The size of deposits at banks operating in the Egyptian market reached EGP 3027.3 bn at the end of July 2018, up from EGP 3015.5 bn at the end of June, rising by EGP 11.8bn, according to the Central Bank of Egypt (CBE).
In a recent statement to Daily News Egypt; the CBE explained that the volume of deposits in banks in local currency at the end of July 2018 reached EGP 2.302tn compared to EGP 2.298tn at the end of June, with an increase of EGP 4bn.
The CBE explained in a recent report that demand deposits in local currency declined to EGP 376.34bn at the end of July, compared to EGP 381.72bn at the end of June. Term deposits increased to EGP 1.926tn compared to EGP 1.916tn.
The bank pointed out a decrease in the private business sector deposits in local currency, recording EGP 344.1bn at the end of July 2018, compared to EGP 357.3bn at the end of June 2018, while household sector deposits saw an increase by EGP 18bn to reach EGP 1.903tn compared to EGP 1.885tn.
Public business sector deposits recorded about EGP 55.3bn at the end of July, compared to EGP 55.9bn at the end of June.
The bank deposit volumes in foreign currency reached $40.433bn at the end of July 2018, compared to $39.94bn at the end of June 2018, recording an increase of $493m, according to the CBE.
The CBE added that current foreign currency deposits were estimated to be $8.518bn at the end of July, compared to $8.343bn in June. Non-current deposits also increased to $31.9bn compared to $31.596bn.
According to the CBE, the volume of the household sector’s deposits in foreign currencies increased by $298m to record $27.336bn at the end of July, compared to $27.038bn at the end of June.
Deposits of the private sector increased by $10.79bn at the end of July, compared to $10.593bn at the end of June with an increase of $197m.
In a related context, the CBE revealed that the money supply M1 declined by EGP 8.9bn in July 2018, recording EGP 814.4bn compared to EGP 823.3bn at the end of June 2018.
The CBE explained that this decline came as a result of the decline in the cash outside the banking sector, recording EGP 438.1bn at the end of July, compared to EGP 441.5bn at the end of June, and current deposits in local currency in banks declined to record EGP 376.3bn at the end of July, compared to EGP 381.7bn at the end of June.
M2 increased by EGP 8.3bn in July 2018, recording EGP 3.465tn, compared to EGP 3.457tn at the end of June 2018.
This increase of near money was supported by an increase in non-current deposits in local currency, recording EGP 1.926tn, compared to EGP 1.916tn. Current and non-current deposits in foreign currency increased to record EGP 724.9bn compared to EGP 716.9bn.