The public sector’s share of demand deposits in local currency reached about LE 32.018 billion last month, wrote CBE in a recent report
Local currency deposits in the Egyptian market increased by LE 104.191 billion during March 2021, reaching LE 3.86 trillion, wrote the Central Bank of Egypt (CBE) in a recent report.
Local currency demand deposits were recorded at LE 562.55 billion in March 2021, compared to about LE 526.481 billion in February 2021, jumping LE 36.07 billion.
The public sector’s share of demand deposits in local currency reached about LE 32.018 billion last month, with the private sector seeing LE 319.8 billion and the household sector at LE 210.87 billion.
The volume of local currency time deposits and savings certificates with banks jumped by LE 68.12 billion in March 2021. This ensured they reached about LE 3.301 trillion, compared to about LE 3.232 trillion in February 2021.
The public sector’s share of time deposits and savings certificates in local currency amounted to about LE 34.954 billion, compared to about LE 176.512 billion for the private sector. This also compared to the LE 3.089 trillion approximately recorded for the household sector.
The volume of foreign currency deposits with banks during March 2021 reached the equivalent of about LE 644.408 billion, reflecting a slight decrease of about LE 20 million, wrote CBE.
The CBE said that demand deposits in foreign currencies amounted to the equivalent of about LE 143.119 billion by the end of March 2021. This compared to the equivalent of about LE 142.42 billion recorded in February 2021, an increase of about LE 699 million.
Compared to around LE 502.008 billion in February 2021, the volume of time deposits and savings certificates in foreign currencies with banks decreased by around LE 719m during March 2021, reaching around LE 501.289 billion.
Foreign currency demand deposits by public sector’s shares were recorded at around LE 6.448 billion by the end of March 2021, while the private sector’s share is equivalent to about LE 84.87 billion, while the equivalent of about LE 51.836 billion was recorded for the household sector.
In time deposits and savings certificates in foreign currencies, the public’s share was estimated at around LE 24.081 billion, while the private sector recorded at around LE 84.173 billion, and the household sector reached LE 393.035 billion.
The CBE said that the net foreign assets of Egypt’s banking sector reached the equivalent of about LE 276.436 billion in March 2021. This compared to the equivalent of about LE 320.247 billion in February 2021, with a decrease of the equivalent of LE 43.811 billion.
It explained that the decrease in net foreign assets came as a result of the difference between the decline in foreign assets in the banking sector, and the high volume of liabilities.
Regarding the decline in foreign assets, these were equivalent to a downturn of about LE 36.669 billion in March 2021, where they reached about LE 992.717 trillion, compared to the equivalent of about LE 1.029 trillion in February 2021.
Regarding the high volume of liabilities, these were reported at the equivalent of about LE 7.142 billion, to reach the equivalent of about LE 716.281 billion in March, compared to the equivalent of about LE 709.139 billion in February.
According to the report, the volume of foreign assets at the CBE increased during March 2021 to the equivalent of about LE 621.783 billion compared to the equivalent of about LE 619.187 billion in February.
Meanwhile, the volume of foreign assets with banks decreased to the equivalent of about LE 370.934 billion, compared to the equivalent of about LE 410.199 billion in February 2021.
The CBE also noted that its volume of foreign liabilities decreased to the equivalent of about LE 402.978 billion in March 2021, compared to the equivalent of about LE 405.593 billion in February 2021.
On the other hand, the volume of liabilities with banks increased to the equivalent of about LE 313.303 billion, compared to the equivalent of about LE 303.546 billion.
