CBE: Domestic credit rises to EGP 10.4 tn by February- 2024end

The latest monthly statistical report from the Central Bank of Egypt, published on its official website, revealed 2.56% increase in domestic credit during the first 2 months of this year, reaching EGP 10.36 tn by the end of February 2024, compared to EGP10.10tn by the end of 2023, an increase of EGP258bn.

Domestic credit increased at a monthly growth rate of 2.14% in last February, rising from EGP 10.14 tn at the end of January 2024 to EGP10.36 tn by the end of February 2024, indicating an increase of EGP217bn.

The domestic credit represents the banking system's requirements from local sectors, including investment inThe securities and credit facilities (in local and foreign currencies) granted to these sectors by the banking system. This includes net government requirements, public, private, and family sectors, as well as domestic credit in both local and foreign currencies.

Net government requirements increased by EGP 189bn, achieving a growth rate of 2.73% during the first 2M of 2024, reaching EGP 7.12 tn by the end of February 2024, compared to EGP6.93 tn by the end of December 2023.

The public sector, fell by 191% to record EGP174.33 bn at the end of February 2024 compared to EGP 182.25 bn by the end of December 2023.

The value of credit for the private sector increased by a growth rate of 1.91%, with an increase of EGP 39 bn, reaching EGP2.09 tn by the end of February 2024 compared to EGP2.05tn by the end of December 2023.

As for domestic credit in the local currency, it increased by a growth rate of 5.09%, reaching EGP8.17tn from January to February 2024, compared to EGP 7.77 tn by the end of December 2023, achieving an increase of EGP396bn.