The value of deposits in both local and foreign currencies held by the Egyptian banking sector rose by EGP 135 billion in 2012, to reach EGP 1,000,072 trillion in December 2012, compared to EGP 937 billion at the end of January 2011, said Hisham Ramez, CEO of Commercial International Bank (CIB).
During a televised interview with Mahmoud Saad’s talk show ‘Akher El-Nahar’, Ramez added that the banking sector’s local currency deposits surged EGP 92 billion, registering EGP 817 billion at the end of last year, compared to EGP 725 billion at the end of January 2011. The banking sector’s foreign currency deposits rose to EGP 255 billion at the end of 2012, compared to EGP 211 billion at the end of 2011.
The foreign currency deposits accounted for 24% of the total banking sector’s deposits as of December 2012, compared to 22.5% as of January 2011, he added. Ramez affirmed that the Egyptian banking sector is safe.
He noted that the dollarization process still exists, but in a lesser form because some people have concerns about the current economic and political conditions. However, the investors’ confidence in the Egyptian market will be regained gradually with the political stability, he concluded.
