“Record Breaking Deposits in Egyptian Banks Reach 9 Trillion Pounds in January 2023”

I wrote-Manal Al-Masry:

The Central Bank of Egypt announced that total deposits in the banking system (including government) – other than the Central Bank – set a record for the first time in its history at the end of last January, according to its monthly bulletin report issued today.

The Central Bank stated that the total deposits in banks rose to about 9 trillion pounds at the end of last January, compared to about 8.6 trillion pounds at the end of last December, an increase of more than 400 billion pounds in one month.

Last January, Al-Ahly and Egypt Banks offered a one-year savings certificate with a high fixed interest rate of 22.5% annually.

Government deposits accounted for 22.6% of total deposits in banks at the end of last January, exceeding 2 trillion pounds, compared to 1.950 trillion pounds last December.

While customer deposits (ordinary individuals) accounted for 77.4% of total bank deposits, rising to about EGP 7 trillion at the end of January, compared to EGP 6.6 trillion last December, an increase of about EGP 400 billion.