By: Heba El-Kordy

Cairo - Mubasher: The local-currency deposits held by the Egyptian banking sector grew to EGP 4.03 trillion in June, the highest level ever recorded, compared to EGP 3.932 trillion in May.

Year-on-year (YoY), the deposits denominated in local currency jumped by 23.6% from EGP 3.26 trillion in June 2020, according to data by the Central Bank of Egypt (CBE) on Sunday.

Local liquidity rose by EGP 103 billion or 1.9% month-on-month (MoM) to EGP 5.36 trillion in June, compared to EGP 5.257 trillion in May. 

In June, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates on hold for the fourth time in a row in 2021.

In November 2020, the MPC cut the overnight deposit rate, the overnight lending rate, and the main operation rate by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.