Egypt’s banking sector has witnessed a healthy growth in deposits amid a state of slight slowdown in loans, while net foreign assets continued improving, thanks to the policies pursued by the Central Bank of Egypt (CBE), according to a report published by Beltone Financial. The report pointed out that there is still a healthy growth in total foreign currency deposits in the banking system as a whole, where their average monthly growth is about 1.6% to reach EGP 2.4tn. The fluctuations of deposit growth has stabilised to reach 28% of the total deposits during the last two months, compared with the previous quarters. Furthermore, the growth of the total deposits of the banking system has driven the growth of demand deposits to reach around 83% of the net increase in deposits, reaching the highest annual growth rate in the last decade. Loan growth was driven mainly by the private sector amid the slowdown in lending to the retail sector, according to the report.

Source: Daily News Egypt June 03, 2017 13:30 UTC