February banking deposits up by EGP11billion

The Central Bank of Egypt (CBE) said on Tuesday that the total deposits at the banking system rose by about EGP 11 billion to reach EGP 1.934 trillion (1$=8.87EGP) in February against EGP 1.923 trillion in January.The Central Bank of Egypt (CBE) offered $120 million to banks during an auction on Tuesday.

Banking sources said Tuesday’s auction was allocated only to fulfill the needs of importers of important medical products.

The private sector accounted for 59.3 percent of the total credit facilities granted by banks to their clients in the period between July 2015 and February 2016, according to the CBE.

In its monthly report issued on Tuesday, the bank said that the total balances of credit facilities granted by banks to their clients jumped by EGP 86.4 over the eight month period to record EGP 804.4 at the end of February, compared to EGP 718 in July 2015.

The private sector acquired 59.3 percent of these facilities.

The public business sector accounted for the remainder.

According to the CBE, the industrial sector alone received 32.6 percent of the credit facilities.

The services sector followed, including tourism, where it obtained 26.3 percent of the facilities.