The official data released recently showed a rise in foreign currency deposits for the third consecutive month in the Egyptian banking sector amounting to 9.4% year-on-year in December.
According to data issued by the Central Bank of Egypt, deposits in foreign currency rose to 743.5 billion pounds by the end of December 2018 against 679 billion pounds during the same period of 2017. On a monthly basis, foreign deposits increased by a marginal percentage in December 2018 compared to LE 735.12 billion November 2018.
The data showed also showed that Egypt's international reserves declined last December by 4.4% on a monthly basis, losing about $1.962 billion.
The bank deposits of the household sector increased during the fiscal year 2017-2018 by about 22.3% over the previous year. While bank deposits for the private sector reached LE 521 billion, an increase of 14.4 percent.
Source: (Al-Arabiya.net, Edited)
