Egypt’s reserve money (M0) rose to 1.581 trillion Egyptian pounds ($51.144 billion) at the end of the third quarter of the year from 1.496 trillion pounds as of December 2022, a recent central bank data showed.
The M0 consists of currency in circulation outside the Central Bank of Egypt (CBE) vaults and banks’ deposits in local currency. The CBE uses the M0 as an intermediate operating target for its monetary policy in managing local liquidity.
Currency in circulation outside the Egyptian central bank has also grown to 1.071 trillion pounds at the end of September 2023 from 886.2 billion pounds at the end of December 2022.
Banks’ deposits in Egyptian pound dropped to 509.951 billion pounds at the end of September 2023 from 610.06 billion pounds in December 2022.
Following is the size of the two components of reserve money as of 30 September 2023.
Total Reserve money is 1.581 trillion Egyptian pounds
| Reserve Money Components | Figures in EGP billion |
| (i) Currency in Circulation | 1071856 |
| (ii) Banks’ deposits in local currency with CBE | 509951 |
| Total Reserve Money (i+ii) | 1581807 |
