CBE: Bank Loans Increase 1.05% to EGP 2.4 Trillion

The total volume of loans provided by banks to clients increased 1.05% to record about EGP 2.382 trillion by the end of October 2020, compared to EGP 2.357 trillion a month earlier, according to Central Bank of Egypt (CBE).

A Central Bank report revealed that the total loans directed to the government increased by 1.4% to record about EGP 765.792 billion in October, compared to EGP 754.975 billion, month-on-month.

Government loans were pided into about EGP 490.969 billion in local currency and about EGP 274.823 billion in foreign currencies.

The total non-government loans recorded about EGP 1.616 trillion by the end of October, compared to EGP 1.602 trillion by the end of September 2020, pided into about EGP 1.370 trillion in local currency, and EGP 246.771 billion in foreign currencies.

The Central Bank also announced an increase in customer deposits in the banking system by the end of October by EGP 35.464 billion to record EGP 5.088 trillion, compared to EGP 5.053 trillion, month-on-month.

However, government deposits dropped by EGP 11.3 billion to reach EGP 874.2 billion in October, compared to EGP 885.44 billion a month earlier.

Meantime, the CBE's Board of Directors of the Central Bank of Egypt, during its latest meeting, approved the rules for the participation in the multi-currency instant settlement system, which allows the settlement of mutual payment orders between Egyptian banks in foreign currencies in real time, as of March 22.