Egypt’s domestic liquidity increased by EGP 97 billion to hit EGP 6.70 trillion by the end of July, according to report by the Central Bank of Egypt (CBE).
The CBE stated that the hike in domestic liquidity was reflected in the growth of quasi-money by EGP 66.60 billion at a rate of 1.30% and the rise in money supply by EGP 30.40 billion at a rate of 2%.
The surge in quasi-money came as a result of the rise in non-current deposits in local currency by EGP 41.60 billion at a rate of 1% and the deposits in foreign currency by EGP 25 billion at a rate of 3%.
The increase in money supply was ascribed to the rise in current deposits in local currency by EGP 8 billion, at a rate of 1.10% and the jump of cash in circulation outside the banking system by EGP 22.40 billion at a rate of 2.90%.
In July 2022, total deposits at Egyptian banks hiked by EGP 118 billion to EGP 7.49 trillion, compared to EGP 7.37 trillion a month earlier. Meanwhile, total credit facilities granted by banks in Egypt recorded EGP 3.59 trillion in July, a hike of EGP 31.60 billion.
