The total loans of banks in the Egyptian banking sector increased by about EGP 1.2 trillion in a year, to record EGP 4.9 trillion in July compared to EGP 3.6 trillion in July 2022.
Although the CBE raised interest rates on deposits and lending by about 8 percent, the growth rate in customer loans and facilities jumped by about 34.8 percent. Industrial sector loans in both local and foreign currencies accounted for the largest share of sector loans, with an increase of EGP 176.9 billion to reach EGP 809.9 billion. Services sector loans also rose by EGP 166.2 billion, coming in second. Commercial sector loans also increased by EGP 23.4 billion, and agricultural sector loans by EGP 4.9 billion.
Source (Al-Arabiya.net Website, Edited)
