RIYADH: According to official data, Egypt’s banking industry saw a 26.9 percent increase in total deposits during the 2023–2024 fiscal year as compared to the preceding 12-month period. Total banking deposits hit 11.99 trillion Egyptian pounds ($237 million), according to the Central Agency for Public Mobilisation and Statistics. This indicates a rise in banking activity across a number of economic sectors.
The fiscal year of Egypt begins on July 1 and ends on June 30 of the subsequent year. This surge occurs as a result of businesses and individuals increasing their bank deposits as a hedge against currency devaluation after inflation peaked in September 2023 at 38%. Deposit growth was also aided by the central bank’s attractive interest rates and financial inclusion programs run under the nation’s Vision 2030 project.
According to CAPMAS data, the home sector accounted for the majority of Egypt’s banking deposits, which totalled 7.03 trillion pounds, up 27.5 percent from the year before. 95.9 percent of home deposits were made by individual depositors, indicating that Egyptians are generally good savers. In total, 58.6 percent of all bank deposits were held by households. Significant growth was also observed in the business sector, as deposits increased to 1.99 trillion pounds, a 37.6 percent gain from the previous fiscal year.
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