Central Bank of Egypt – archive photo by Reuters
The Central Bank announced that the volume of domestic liquidity increased during the period (July – April) of the fiscal year 2019-2020 to reach about 4.353 trillion pounds at the end of last April, registering an increase of 489.4 billion pounds at a rate of 12.7%.
The central bank said, in a report issued on Tuesday, that the increase in domestic liquidity was reflected in the growth of quasi money by 356.9 billion pounds at a rate of 12.1%, and the money supply by 132.5 billion pounds at a rate of 14.4%.
He added that this increase in quasi money due to the increase in non-current deposits in the local currency by 430 billion pounds at a rate of 19.3%, and the decrease in deposits in foreign currencies equivalent to 73.1 billion pounds at a rate of 10.2% .. As for the increase in the money supply, it came as a result of the increase in current deposits in the local currency by about 38.3 One billion pounds, or 8.8%, and cash circulating outside the banking system increased by 94.2 billion pounds, at a rate of 19.3%.
The report pointed out that the increase achieved in domestic liquidity during the period (July – April) of the fiscal year 2019-2020 came as a result of the increase in net domestic assets and the decline in net foreign assets with the banking system, as net foreign assets decreased by 258.6 billion pounds, at a rate of 86.2% as a result The net foreign assets of banks decreased by 120.8 billion pounds, and the net foreign assets at the central bank decreased by 137.3 billion pounds.
The report noted that the net domestic assets of the banking system increased by 738 billion pounds, or 21%, as a result of the increase in local credit by about 820.9 billion pounds, at a rate of 21.6% on the one hand, and an increase in the negative balance of the net budget items by about 72.9 billion pounds, at a rate of 29.9% on the other hand.
He indicated that domestic credit increased as a result of an increase in net liabilities from the government by 651 billion pounds, liabilities from the private sector by 87.8 billion pounds, and from the family sector by about 85.6 billion pounds. This was limited by a decrease in liabilities from the public business sector by 3.5 billion pounds.
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Egyptian source today
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