The Egyptian banking sector witnessed a surge in local liquidity, reaching EGP 8.787trn in November 2023, up from EGP 7.402trn in December 2022, an increase of EGP 1.384trn.
According to the Central Bank of Egypt (CBE), the money supply also rose to EGP 2.334trn in September 2023, up from EGP 1.739trn in December 2022. Moreover, the cash circulating outside the banking system amounted to EGP 1.062trn, up from EGP 831.2bn.
In its latest report, the CBE stated that non-governmental deposits in local currency at banks increased to EGP 6.169trn in November 2023, up from EGP 5.411trn in December 2022.
The CBE added that the on-demand deposits in local currency reached EGP 1.272trn, up from EGP 908.3bn, with the public sector accounting for EGP 74.963bn, the private sector for EGP 826.3bn, and the household sector for EGP 371.7bn.
The CBE also indicated that the term and savings certificates in local currency amounted to EGP 4.897trn, up from EGP 4.503trn, with the public sector holding EGP 91.915bn, the private sector holding EGP 327.686bn, and the household sector holding EGP 4.478trn.
Likewise, non-governmental deposits in foreign currencies at banks operating in the Egyptian market rose to EGP 1.554trn in November 2023, up from EGP 1.160trn in December 2022.
The CBE revealed that the on-demand deposits in foreign currencies reached EGP 387.26bn, while the term and savings certificates in foreign currencies reached EGP 1.167trn in November 2023.
The CBE highlighted that the public sector held EGP 13.864bn of on-demand deposits in foreign currencies, the private sector held EGP 261.5bn, and the household sector held EGP 112.02bn. It also noted that the public sector held EGP 78.9bn of term and savings certificates in foreign currencies, the private sector held EGP 268.7bn, and the household sector held EGP 819.5bn.
