Egypt’s banking sector saw a significant increase in local liquidity, rising to EGP 11.34trn in November 2024, a boost of EGP 2.46trn from the EGP 8.88trn recorded in December 2023.
The Central Bank of Egypt (CBE) reported that the money supply reached EGP 2.775trn in November 2024, up from EGP 2.370trn in 2023. Cash in circulation outside the banking system also grew, reaching EGP 1.142trn in November, compared to EGP 1.068trn in December 2023.
Demand deposits in local currency amounted to EGP 1.632trn in November 2024, up from EGP 1.301trn in December 2023. Quasi-money, a category that includes time deposits and savings certificates, grew to EGP 8.566trn from EGP 6.507trn.
Non-governmental deposits in local currency rose to EGP 7.369trn in November 2024, reflecting an increase of EGP 1.12trn from the previous December.
The CBE also revealed detailed breakdowns of local currency deposits by sector. Demand deposits in local currency reached EGP 1.632trn, with public sector businesses contributing EGP 108.65 billion, private sector businesses EGP 897.33 billion, and households EGP 627.01 billion.
Time deposits and savings certificates in local currency stood at EGP 5.736trn in November 2024, compared to EGP 4.946trn in December 2023. Households held the majority of these deposits, totaling EGP 5.351trn, while public sector businesses accounted for EGP 63.19 billion, and private sector businesses for EGP 322.14 billion.
In foreign currency, non-governmental deposits reached an equivalent of EGP 2.83trn in November 2024, a sharp increase from EGP 1.561trn in December 2023. This rise was driven by demand deposits and time deposits in foreign currencies, which reached EGP 673.57 billion and EGP 2.156trn, respectively.
Deposits in foreign currencies were further broken down by sector. Public sector businesses held the equivalent of EGP 30.76 billion in demand deposits and EGP 146.4 billion in time deposits. Private sector businesses accounted for EGP 451.14 billion in demand deposits and EGP 496.21 billion in time deposits, while households held EGP 191.87 billion in demand deposits and EGP 1.513trn in time deposits and savings certificates.
