The Central Bank of Egypt (CBE) reported on Wednesday that Egypt's domestic liquidity increased by EGP 160.4 billion, to record EGP 4.024 trillion at an increasing rate of 4.2 percent in July-October of the 2019/2020 fiscal year (FY).

The report stated that the increase in domestic liquidity was reflected in the growth of quasi-money that went up by EGP 130.5 billion at a rate of 4.4 percent and the rise in money supply by EGP 29.9 billion at a rate of 3.2 percent.

The surge in quasi-money was the result of the rise in non-current deposits in local currency by EGP 176 billion at an average of 7.9 percent, and the decrease of deposits in foreign currency by EGP 45.5 billion at a rate of 6.4 percent, the CBE report said.

The report attributed the increase in money supply to the rise in current deposits in local currency by EGP 15.4 billion, at an average of 3.5 percent.

Deposits in banks hit EGP 4.166 trillion in October

Total bank deposits in Egypt increased by EGP 11 billion, reaching EGP 4.166 trillion in October, up from 4.155 trillion in September.

According to the CBE report, government deposits ranged EGP 623.7 billion in October, compared with EGP 621.8 billion a month earlier.

Government deposits in local currency stood at EGP 545.9 billion, and EGP 77.8 billion in foreign currency.

Non-government deposits increased to EGP 3.542 trillion in October against EGP 3.533 trillion in the previous month, the report said.

The total value of non-government deposits in local currency amounted to EGP 2.865 trillion by the end of October up from EGP 2.838 trillion by the end of September of 2019.

Of that total, the public enterprises sector had EGP 63.5 billion, the private sector EGP 384.5 billion and the household sector EGP 2.405 trillion.

Non-government deposits in foreign currency in October reached EGP 677.3 billion, the report added.