Banking sector sees significant increase in total bank deposits in August, CBE

In its recent release, the Central Bank of Egypt (CBE) revealed new insights into the deposit landscape within the country's banks in August 2023, reporting that total bank deposits rose by 24.3 percent.

Local currency deposits climbed by 15.1 percent, foreign currency deposits surged by 77.9 percent, and foreign currency deposits amounted to 21.01 percent of total bank deposits in August 2023.

Breaking it down, the CBE wrote that customer deposits at Egyptian banks jumped to LE 9.719 trillion in that period, up LE 100 billion when compared to July's LE 9.619 trillion.

Government deposits reached LE 2.179 trillion, while non-governmental deposits accounted for LE 7.539 trillion.