Egypt’s domestic liquidity rises to EGP 3.674 tln by February-end: CBE

The Central Bank of Egypt (CBE) said in a report on Tuesday that Egypt’s domestic liquidity rose to 3.674 trillion Egyptian pounds at the end of February.

The report stated that the increase in domestic liquidity contributed to the growth of quasi-money that went up by 200.4 billion pounds at a rate of 7.6 percent and the rise in the money supply by 20 billion pounds, at a rate of 2.4 percent.

The surge in quasi-money came as a result of the rise in non-current deposits in local currency by 169.6 billion pounds, at an average of 8.8 percent and the increase in deposits in foreign currency by 30.8 billion pounds, at a rate of 4.3 percent, the report added.

The report attributed the increase in the money supply to the rise in current deposits in local currency by 14.5 billion pounds, at an average of 3.8 percent.

The CBE also   announced an increase in bank deposits by around 42 billion pounds at the end of February to reach 3.879 trillion percent, compared with 3.837 trillion pounds in January.

The total governmental deposits at banks increased by 6.9 billion pounds, including 509.7 billion in local currency and around 121.3 billion in foreign currency, to reach 631.1 billion pounds, the CBE said in a report, a copy of which was obtained by MENA.

The total non-governmental deposits at banks until February hit 3.247 trillion pounds, compared to 3.213 trillionpounds  in January, the report added.

The total value of non-governmental deposits in foreign currency reached 755.7 billion percent, while the non-governmental deposits in local currency stood at 2.492 trillion percent in February, the report noted.

Source: MENA