(Photo Courtesy of the CBE)
By Abdel Qader Ramadan
Domestic liquidity rose to EGP 1.4384tn, an estimated increase of EGP 142.3bn, or 11%, over the period from July through March of the 2013-2014 fiscal year, according to a Central Bank of Egypt (CBE) report released on Monday.
The report attributed the increase in domestic liquidity to an increase in net domestic and foreign assets in the banking system, pointing to a rise in net domestic assets of EGP 141.2bn, or 12%, over the period from July to March of the current fiscal year. This rise is a result of increased net domestic credit of EGP 173.6bn, 12.9%, in addition to a rise in net foreign assets of EGP 1.1bn, 0.9%, during the same period, which saw a rise in the CBE’s net foreign assets of EGP 3.1bn and reduction of EGP 2bn.
According to the report, the overall financial position of the banks, other than CBE, rose approximately EGP 211.2bn, 13.5%, over the period from July through March of the 2013-2014 fiscal year, reaching EGP 1,775bn at the end of March 2014.
March | February | January | Decembe | November | October | September | August | |
1438421 | 1417624 | 1398255 | 1387688 | 1360134 | 1348484 | 1334967 | 1329492 | Domestic Liquidity |
70.17% | 69.15 % | 68.21% | 67.69 % | 66.35 % | 65.78 % | 65.12 % | 64.85 % | % of GDP |
Values in millions of EGP
According to GDP target of Ministry of Planning for2013- 2014
