Bank deposits hit LE9.88 trillion on high rates
Foreign holdings of treasury bills rose to LE389.67 trillion in November 2023, against LE 378.5 trillion a month earlier, according to data from the Central Bank of Egypt (CBE).
The banking sector’s investments in T-bills totalled LE5.045 trillion in November 2023. Private-sector bank investments in T-bills increased to LE653.7 billion in November, up from LE 644.4 billion in October. However, specialised banks’ holdings of T-bills fell to LE111.2 billion in November, down from LE115.09 billion a month earlier, CBE data showed.
Public-sector banks’ holdings of T-bills declined to LE410.9 billion in November, down from LE451.1 billion in October, while foreign bank branches increased their holdings to LE95.04 billion in November, up from LE88.02 billion the previous month, according to CBE data.
Bank deposits rise to LE9.88 trillion
Bank deposits rose to LE9.88 trillion in October 2023, up from LE9.78 trillion, a month earlier,
Government and non-government deposits stood at LE2.16 trillion and LE7.7 trillion, respectively, in October. Government deposits in the local currency totalled LE1.85 trillion, while foreign currency deposits hit LE302.3 billion in October, CBE data showed.
Non-government deposits comprised savings in the local currency worth LE6.11 trillion. Non-government deposits in foreign currency hit LE1.6 trillion.
The capital of Egypt’s banks increased to LE399.9 billion in October 2023, up from LE303 billion in December 2022. Provisions rose to LE338.7 billion in October, while reserves rose to LE464.04 billion, according to CBE data.
Assets of Egypt’s banking system added LE3.7 trillion to LE15.16 trillion in October 2022, up from LE11.39 trillion in December 2022, according to CBE data.
One of the primary roles of banks is to provide loans to businesses and individuals. These loans can be used for a variety of purposes such as starting a new business, expanding an existing one, purchasing equipment or property, or financing education.
FRA upgrading actuarial standards
Egypt’s Financial Regulatory Authority (FRA) is currently upgrading standards for actuaries working in the insurance sector.
Actuarial work is a crucial component of the insurance industry, as well as many other industries that rely on statistical analysis and risk assessment. Actuaries are highly skilled professionals who use their expertise in mathematics, statistics, and finance to analyse data and predict future events, particularly in relation to financial risks.
Actuaries use math and statistics to estimate the financial impact of uncertainty and help insurers minimise risk. Actuarial experts enhance stability, boosting insurance coverage to benefit a wide base of citizens.
By analysing data on factors such as age, health status, driving record, and past insurance claims, actuaries can calculate the likelihood of certain events occurring and determine the appropriate premiums to charge policyholders.
In Egypt, actuaries earn a specialised diploma in actuarial science in co-operation with the American University in Cairo (AUC) and the Egyptian Insurance Federation.
In addition to the insurance industry, actuarial work is also essential in other sectors such as banking, investment management, and healthcare. Actuaries play a key role in helping these industries manage risk effectively by developing models that assess potential outcomes and guide decision-making processes.
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