Deposits at Egyptian banks hit a record of 1.7T EGP: CBE   
Central Bank of Egypt -YOUM7 (Archive)

CAIRO: Egyptian deposits at banks operating in Egypt, including public banks, hit a record of 1.74 trillion EGP ($222.2 billion) at June-end, according to a report from the Central Bank of Egypt (CBE.)

The figure marks an increase of 5 billion EGP from 1.69 trillion EGP at May-end, the report read.

CBE governor Hisham Ramez has previously declared the need to achieve financial inclusion: increasing the number of depositors by encouraging cash saving.

Many experts, however, argue that raising interest rates is a key factor for bolstering financial inclusion, while the CBE had kept overnight deposit and lending rates “unchanged” at 8.75 percent and 9.75 percent, respectively in September, after Egypt’s core annual inflation slid to 5.61 percent in August.

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