr in June

Banks’ credit facilities see EGP 224.7bn rise, private business sector holds 60.7%


The Central Bank of Egypt (CBE) revealed that customer deposits in the banking system rose by EGP 95.471bn to reach EGP 4.007tr, compared to EGP 3.911tr at the end of May.

In its monthly report released on Tuesday, the bank said that government deposits registered EGP 610.452bn at the end of June, compared with EGP 591.882bn at the end of May, an increase of EGP 18.57bn.

The volume of government local currency deposits amounted to about EGP 503.279bn and foreign currency deposits reached EGP 107.173bn.

The CBE pointed out that non-governmental deposits increased by EGP 76.901bn in June 2019 to reach EGP 3.396tr compared to EGP 3.320tr at the end of May.

It added that non-governmental deposits in local currency reached about EGP 2.673tr by the end of June, compared to EGP 2.594tr at the end of May.

The CBE said the growth ratio in total bank deposits rose to 11.97% in June 2019, up from 11.34% in May.

The growth rate in local currency deposits in rose in June to 15.8% from 14.9% in May, while the growth rate in foreign currency deposits continued to decline to -0.3% percent in June from 0.2% in May.

According to the CBE, the share of foreign currencies in total bank deposits fell to 21.17% at the end of June 2019, compared to 21.37% at the end of May.

In another context, the CBE said that the volume of credit facilities granted by banks operating in the local market to their customers during the fiscal year (FY) 2018/19 increased by 13.8% to reach EGP 1.8543tn.

Credit facilities are loans provided by banks to their clients alongside documentary credits and letters of guarantees that were opened to cover import operations.

The CBE pointed out that the private business sector received about 60.7% of the total non-governmental credit facilities granted by banks to various economic sectors until the end of June 2019.

It added that the industry sector has denominated 33.4% of these facilities, followed by the services sector by 27%, the trade sector by 11%, the agriculture sector by 1.6%, and miscellaneous sectors – including households – by 27%.

In a related context, the CBE revealed that investments of banks in treasury bills (T-Bills) decreased by about EGP 18.6bn during the month of July 2019, to reach about EGP 671.99bn, compared to EGP 690.58bn at the end of June 2019.

Private sector banks’ investments in bills fell to EGP 252.917bn at the end of July, compared to EGP 262.477bn at the end of June, down by EGP 9.6bn.

Investments of public sector banks dropped by EGP 8.4bn to reach EGP 370.253bn.

The CBE also revealed that the total outstanding balances of T-Bills rose to EGP 1.426tn by the end of July 2019, compared to EGP 1.417tr by the end of June 2019, an increase of EGP 9.05bn.

Furthermore, the CBE stated that the balances of 91-day bills reached EGP 127.213bn, while182-day bills reached EGP 233.16bn, and 266-day bills recorded EGP 205.203bn.

The balance of 364-day bills reached EGP 351.239bn, 357-day bills were EGP 321.578bn, and 273-day bills were EGP 188.04bn.

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