De­posits up EGP 56.02bn, credit fa­cil­i­ties rose EGP 22.18bn in De­cem­ber 2017: CBE

Pri­vate busi­ness sec­tor re­ceived 61.4% of to­tal non-gov­ern­men­tal fa­cil­i­ties, in­dus­try tops sec­tors

The Daily News Egypt - - Business -

The vol­ume of bank de­posits in De­cem­ber 2017 jumped from EGP 3.273tn in Novem­ber 2017 to EGP 3.329tn, up by EGP 56.0.25bn, ac­cord­ing to the Cen­tral Bank of Egypt (CBE).

In its monthly report, which mon­i­tors the per­for­mance of the bank­ing sec­tor and the Egyp­tian econ­omy, the CBE showed that gov­ern­ment de­posits with banks reached EGP 516.191bn, while non-gov­ern­men­tal de­posits reached EGP 2.813tn.

The CBE stated that the value of the house­hold sec­tor sav­ings in­creased to EGP 2.388tn, in­clud­ing EGP 1.747tn in lo­cal cur­rency and the equiv­a­lent of EGP 640.811bn in for­eign cur­ren­cies.

The house­hold sec­tor, ac­cord­ing to the CBE, ac­counted for 79% of to­tal de­posits by the end of De­cem­ber 2017, while it de­nom­i­nated 82.6% of to­tal lo­cal cur­rency de­posits and 67.9% of hard cur­rency sav­ings.

Mean­while, the de­posits of the pri­vate busi­ness sec­tor at the end of De­cem­ber 2018 reached EGP 500.9bn, in­clud­ing EGP 320.384bn in lo­cal cur­rency and the equiv­a­lent of EGP 180.525bn in hard cur­ren­cies.

The to­tal value of pub­lic busi­ness sec­tor de­posits amounted to EGP 86.523bn, in­clud­ing EGP 48.729bn in lo­cal cur­rency and EGP 37.794bn in hard cur­ren­cies.

De­posits of the ex­ter­nal sec­tor (non-res­i­dents) reached EGP 18.277bn, in­clud­ing EGP 10.836bn in lo­cal cur­rency and the equiv­a­lent of EGP 7.441bn in for­eign cur­ren­cies.

In an­other con­text, the CBE pointed out that the vol­ume of credit fa­cil­i­ties granted by banks to their cus­tomers in­creased by EGP 22.18bn by the end of De­cem­ber 2017 to reach EGP 1.463tn, com­pared with about EGP 1.441tn by the end of Novem­ber 2017.

Credit fa­cil­i­ties refers to the sum of the loans granted by banks to their clients, along with letters of credit and letters of guar­an­tee granted to cover im­por­ta­tion.

Ac­cord­ing to the CBE, the pri­vate busi­ness sec­tor re­ceived 61.4% of the to­tal credit fa­cil­i­ties granted by banks to non-gov­ern­men­tal eco­nomic sec­tors.

The to­tal fa­cil­i­ties ob­tained by the gov­ern­ment reached EGP 373.831bn at the end of De­cem­ber, while credit fa­cil­i­ties of­fered from banks to non­govern­ment clients reached EGP 1.089tn.

As for the most prom­i­nent eco­nomic ac­tiv­i­ties that ob­tained credit fa­cil­i­ties from banks, the in­dus­trial sec­tor ranked first among these ac­tiv­i­ties, as it re­ceived a to­tal of 35.5% of them.

The ser­vices sec­tor came sec­ond, within which tourism is con­sid­ered the most prom­i­nent ac­tiv­ity, re­ceiv­ing 29.3% of the fa­cil­i­ta­tions, while the share of the com­mer­cial sec­tor reached 9.6%, and the share of the agri­cul­tural sec­tor ac­counted for only 1.1%.

Ac­cord­ing to the CBE, other sec­tors’ share of credit fa­cil­i­ta­tion was es­ti­mated to be 24.5%.

The house­hold sec­tor is one of the most prom­i­nent sec­tors, which the CBE did not re­veal de­tails for.The sec­tor’s share is es­ti­mated to be nearly 17% of to­tal fa­cil­i­ties.

THE SER­VICES SEC­TOR CAME SEC­OND, WITHIN WHICH TOURISM IS CON­SID­ERED THE MOST PROM­I­NENT AC­TIV­ITY

The house­hold sec­tor ac­counted for 79% of to­tal de­posits by the end of De­cem­ber 2017

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