(MENAFN- Daily News Egypt) The local liquidity in the Egyptian banking sector experienced a significant increase, reaching EGP 9.988trn in March 2024, up from EGP 8.877trn in December 2023. This marks an impressive growth of EGP 1.111trn within the quarter.
The Central Bank of Egypt (CBE) reported that the money supply escalated to EGP 2.467trn in March 2024, a rise from EGP 2.370trn in December 2023. Additionally, cash outside the banking system saw a substantial increment, reaching EGP 18trn, a notable jump from the previous EGP 1.068trn in December 2023.
The CBE further detailed that total non-governmental deposits in the local currency at banks operating in Egypt surged to EGP 6.452trn in March 2024, from EGP 6.247trn in December 2023, reflecting an increase of EGP 205.6bn.
Breaking down the deposits, the volume of demand deposits in local currency stood at EGP 1.348trn in March 2024, compared to EGP 1.301trn in December 2023. The public sector contributed approximately EGP 88.309bn to these deposits, with the private sector adding EGP 832.981bn, and the household sector EGP 427.826bn.
The CBE also highlighted that deposits in terms of savings certificates in local currency reached roughly EGP 5.104trn in March 2024, up from EGP 4.946trn in December 2023. Of these, the public sector held about EGP 96.304bn, the private sector EGP 305.873bn, and the household sector a substantial EGP 4.701trn.
In the context of foreign currency deposits, the total non-governmental deposits at banks in the Egyptian market increased to the equivalent of EGP 2.417trn in March 2024, up from EGP 1.561trn in December 2023, marking an increase of EGP 855.7bn.
The volume of demand deposits in foreign currencies was about EGP 633.2bn, while the volume for terms and savings certificates in foreign currencies was approximately EGP 1.783trn in March 2024.
The public sector held around EGP 27.040bn in demand deposits in foreign currencies, the private sector EGP 431.256bn, and the household sector EGP 175.079bn. Meanwhile, for terms and savings certificates in foreign currencies, the public sector held EGP 111.557bn, the private sector EGP 395.942bn, and the household sector EGP 1.276trn
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