The Central Bank of Egypt (CBE) reported that the domestic liquidity in the Egyptian banking sector grew by 14.4% in the first eight months of 2023, reaching EGP 8.468trn by the end of August.
This was mainly driven by the increase in the money supply, which consists of cash in circulation outside the banking system and demand deposits in local currency. The money supply rose by 23.5% in the same period, reaching EGP 2.147trn by the end of August.
The CBE also reported that non-governmental deposits in local currency with banks operating in the local market grew by 9% in the same period, reaching EGP 5.9trn by the end of August. These deposits include time deposits and savings certificates in local currency, which amounted to about EGP 4.750trn by the end of August, and demand deposits in local currency, which amounted to EGP 1.150trn by the end of August. The family sector accounted for the largest share of these deposits, followed by the private sector and the public business sector.
In addition, the CBE revealed that non-governmental deposits in foreign currencies in banks increased by 35.3% in the same period, reaching the equivalent of about EGP 1.57trn by the end of August. These deposits include demand deposits in foreign currencies, which reached the equivalent of about EGP 401.72bn, and time deposits and savings certificates in foreign currencies, which amounted to the equivalent of about EGP 1.168trn by the end of August. The family sector accounted for the largest share of these deposits, followed by the private sector and the public business sector.
