CBE: Reserves Increase by 3.75% to Reach EGP 1.55 Tn by May-2023end

Monthly data released by the Central Bank of Egypt revealed a growth of 3.75% in the country's reserves, known as "MO," reaching EGP 1.552 tn by the end of May 2023. This marks an increase of EGP 56.058 bn compared to EGP 1.496 tn recorded at the end of December 2022.

The reserves, denoted as "MO," consist of bank deposits in local currency and circulating cash outside the central bank's vaults, according to the Egyptian Central Bank's data.

Bank deposits in local currency amounted to EGP 529.408 bn by the end of May 2023, compared to EGP 610.068 bn at the end of 2022.

Furthermore, circulating cash outside the central bank's vaults reached EGP 1.022 tn by the end of May 2023, rising from EGP 886.222 bn at the end of 2022. This represents a growth rate of 15.43%, with an increase of EGP 136.718 bn.