This hike in deposits was supported by the reevaluation of the foreign currencies deposits, where the non-government deposits increased from EGP 330.849bn in October 2016 to EGP 660.365bn in November, registering a hike of EGP 329.516bn. Moreover, the CBE noted that deposits in foreign currencies at banks increased by 137.2% in November. It noted that the size of non-government deposits in local currency increased in November to EGP 1.579tn, up by EGP 71bn from EGP 1.507tn in October 2016. The sector also accounts for 78.7% of total deposits in the local currency and 65.2% of deposits in foreign currencies. Government loans in local currency also increased from EGP 102.2bn to EGP 106.5bn.

Source: Daily News Egypt March 18, 2017 14:15 UTC