Complex Made Simple

Deposits with Egypt’s banks up EGP30bn in August

Public debt soared to EGP2.1trn by end June compared with EGP1.8trn at end 2014

Deposits with Egypt’s banks (except the central bank) surged by EGP30 billion in August to a total of EGP1.8 trillion compared with EGP1.77trn in July, according to official data.

The country’s central bank said in a new bulletin that government deposits amounted to EGP275.6bn while non-government deposits amounted to EGP1.533trn against EGP1.508trn in the previous month.

Pound-denominated non-government deposits amounted to EGP1.255trn, the data published by Youm7 indicates.
Foreign currency-denominated deposits totalled EGP278.3bn, the bank says.

In the meantime, the bank also revealed that Egypt’s public debt soared to EGP2.1trn by the end of June compared with EGP1.8trn at the end of 2014, up by EGP300bn.

According to the data, the country’s debt surged by EGP192bn since the beginning of the current year.

The value of debt owed by the Egyptian government accounted for 88.4 per cent at EGP1.87trn, while 0.5 per cent is owed by independent public entities.

(EGP1 = AED0.46, at the time of publishing)