Egyptian banking system achieves LE 25.5 billion increase in savings

The increase in the savings of the Egyptian banking system at the end of last June reached LE 25.5 billion which is the highest increase to be achieved in one year in the history of the Egyptian banks.

The increase achieved last year was only L.E. 14 billion and in the year before was L.E. 16 billion. The limited increase achieved last year was due to the fact that many clients moved to the stock exchange market and the bourse.

Many officials attributed this increase from LE 14 billion to LE 25.5 billion to the fact that the total savings were LE 1995.5 billion at the end of last June which was the end of the fiscal year 1996/7 according to the statistics of the Egyptian Central Bank compared to LE 174 billion at the end of the fiscal year 1995/6. Thus we find that the increase is LE 25.5 billion.

The increase achieved in the first half of the year 1997 which is the second half of the fiscal year 1996/7 was LE 14 billion out of the total increase during the whole year which is LE 25.5 billion.