Egypt’s c.bank: Reserve money surges to EGP 1.502 trillion at April-end
Egypt’s central bank reported on Monday a growth in the country’s reserve money (MO) to 1.559 trillion Egyptian pounds ($50.5 billion) at the end of this April from 1.496 trillion pounds as of December 2022.
Reserve money (MO) includes currency in circulation outside the Central Bank of Egypt’s (CBE) vaults and banks’ deposits in local currency. The central bank uses reserve money (MO) as an intermediate operating target for its monetary policy in managing local liquidity.
Currency in circulation outside the CBE has also grew to 992.664 billion pounds at the end of April 2023 from 886.2 billion pounds at the end of December 2022, the CBE said in a recent report.
Meanwhile, banks’ deposits in Egyptian pound dropped to 566.729 billion pounds in April 2023 from 610.06 billion pounds in December 2022, the report added.
Following is the size of the two components of reserve money as of 31 March 2023.
Total Reserve money is 1.559 trillion Egyptian pounds
|Reserve Money Components||Figures in EGP billion|
|(i) Currency in Circulation||992664|
|(ii) Banks’ deposits in local currency with CBE||566729|
|Total Reserve Money (i+ii)||1559393|