Egypt’s reserve money M0 grows to EGP 1.593 trillion at July-end: c.bank

Egypt’s reserve money (M0) grew to 1.593 trillion Egyptian pounds ($51.568 billion) at the end of July from 1.496 trillion pounds as of December 2022, a recent central bank data showed.

Reserve money (M0) consists of currency in circulation outside the Central Bank of Egypt (CBE) vaults and banks’ deposits in local currency. The central bank uses the M0 as an intermediate operating target for its monetary policy in managing local liquidity.

Currency in circulation outside the CBE has also grown to 1.056 trillion pounds at the end of July 2023 from 886.2 billion pounds at the end of December 2022.

Banks’ deposits in Egyptian pound fell to 537.5 billion pounds at the end of July 2023 from 610.06 billion pounds in December 2022.

Following is the size of the two components of reserve money as of 31 July 2023.

Total Reserve money is 1.559 trillion Egyptian pounds