Deposits at Egypt’s banks surge to EGP1.59 trillion in January
The total value of deposits at Egyptian banks shot up by 20.3 per cent to EGP1.593 trillion ($209.003 billion) in January compared with EGP1.325tn in January 2014, official data published by Youm7 shows.
The government accounts for EGP231billion ($30.307 billion) of the total value of deposits while the remaining EGP1.362tn ($178.695 billion) is non-government deposits, according to figures released by the Central Agency for Public Mobilisation and Statistics.
Meanwhile, the total value of banks operating in Egypt (38 banks) reached EGP2.08tn ($272.897 billion) at the end of February this year, according to Central Bank figures cited by Amwal Al Ghad.
The total value of assets rose by 2.3 per cent or EGP47.9bn ($6.284 billion) when compared with the EGP2.032tn ($266.600 billion) recorded in January.
The total capital of Egyptian banks recorded EGP85.466bn ($11.213 billion) at the end of February compared with EGP85.438bn ($11.209 billion), up by 0.3 per cent or EGP28 million.
Banks boosted their reserves with an additional EGP2.05bn ($268.968 million) to EGP43.7bn ($5.733 billion) in February from EGP41.6bn ($5.458 billion) in January.
The report says that banks’ allocations dropped to EGP66.4bn ($8.711 billion) in February from EGP66bn ($8.659 billion) in January.
In the next few days, Egypt’s Central Bank will announce the country’s reserves of foreign currencies by the end of April.
According to projections, the country’s reserves will rise to $21bn from $15bn in March as three Arab Gulf countries deposited $6bn in the Central Bank.