The Banking Executive Magazine - January 2025

Egypt Banking Sector FOREIGN ASSET SURPLUS IN EGYPT’S BANKING SECTOR REACHES $5.2BLN IN 2024 The Central Bank of Egypt (CBE) re- ported that the net foreign assets of the Egyptian banking sector recorded a surplus of $5.224bn (EGP 265.898bn) in December 2024, down from $5.95bn (EGP 295.6bn) in November. According to the CBE’s latest report, total foreign assets in the banking sector, including both the central bank and commercial banks, in- creased to EGP 3.506trn in Decem- ber, up from EGP 3.325trn in November. Meanwhile, foreign lia- bilities declined to EGP 3.240trn from EGP 3.029trn. Net foreign assets first recorded a surplus in May 2024, reaching EGP 676.4bn after a deficit of EGP 174.385bn at the end of April. LOCAL LIQUIDITY GROWTH In a separate statement, the CBE re- vealed that total local liquidity in the banking sector surged to EGP 11.636trn in December 2024, com- pared to EGP 8.877trn in December 2023. The money supply (M1) rose to EGP 2.803trn, up from EGP 2.370trn, while currency in circula- tion outside the banking system in- creased to EGP 1.121trn from EGP 1.068trn. NON-GOVERNMENTAL DEPOSITS IN LOCAL CURRENCY Total non-governmental deposits in local currency at banks operating in Egypt rose to EGP 7.555trn by the end of December 2024, up from EGP 6.247trn a year earlier. Demand deposits in local currency reached EGP 1.682trn, compared to EGP 1.301trn in December 2023. The public business sector ac- counted for EGP 117.189bn, the pri- vate business sector held EGP 922.387bn, and the household sec- tor had EGP 642.666bn. Time deposits and savings certificates in local currency increased to EGP 5.873trn, up from EGP 4.946trn. The public business sector held EGP 70.381bn, the private business sector had EGP 369.672bn, and the house- hold sector accounted for EGP 5.433trn. FOREIGN CURRENCY DEPOSITS Total non-governmental deposits in foreign currencies at banks reached EGP 2.959trn by the end of Decem- ber 2024, compared to EGP 1.561trn a year earlier. Foreign currency demand deposits stood at EGP 701.434bn, while time deposits and savings certificates in foreign currencies totaled EGP 2.258trn. The public business sector held EGP 36.234bn in foreign currency de- mand deposits, while the private business sector had EGP 467.669bn, and the household sector accounted for EGP 197.645bn. For time deposits and savings certifi- cates in foreign currencies, the pub- lic business sector held EGP 136.462bn, the private business sec- tor had EGP 537.940bn, and the household sector accounted for EGP 1.583trn. ISSUE 193 JANUARY 2025 the BANKING EXECUTIVE 15