By: Heba El-Kordy
Cairo- Mubasher: The Egyptian banking sector’s local deposits increased by EGP 26 billion, or 0.9%, month-on-month hitting its all-time record high of EGP 2.68 trillion in July, compared to EGP 2.66 trillion, according to data released by the Central Bank of Egypt (CBE).
Year-on-year, deposits denominated in local currency grew by EGP 383 billion from EGP 2.303 trillion in July 2018.
At the end of July, total foreign-currency deposits at Egyptian banks fell to EGP 708.63 billion from EGP 714.6 billion in June on the back of the strong performance of the Egyptian pound.
Egypt’s foreign currency reserves rose by $565 million to $44.916 billion in July, compared to $44.351 billion a month earlier.
It is noteworthy that the CBE’s Monetary Policy Committee (MPC) reduced the current interest rate by 1.5%.
