By: Heba El-Kordy
Cairo – Mubasher: Local-currency deposits held by the Egyptian banking sector continued to rise in March for the 13th consecutive month, hitting a new record.
Deposits denominated in local currency increased by EGP 51 billion or 1.67% month-on-month to EGP 3.089 trillion in March from EGP 3.038 trillion, according to data released by the Central Bank of Egypt (CBE).
Year-on-year, local-currency deposits grew from EGP 2.53 trillion in March 2019.
It is noteworthy to mention that foreign-currency deposits rose in March for the first time in 10 months from a more than two-year low in February.
Foreign deposits increased to EGP 639.131 billion ($40.71 billion) in March from EGP 627.659 billion ($39.98 billion) a month earlier.
