Foreign-currency deposits held by Egyptian banks have reached their lowest level since April 2018, on the back of the strengthened local currency and the return of monetary easing.
Deposits denominated in foreign currencies retreated to EGP 699.3 billion ($42.8 billion) in August from EGP 708.63 billion (43.3 billion) in July, according to official data.
Year-on-year, foreign-currency deposits fell by 4% from EGP 728.8 billion ($44.6 billion) in August 2018.
It is noteworthy that the Egyptian pound has reached its highest level since March 2017, according to a recent survey conducted by Mubasher.
On 26 September, the Central Bank of Egypt (CBE) decided to cut key interest rates by 100 basis points (bps).