Egypt's Central Bank (Reuters)
The Central Bank of Egypt (CBE) said in a report on Tuesday that Egypt's domestic liquidity increased by EGP 220.4 billion by the end of February to register EGP 3.674 trillion.
The report stated that the increase in domestic liquidity contributed to the growth of quasi-money that went up by EGP 200.4 billion at a rate of 7.6% and the rise in the money supply by EGP 20 billion, at a rate of 2.4%.
The surge in quasi-money came as a result of the rise in non-current deposits in local currency by EGP 169.6 billion, at an average of 8.8% and the increase in deposits in foreign currency by EGP 30.8 billion, at a rate of 4.3%, the report added.
The report attributed the increase in the money supply to the rise in current deposits in local currency by EGP 14.5 billion, at an average of 3.8%.
The CBE also announced an increase in bank deposits by around EGP 42 billion by the end of February to reach EGP 3.879 trillion compared to EGP 3.837 trillion in January.
The total governmental deposits at banks increased by EGP 6.9 billion, including 509.7 billion in local currency and around 121.3 billion in foreign currency, to reach 631.1 billion pounds, the CBE said in a report, a copy of which was obtained by MENA.
The total non-governmental deposits at banks until February hit EGP 3.247 trillion compared to EGP 3.213 trillion in January, the report added.
The total value of non-governmental deposits in foreign currency reached EGP 755.7 billion, while the non-governmental deposits in local currency stood at EGP 2.492 trillion in February, the report noted.