The Banking Executive Magazine - February 2022

Egypt’s bank Retail and Government Sectors DROVE GROWTH IN EGYPT’S BANK DEPOSITS IN 2020/21 Egypt has seen an annual increase of 22.3 percent in bank deposit bal- ances during the year 2020-2021, to reach 5.7 trillion Egyptian pounds ($362 billion). The value of deposits of the retail, or family, sector and the private busi- ness sector achieved the highest an- nual rates of growth in the fiscal year 2020/21 compared to 2019/20, the Central Agency for Public Mobiliza- tion and Statistics reported. The retail sector’s bank deposits amounted to almost 3.9 trillion Egyptian pounds, indicating an an- nual increase of 20 percent, during the financial year 2020/21. Individuals contributed nearly 97 percent of the total deposits in the re- tail sector, with the sector as a whole having accounted for 68 percent of the total bank deposits, according to CAPMAS. The bank deposit balances of the pri- vate business sector amounted to 671 billion Egyptian pounds during the year, an annual increase of 18.3 percent. The organized private sector ac- counted for 73 percent of the private business sector deposits, with the sector's deposits amounting to 11.7 percent of the total bank deposits. The remainder of the bank deposits was contributed mostly by the public services sector with a total value of 732 billion Egyptian pounds. Bank deposits by this sector wit- nessed the highest yearly growth of 43 percent. Within the public serv- ices sector, the state treasury and government administration ac- counted for the bulk of the deposits, namely 97.5 percent. the BANKING EXECUTIVE 26 ISSUE 158 FEBRUARY 2022