Cairo – Mubasher: Egypt’s domestic liquidity increased by EGP 97 billion to hit EGP 6.70 trillion by the end of July, the Middle East News Agency (MENA) cited a report by the Central Bank of Egypt (CBE).
The CBE stated that the hike in domestic liquidity was reflected in the growth of quasi-money by EGP 66.60 billion at a rate of 1.30% and the rise in money supply by EGP 30.40 billion at a rate of 2%.
The surge in quasi-money came as a result of the rise in non-current deposits in local currency by EGP 41.60 billion at a rate of 1% and the deposits in foreign currency by EGP 25 billion at a rate of 3%.
The increase in money supply was ascribed to the rise in current deposits in local currency by EGP 8 billion, at a rate of 1.10% and the jump of cash in circulation outside the banking system by EGP 22.40 billion at a rate of 2.90%.
In July 2022, total deposits at Egyptian banks hiked by EGP 118 billion to EGP 7.49 trillion, compared to EGP 7.37 trillion a month earlier. Meanwhile, total credit facilities granted by banks in Egypt recorded EGP 3.59 trillion in July, a hike of EGP 31.60 billion.
