Egypt’s foreign currency deposits declines to EGP 644.4 mln

Banking deposits, in foreign currencies, in Egyptian banks witnessed a decline by the end of March to record the equivalent of EGP 644.4 million ($41.1 million), down from EGP 649.8 million in January and EGP 666.6 billion by end of FY2019/2020, the Central Bank of Egypt (CBE) announced.

On the other hand, deposits in local currency increased to reach EGP 3.8 billion by end of March, up from EGP 3.7 billion in February and EGP 3.2 billion by end of FY2019/20, according to data published by the CBE on Thursday.

The data showed that domestic liquidity in the Egyptian market rose to EGP 5.1 billion by the end of March, up from EGP 5 billion in February and EGP 4.5 billion by end of FY2019/20.