CBE: Domestic liquidity grows by 7.61% and records EGP7.966 tn, during Q1-2023.

The latest CBE’s monthly bulletin revealed an increase in domestic liquidity in the Egyptian banking sector by a growth rate of 7.61% during the first quarter of the current year, to record EGP7.966 tn at the end of March 2023, compared to EGP7.403 tn at the end of December 2022, and the value of the increase was EGP 563.2 bn.

Domestic liquidity consists of cash supply and near money, under the cash supply item; cash circulating outside the banking system and current deposits in local currency, while near money includes non-current deposits in both local and foreign currencies, current deposits in foreign currency.

As for the cash supply item, it increased by a growth rate of 6.07% and an increase of EGP28.4 bn during the first 3 months of the current year, to record EGP1.845 tn at the end of March 2023, compared to EGP1.740 tn at the end of December 2022.

Cash circulating outside the banking sector also recorded EGP859.6 bn at the end of March 2023, compared to EGP831.2 bn at the end of December 2022, achieving a growth rate of 3.41% and an increase of EGP28.4 bn pounds during the first quarter of the current year.

Current deposits in local currency increased by a growth rate of 8.49% and an increase of EGP77.2 bn during the first quarter of the current year, to record EGP985.6 bn at the end of March 2023, compared to EGP908.4 bn at the end of December 2022.Near money also increased by a growth rate of 8.08% and an increase of EGP457.7 bn during the first quarter of the current year, to reach EGP6.121 tn at the end of March 2023, compared to EGP 5.663 tn at the end of December 2022.

As for non-current deposits in local currency, they increased by a growth rate of 2.79% and an increase of EGP125.7 bn on a quarterly basis, to reach EGP4.629 tn at the end of March 2023, compared EGP4.503 tn at the end of December 2022.

Current deposits in foreign currency jumped by 28.53% during the first quarter of the current year, to reach their EGP398.3 bn at the end of March 2023, compared to EGP309.9 bn at the end of December 2022, with an increase of about EGP88.4 mn.

On the level of non-current deposits in foreign currencies, they increased by a rate of 28.65% and an increase of EGP 243.6 bn during the first quarter of the current year, to record EGP1.094 tn at the end of March 2023, compared to EGP850.2 bn at the end of December 2022.