Egypt's broad money supply edges up in May

Ahram Online, Sunday 3 Jul 2011

Index reaches 11 per cent fuelled by increase in publicly-held money and checkable deposits, according to central bank

Egypt’s broad money supply growth picked up slightly to reach 11 per cent year-on-year in May 2011, data by the Central Bank of Egypt (CBE) shows. 

Broad money supply (M2) increased from 10.8 per cent in April 2011 to reach 11 per cent in May 2011. 
The rise in M2 growth is mainly due to an increase in money held by the public and in checkable deposits (M1), led by an accelerated growth in money in circulation outside the banking system. 
On a monthly basis, M2 grew by 0.8 per cent in May 2011 after contracting m-o-m by 0.1 per cent in April 2011. 
Both M1 and quasi-money have increased m-o-m, signaling a slight pick-up in monetary aggregates, as the economy slowly recovers from the stalemate in its production and consumption activity on the back of political events of 25 January. 
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