CBE says domestic liquidity increases by EGP 160.4 bln

The Central Bank of Egypt (CBE) said that Egypt’s domestic liquidity increased by 160.4 billion Egyptian pounds, recording 4.024 trillion pounds at an increasing rate of 4.2 percent in July-October of the 2019/2020 fiscal year (FY).

The report stated that the increase in domestic liquidity was reflected in the growth of quasi-money that went up by 130.5 billion pounds at a rate of 4.4 percent and the rise in money supply by 29.9 billion pounds at a rate of 3.2 percent.

The surge in quasi-money was the result of the rise in non-current deposits in local currency by  176 billion pounds at an average of 7.9 percent, and the decrease of deposits in foreign currency by EGP 45.5 billion at a rate of 6.4 percent, the CBE report said.

The report attributed the increase in money supply to the rise in current deposits in local currency by 15.4 billion pounds, at an average of 3.5 percent.

Total bank deposits in Egypt increased by 11 billion pounds, reaching 4.166 trillion pounds in October, up from 4.155 trillion in September.

According to the CBE report, government deposits ranged 623.7 billion pounds in October, compared with 621.8 billion pounds a month earlier.

Government deposits in local currency stood at 545.9 billion pounds, and 77.8 billion pounds in foreign currency.

Non-government deposits increased to  3.542 trillion pounds in October against 3.533 trillion pounds in the previous month, the report said.

The total value of non-government deposits in local currency amounted to  2.865 trillion pounds by the end of October up from  2.838 trillion pounds by the end of September of 2019.

Of that total, the public enterprises sector had 63.5 billion pounds , the private sector  384.5 billion pounds and the household sector 2.405 trillion pounds.

Non-government deposits in foreign currency in October reached 677.3 billion pounds, the report added.