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Egypt’s local-currency deposits hit a record EGP 3.1trn in April

Egypt’s local-currency deposits hit a record EGP 3.1trn in April
Deposits denominated in local currency grew by EGP 40.6 billion

By: Heba El-Kordy

Cairo – Mubasher: Local-currency deposits held by the Egyptian banking sector continued its upward trend in April for the 14th month in a row, hitting a new record.

Deposits denominated in local currency grew by EGP 40.6 billion to EGP 3.13 trillion at the end of April, compared to EGP 3.08 trillion a month earlier, according to data released by the Central Bank of Egypt (CBE).

Year-on-year (YoY), local-currency deposits increased by 23% from EGP 2.55 trillion in April 2019.

It is noteworthy to mention that the country’s foreign reserves retreated by $3.1 billion to $37.037 billion in April from $40.108 billion in March.