Bank deposits in dollars continued to grow significantly in January, following a month that witnessed significant devaluation of the Egyptian pound.
Foreign currency deposits in Egyptian banks increased by 6.2 percent in January; slightly lower than last month's 6.4 percent.
This figure is "significantly higher than the 23-trailing month average of 0.9 per cent," stated Beltone Financial in a note emphasising that foreign currency has been driving deposit growth since December 2012.
Total dollarization reached 22.3 percent in January 2013.
The Egyptian pound has lost some 8 percent of its value compared to the dollar since December 2012.
The currency slip was accompanied by a rush by investors and ordinary citizens to switch their Egyptian pounds to foreign currency amid fears of further devaluation.
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