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Egypt banks attract deposits of EGP23 billion in one month

This will enhance their ability to direct loans to companies and individuals in order to stimulate the economy

Egypt’s local banks were able to attract billions in deposits from citizens during the recent period, which increased the banks’ deposits in an unprecedented way.

This increase enhances the ability of banks to direct loans to companies and individuals in order to stimulate the economy and contribute to supporting the movement of the production, reports Egypt-based cashnewseg.com.

According to a report issued by the Central Bank, banks operating in the local market succeeded in attracting new deposits worth EGP23.4 billion.

The CB’s report shows that the total value of the deposits in banks rose to record EGP1.699 trillion at the end of May 2015 compared with roughly EGP1.676trn at the end of April.

The government deposits in banks amounted to EGP251.2bn at the end of May, compared with EGP242.7bn in April, while non-governmental deposits recorded approximately EGP1.488trn at the end of May, compared with EGP1.433trn in April.

(EGP1 = AED0.47, at the time of publishing)