Local Liquidity Hit EGP 1.147 Trillion End-Nov. 2012: CBE

The Egyptian banking sector’s local liquidity rose by EGP 1.147 trillion at the end of last November, compared with EGP 1.145 trillion at the end of last October, registering an increase of EGP 2.844 trillion (0.24%), according to the Central Bank of Egypt’s (CBE) report.

The money supply fell from US$ 291.684 billion at the end of last October to EGP 287.886 billion at the end of last November, registering a decline of EGP 3.798 billion (1.3%) due to the decline in the currency in circulation outside the banking system which fell from EGP 205.08 billion at the end of last October to EGP 202.783 billion at the end of November and the decline in local-currency deposits which retreated from EGP 86.604 billion at the end of last October, compared with EGP 85.103  billion at the end of last November.

The volume of quasi money witnessed an increase of 0.78% (EGP 6.642 billion), registering EGP 859.611 billion at the end of last November, compared with EGP 852.969 billion at the end of last October.

CBE attributed the increase in the volume of quasi money to the hike in the value of local-currency non-current deposits which rose EGP 3.683 billion, registering EGP 666.137 billion at the end of last November, compared with EGP 662.454 billion at the end of last October, registering an increase of 0.56%. In addition, the value of foreign-currency current deposits rose from EGP 45.86 billion at the end of last October to EGP 46.516 billion at the end of last November as well as the value of foreign-currency non-current deposits surged from EGP 144.655 billion at the end of last October to EGP 146.958 billion at the end of last November.

The net local assets rose EGP 10.15 billion to reach EGP 1 trillion at the end of last November up from EGP 990.295 billion at the end of last October, concurrently with the increase of domestic credit which rose to EGP 1.158 trillion at the end of last November, compared with EGP 1.149 trillion at the end of last October.