Egypt’s reserve money (M0) surged to 1.689 trillion Egyptian pounds ($54.61 billion) at the end of December 2023 from 1.496 trillion pounds at the same period a year earlier, a recent central bank data showed.
The M0 consists of currency in circulation outside the Central Bank of Egypt (CBE) vaults as well as banks’ deposits in local currency. The Egyptian central bank uses the M0 as an intermediate operating target for its monetary policy in managing local liquidity.
Currency in circulation outside the Egyptian central bank also rose to 1.145 trillion pounds at the end of December 2023 from 886.2 billion pounds at the end of December 2022.
Banks’ deposits in Egyptian pound fell to 543.5 billion pounds as of December 2023 from 610.06 billion pounds in December 2022.
Following is the size of the two components of reserve money as of 31 December 2023.
Total Reserve money is 1.689 trillion Egyptian pounds
| Reserve Money Components | Figures in EGP billion |
| (i) Currency in Circulation | 1145878 |
| (ii) Banks’ deposits in local currency with CBE | 543557 |
| Total Reserve Money (i+ii) | 1689435 |
