Rédaction Africa Links 24 with Egypt Independent
Published on 2024-04-03 08:33:22
The Central Bank of Egypt (CBE) recently announced that total non-governmental deposits in foreign currencies with banks operating in the Egyptian market reached approximately LE1.571 trillion by the end of February 2024. This amount represents a slight increase from the total of LE1.561 trillion reported at the end of December.
According to the CBE’s monthly report, demand deposits in foreign currencies accounted for about LE412.03 billion, while time deposits and savings certificates totaled around LE1.159 trillion. The report also provided a breakdown of the sectors that hold these deposits. The public business sector held approximately LE30.6736 billion in demand deposits, while the private business sector held around LE271.896 billion and the family sector held about LE109.542 billion.
In terms of time deposits and savings certificates, the public business sector held about LE81.495 billion, the private business sector held around LE253.641 billion, and the family sector held about LE824.8 billion. These figures provide insight into the distribution of foreign currency deposits across different sectors in the Egyptian market.
The CBE plays a crucial role in regulating and supervising the banking sector in Egypt, ensuring the stability and efficiency of the financial system. By monitoring and reporting on key indicators such as foreign currency deposits, the CBE helps to maintain transparency and accountability in the banking system.
Foreign currency deposits are an important component of the Egyptian economy, providing liquidity and facilitating international trade and investment. The CBE’s data on non-governmental deposits in foreign currencies highlights the confidence that individuals and businesses have in the stability of the Egyptian banking system.
As Egypt continues to navigate economic challenges and opportunities, the CBE’s monitoring of foreign currency deposits will remain a critical tool for assessing the overall health of the financial sector. By tracking trends and fluctuations in deposit levels, the CBE can identify potential risks and take proactive measures to mitigate them.
Overall, the CBE’s latest report on non-governmental deposits in foreign currencies underscores the importance of robust regulatory oversight and transparent reporting in maintaining a sound and resilient banking system. By providing detailed data on deposit levels and sectoral distribution, the CBE helps to promote stability and confidence in the Egyptian financial market.
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