The Egyptian Statistics Authority revealed that the savings of Egyptians in banks during the fiscal year 2020/2021, for individuals and government institutions, amounted to 3.964 trillion pounds, up by about 19 percent from the previous fiscal year, thus constituting about 83.2 percent of the total value of savings.
The value of the savings balances of the National Social Insurance Organization rose to 473.6 billion pounds, an increase of 26.3 percent (9.9 percent) of the total value of savings, while the savings of the Postal Savings Fund increased to 264.7 billion pounds, an increase of 11.1 percent (5.6 percent of the total value of savings). The value of savings of insurance companies for the public and private sectors amounted to about 47.3 billion pounds, an increase of 19 percent over the previous fiscal year (1 percent of total savings).
In parallel, the Kingdom of Saudi Arabia extended the term of a $5 billion deposit with the Central Bank of Egypt. Saudi Arabia deposited 5 billion in the Egyptian Central Bank last March, at a time when Egypt was under increasing financial pressure following the Russian invasion of Ukraine, which led to an increase in oil and wheat prices and reduced the number of tourists coming from Russia and Ukraine.
Source (Al-Rai Kuwaiti Newspaper, Edited)
