By: Heba El-Kordy
Cairo – Mubasher: Egypt’s domestic liquidity continued its upward trend, rising by EGP 48 billion or 1% to register a new record of EGP 4.805 trillion in October from EGP 4.757 trillion in September.
Year-on-year, the country’s local liquidity surged by 19.5% from EGP 4.02 trillion in October 2019, according to data released by the Central Bank of Egypt (CBE).
The money supply also grew to EGP 1.14 trillion in October, compared to EGP 1.13 trillion a month earlier.
At the end of October, Egypt’s net international reserves rose by $795 million to $39.22 billion.
In May, Egypt received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19) pandemic.
In addition, the government reached a staff-level agreement with the IMF for a $5.2 billion standby loan.
In November, the CBE’s Monetary Policy Committee (MPC) decided to cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.
