The data of the Central Bank of Egypt (CBE) showed a rise in total bank deposits during May 2017, by 43% year-on-year.
Deposits amounted to EGP 2.973 trillion in May, compared to EGP 2.079 trillion for the same month last year, according to the central bank’s monthly report.
Bank deposits also grew by 1.9% or EGP 55.3 billion month-on-month, after registering EGP 2.918 trillion in April.
The report attributed the rise in deposits to the 111% surge transferred foreign exchange inflows to EGP 888.8 billion by the end of May, from EGP 420.9 billion for the corresponding period in 2016.
The surge in transfers resulted mainly from the rise in the US dollar exchange rate by more than 100%, from EGP 8.8 last year, to around EGP 18 in May 2017. Governmental deposits stood at EGP 511.1 billion, while other deposits totalled EGP 2.46 trillion.
