Egypt’s local liquidity hits EGP 11.2t in Oct: CBE

The Egyptian banking sector witnessed a surge in local liquidity (M2), reaching 11.247 trillion Egyptian pounds in October 2024 from 8.682 trillion pounds in the same month last year, a recent central bank report showed.

The money supply (M1) expanded to 2.778 trillion pounds in October 2024, compared to 2.265 trillion pounds in October 2023.

Currency in circulation outside the banking system also rose to 1.163 trillion pounds in October 2024 from 1.037 trillion pounds in October 2023.

Moreover, demand deposits in local currency surged to 1.614 trillion pounds in October 2024 from 1.228 trillion pounds in October 2023. Meanwhile, quasi-money stood at 8.469 trillion pounds up from 6.416 trillion pounds.

This strong growth in liquidity reflects continued confidence in the Egyptian economy and banking system, as both demand deposits and quasi-money reach new highs. The increase in currency circulation and money supply is seen as a positive indicator of economic activity and stability.

Attribution: CBE