Banking sector’s domestic liquidity jumps to LE 8.34trn in July 2023, CBE

Egypt’s banking sector’s domestic liquidity climbed by 12.7 percent to recorded LE 8.343 trillion recorded in July 2023, marking an increase from LE 7.402 trillion in December 2022, according to the latest report by the Central Bank of Egypt (CBE).

According to CBE’s report, Egypt’s money supply, consisting of cash circulating outside the banking system and demand deposits in local currency, has risen to LE 2.097 trillion, up from LE 1.739 trillion. Cash circulating outside the banking system amounted to LE 991.93 billion, compared to LE 831.2 billion.

Quasi money, including time deposits, savings certificates in local currency, and non-governmental deposits in foreign currencies, reached LE 6.245 trillion.

Total non-governmental deposits in local currency within banks increased to LE 5.791 trillion in July 2023, compared to approximately LE 5.411 trillion in December 2022.

Demand deposits in banks were LE 55.475 billion from the public business sector, LE 727.958 billion from the private sector, and LE 322.662 billion from the household sector.

The volume of time deposits and savings certificates in local currency approached LE 4.685 trillion, compared to the previous LE 4.503 trillion. The public business sector held approximately LE 82.728 billion in such deposits, the private sector had LE 297.813 billion, and the household sector possessed LE 4.304 trillion.

The CBE also reported an increase in non-governmental deposits in foreign currencies at banks to about LE 1.560 trillion in July 2023, compared to around LE 1.160 trillion in December 2022.

According to CBE data, demand deposits in foreign currencies amounted to nearly LE 415.849 billion, while the volume of time deposits and savings certificates reached about LE 1.144 trillion.

CBE added that the public business sector held approximately LE 16.920 billion in demand deposits in foreign currencies, the private business sector had around LE 279.64 billion, and the household sector possessed about LE 119.5 billion.

The public business sector also had LE 78.266 billion in time deposits and savings certificates in foreign currencies, the private business sector held approximately LE 253.05 billion, and the household sector possessed roughly LE 813.17 billion.