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 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