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Local deposits hit EGP 2.72trln in August – CBE

Local deposits hit EGP 2.72trln in August – CBE
Deposits rose by EGP 42 billion to EGP 2.728 trillion by the end of August

By: Heba El Kordy

Cairo – Mubasher: Egyptian pound-denominated deposits at Egypt-based banks increased by 16.9% year-on-year in August despite cutting interest rates, compared to EGP 2.33 trillion in August 2018.

Month-on-month, deposits rose by EGP 42 billion to EGP 2.728 trillion by the end of August, from EGP 2.686 trillion in July, data by the Central Bank of Egypt (CBE) showed.

On 26 September, the CBE decided to cut interest rates by 100 basis points (bps).

This is the third rate cut by the CBE during 2019, which comes in line with expectations backed by the decline in Egypt’s annual inflation.