By: Islam Fadl
Cairo – Mubasher: Total foreign-currency deposits at Egyptian banks rose by EGP 138 million ($2.311 million) month-on-month in April, according to official data released on Sunday.
Deposits in foreign currencies amounted to EGP 741.759 billion ($12.42 billion) at the end of April, compared to EGP 741.621 billion ($12.419 billion) in March, data by the Central Bank of Egypt (CBE) showed.
Year-on-year, foreign-currency deposits went up 6.3%, registering EGP 697.618 billion in the fourth month of 2019.
On 3 November 2016, the CBE decided to float the local currency and increase interest rates.
In May, CBE’s Monetary Policy Committee (MPC) decided to maintain the overnight deposit and lending rates at 15.75% and 16.75%, respectively.
