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Egyptian banks' foreign deposits fall to lowest level since December 2017

Egyptian banks' foreign deposits fall to lowest level since December 2017
Foreign deposits fall thanks to the recent appreciation of the EGP

By: Heba El-Kordy

Cairo – Mubasher: Total foreign-currency deposits at Egyptian banks retreated to its lowest level since December 2017, according to a survey conducted by Mubasher, hitting EGP 686.4 billion ($42.6 billion) in September from EGP 699.3 billion ($42.8 billion) in August.

Year-on-year, deposits denominated in foreign currency fell by 5.7% from EGP 728.19 billion ($45.29 billion) in September 2018.

The drop in foreign-currency deposits was attributed to the recent appreciation of the Egyptian pound against the US dollar, a source at a state-run bank told Mubasher.

It is noteworthy that on 26 September, the Central Bank of Egypt (CBE) decided to lower key interest rates by 100 basis points (bps).

Several analysts previously told Mubasher that the CBE is expected to reduce key interest rates by 50-100 bps during its next meeting.