The Egyptian banking sector witnessed a surge in local liquidity, reaching 9.124 trillion Egyptian pounds in February up from 8.877 trillion pounds in December 2023, an increase of 247.29 billion pounds, Amwal Al Ghad Arabic reported on Tuesday.
The money supply expanded to EGP 2.528 trillion by the end of February 2024, compared to EGP 2.370 trillion in December 2023, Amwal Al Ghad Arabic said, citing Central Bank of Egypt’s (CBE) report.
Additionally, currency in circulation outside the formal banking system reached 1.104 trillion pounds in February, up from 1.068 trillion pounds in December 2023, according to the report.
Demand deposits denominated in local currency totalled 1.424 trillion pounds, reflecting growth from the 1.301 trillion pounds reported in December 2023. Meanwhile, quasi-money stood at an impressive 6.548 trillion pounds.
