The volume of local liquidity in the Egyptian banking sector has risen to EGP 9.124trn in February 2024, up from EGP 8.877trn in December 2023, marking an increase of EGP 247.29bn.
In a recent release, the Central Bank of Egypt (CBE) stated that the money supply climbed to EGP 2.528trn in February, from EGP 2.370trn in December 2023. Concurrently, the currency in circulation outside the banking system increased to EGP 1.104trn from EGP 1.068trn.
The CBE noted a rise in the volume of non-governmental deposits in local currency within banks operating in the domestic market, reaching EGP 6.447trn by the end of February 2024. This is an increase from EGP 6.247trn in December 2023, amounting to an additional EGP 200.6bn.
The volume of demand deposits in local currency stood at EGP 1.424trn by the end of February, up from EGP 1.301trn in December. The public sector accounted for EGP 95.433bn of these deposits, the private sector for EGP 914.332bn, and the household sector for EGP 414.531bn.
Furthermore, the volume of term and savings certificates in local currency reached approximately EGP 5.023trn, compared to EGP 4.946trn. Of these deposits, the public sector held about EGP 71.552bn, the private sector EGP 328.230bn, and the household sector EGP 4.624trn.
In addition, the CBE disclosed that the total non-governmental deposits in foreign currencies at banks in the Egyptian market amounted to roughly EGP 1.571trn by the end of February 2024, a slight increase from EGP 1.561trn in December 2023.
The volume of foreign currency deposits was about EGP 412.03bn, while term and savings certificates in foreign currencies totalled approximately EGP 1.159trn.
Breaking down the foreign currency deposits, the public sector held about EGP 30.674bn in demand deposits, the private sector EGP 271.896bn, and the household sector EGP 109.542bn. For term and savings certificates, the public sector held about EGP 81.495bn, the private sector EGP 253.641bn, and the household sector EGP 824.8bn.
