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Deposits in Egypt’s banks hit EGP1.5 trillion

Country's budget deficit widened to almost EGP186bn ($24.6bn) from July 2014 to February 2015.

Net inflows of foreign direct investments in the first quarter of the current 2014/2015 fiscal year shot up by 137 per cent.

The total value of deposits at Egypt’s banks reached EGP1.559 trillion by the end of December 2014, fresh official statistics reveal.

The figure indicates an 18.5-per cent rise from the EGP1.316trn recorded at the end of December 2013, according to the data by the Central Agency for Public Mobilisation and Statistics.

The body says in its monthly bulletin published by Youm7 that government deposits account for only EGP219bn, while the remaining EGP1.340trn are non-government deposits.

Furthermore, the total value of credit facilities in 2014 surged by 14.3 per cent to EGP629.2bn pounds compared with EGP550.3bn.

Approximately EGP47.4bn of these facilities went to the government, while the remaining EGP581.8bn were offered to non-government sectors.

Additionally, net inflows of foreign direct investments in the first quarter of the current 2014/2015 fiscal year shot up by 137 per cent or $1bn reaching $1.773bn compared with $754.

The rise in economic figures and indicators could reveal a pickup in economic and fiscal activity as the country works to slash a swelling budget deficit and public debt.

Meanwhile, a top International Monetary Fund (IMF) official, said: “the drop in oil prices would not impact the inflow of GCC funds to Egypt in the coming stage.”

Earlier in March, four oil-rich Gulf countries pledged $12.5bn to Egypt in the form of investments, aid and deposits to help shore up the Egyptian economy.

According to government data, the country’s budget deficit widened to almost EGP186bn ($24.6bn) from July 2014 to February 2015, comprising eight per cent of GDP.