Local liquidity in Egyptian banking sector grows in 2023

Local liquidity in Egyptian banking sector grows in 2023

The Egyptian banking sector saw an increase of EGP 1.475trn in domestic liquidity, reaching EGP 8.877trn in December 2023, up from EGP 7.402trn in December 2022. According to a recent report by the Central Bank of Egypt (CBE), the money supply rose to EGP 2.370tn in December 2023, compared to EGP 1.739trn in December 2022. The cash in circulation outside the banking system also increased to EGP 1.068tn in December 2023, up from EGP 831.2bn in December 2022. The CBE reported that the total non-governmental deposits in local currency with banks operating in the local market grew by EGP 835.8bn, reaching EGP 6.247trn in December 2023, up from EGP 5.411trn in December 2022. The Central Bank also revealed that the demand deposits in local currency amounted to EGP 1.301trn in December 2023, up from EGP 908.3bn in December 2022. It said that the public business sector held EGP 65.990bn of those deposits, the private sector held EGP 855.9bn, and the household sector held EGP 379.5bn. The CBE pointed out that the time deposits and savings certificates in local currency amounted to EGP 4.946tn in December 2023, up from EGP 4.503trn in December 2022. The CBE added that the public business