The Egyptian banking sector has witnessed a significant increase in domestic liquidity, reaching EGP 8.343trn in July 2023, up from EGP 7.402trn in December 2022, according to the latest report by the Central Bank of Egypt (CBE). This represents a rise of 12.7%, or EGP 941bn, in seven months.
The report said that the money supply, which consists of cash circulated outside the banking system and demand deposits in local currency, increased to EGP 2.097tn, compared to EGP 1.739tn. The cash circulated outside the banking system recorded EGP 991.930bn, compared to EGP 831.2bn.
The report also said that quasi-money, which consists of time deposits and savings certificates in local currency and non-governmental deposits in foreign currencies, recorded EGP 6.245tn.
According to CBE, the total non-governmental deposits in local currency in banks increased to EGP 5.791trn in July 2023, compared to about EGP 5.411trn in December 2022.
The report showed that the public business sector had EGP 55.475bn of demand deposits in banks, the private sector had EGP 727.958bn, and the household sector had EGP 322.662bn.
The report also showed that the volume of time deposits and savings certificates in local currency reached nearly EGP 4.685tn, compared to EGP 4.503tn. The public business sector had about EGP 82.728bn of those deposits, the private sector had EGP 297.813bn, and the household sector had EGP 4.304tn.
In the same context, CBE said that non-governmental deposits in foreign currencies at banks increased to about EGP 1.560trn in July 2023, compared to about EGP 1.160trn in December 2022.
According to CBE, the volume of demand deposits in foreign currencies amounted to nearly EGP 415.849bn, while the volume of time deposits and savings certificates amounted to about EGP 1.144tn.
CBE indicated that the public business sector had about EGP 16.920bn of demand deposits in foreign currencies, the private business sector had about EGP 279.64bn, and the household sector had about EGP 119.5bn.
The public business sector also had EGP 78.266bn of time deposits and savings certificates in foreign currencies, the private business sector had about EGP 253.05bn, and the household sector had about EGP 813.17bn.
