Domestic credit rose to EGP 10.63 tn by the end of May 2024

The latest data of the Central Bank of Egypt revealed that domestic credit rose by 5.24% during the first 5 months of this year, reaching EGP 10.63 tn by the end of May 2024, compared to EGP 10.10 tn by the end of December 2023, with an increase of EGP 529 bn.

In terms of monthly growth, domestic credit fell by 4% in May to EGP 10.62 tn by the end of May 2024, compared to 11.06 tn by the end of April 2024.

Domestic credit represents the banking system's liabilities from local sectors, consisting of the investment in securities and credit facilities (in local currency and foreign currency) granted to these sectors of the banking system.

Domestic credit includes net government liabilities, namely the public, private and family sectors, as well as domestic credit in local and foreign currencies.

Highlighting the government's net liabilities, it recorded EGP 6.91 tn by the end of May 2024 compared to EGP 6.92 tn by the end of last year.

Overall business liabilities jumped by 60.67%, registering EGP 292.82 bn by the end of May, compared to EGP 182.25 bn by the end of December 2023

Private business liabilities rose at a growth rate of 17.61% and an increase of 360.55 billion pounds during the first 5 months of this year, registering 2.41 trillion pounds by the end of May 2024, compared to 2.05 trillion by the end of December 2023.

Domestic credit in foreign currency rose by 59.13% and an increase of EGP 1.38 tn during the first 5 months of this year, registering EGP 3.70 tn by the end of May 2024, compared to 2.32 tn by the end of December 2023, while domestic credit in local currency recorded about EGP 6.92 tn by the end of May 2024