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Egypt’s domestic liquidity up 12% till April-end

Egypt’s domestic liquidity up 12% till April-end
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: Egypt’s domestic liquidity amounted to EGP 1.7 trillion at the end of April, 2015, an increase by 12.1% or EGP 183.8 billion during the period July/April in the fiscal year 2014/2015, said the central bank in its monthly bulletin.

Cash equivalents rose by 11.6% or EGP 128.6 billion, while money supply increased by 13.4%, or EGP 55.2 billion.

The central bank added that the increase in cash equivalents was due to a rise in non-current local currency deposits by 12.1%, or EGP 105.5 billion and in foreign currency deposits by 9.8% or EGP 23.1 billion. Meanwhile, the rise in money supply was attributed to a rise in local-currency current deposits by 31%, or EGP 43.3 billion.

The increase in domestic liquidity during the period July/April in the fiscal year 2014/2015 was boosted by a rise in net local assets and a decline in net foreign assets at the banking system, according to the central bank.