Egypt's domestic liquidity increases by EGP 160.4 bln

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.