Total foreign-currency deposits at Egyptian banks decreased by EGP 24.102 billion ($1.45 billion) month-on-month in May 2019.
Deposits in foreign currencies amounted to EGP 717.657 billion ($43.17 billion) at the end of May 2019, compared to EGP 741.759 billion ($44.62 billion) in April 2019, data by the Central Bank of Egypt (CBE) showed.
Year-on-year, foreign-currency deposits went up 0.18% in May 2019 from EGP 716.401 billion in May 2018.
On 3 November 2016, the CBE decided to float the local currency and increase interest rates.
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided in its meeting on Thursday to maintain the current interest rates unchanged.
The CBE’s Monetary Policy Committee (MPC) decided to maintain the overnight deposit and lending rates at 15.75% and 16.75%, respectively.