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The Central Bank of Egypt (CBE) said on Sunday it was lowering the reserve requirement on local currency deposits to 10 % from 12 % to increase banking sector liquidity, its second such move in two months.
The new RRR is effective starting June 26, the bank said on its website. On March 20, it announced it was reducing the ratio to 12 percent from 14 percent.
“To further ease credit conditions in the market and provide additional permanent liquidity into the banking system, the CBE’s Board decided to reduce the RRR (required reserve ratio) from 12 percent to 10 percent,” the bank said, according to Reuters.
