The total financial position of banks working in the Egyptian market increased by around EGP 1.006 Tn from July 2021, achieving EGP 8.954Tn by November that year says Central Bank of Egypt (CBE) in its monthly report. In asset terms the cash balance in banks was around EGP 61.188bn and their reciprocal balances with banks in and beyond Egypt came to EGP 1.337 Tn and EGP 192.821bn, respectively.
Mutual obligations of banks in Egypt amounted to nearly EGP 355Bn, and to overseas banks at just over EGP 127Bn. The total bank deposits reached EGP 6.290trn, with bonds and long-term loans amounting to EGP 241.055bn. Other obligations that CBE did not specify were worth EGP 1.197Tn. In liabilities, banks’ total capital amounted to almost EGP 204 Bn, and reserves recorded EGP 350.3Bn, while allocations reached about EGP 189.944Bn, said the CBE. Customer deposits in banks operating in the Egyptian market increased to about EGP 6.3Tn by November 2021, from about EGP 6.2Tn in October.
Their monthly report further showed the volume of government deposits in banks recorded EGP 1.230Tn, EGP 1.083Tn of which in local currency, and EGP 146.5Bn in foreign currencies. Lending and discount balances to customers recorded about EGP 3.066trn, while banks’ investment in debt instruments and stock market reached EGP 3.207Tn. Other assets that the CBE did not specify amounted to EGP 1.090Tn.
The CBE said that the household sector accounted for 82.4% of the total deposits in banks operating in the Egyptian market in November 2021. According to the report, the household sector accounted for about 84.7% of deposits in local currency, amounting to about EGP 3.718Tn, while its share of deposits in foreign currencies reached about EGP 439.060bn or 67%.
The growth rate in bank deposits was 18.98% during November 2021, while recording 18.22% in October. The CBE pointed out that the growth rate in deposits in local currency recorded 22%, while it was 2% in foreign currencies. According to the CBE, in November the share of deposits in foreign currencies reduced to just short of 13% of the total deposits in banks compared to 13.10% in October.
Additionally, the CBE said volumes of credit facilities granted to customers by banks working in the local market came to roughly EGP 3.066trn in November 2021, an increase of EGP 162.3bn from July to November. This increase was due to the rise in credit facilities granted to the government during this period, coming to EGP 61.2Bn, a growth rate of 5.5%, and the increase in the volume of facilities granted to non-government entities by EGP 101.1Bn, a growth rate of 5.6%. The majority of the credit facilities granted to the government were in foreign currencies, equal to EGP 38.7Bn, while EGP facilities were worth EGP 22.5Bn.
