The Egyptian Central Bank offices in Cairo, Egypt. AP
In its report released on Thursday, the CBE stated that the increase in domestic liquidity was reflected in the growth of quasi-money that went up by EGP 836.3 billion at a rate of 20.4% and the rise in money supply by EGP 223.3 billion at a rate of 17.8%.
The surge in quasi-money came as a result of the rise in non-current deposits in local currency by EGP 659.5 billion at an average rate of 19.1% and the deposits in foreign currency by EGP 176.8 billion at a rate of 27.2%, the report added.
The report attributed the increase in money supply to the rise in current deposits in local currency by EGP 121.4 billion, at an average rate of 20.9% and the increase of cash in circulation outside the banking system to EGP 101.9 billion by a rate of 15.1 percent.