By: Mostafa Adel

Cairo - Mubasher: Local liquidity in the Egyptian banking sector grew by 39.5% or EGP 653 billion in 2016, as shown by the data of the Central Bank of Egypt (CBE).

The central bank said in a report on Tuesday that liquidity reached EGP 2.658 trillion by the end of December compared to EGP 1.905 trillion by the end of the same month in 2015.

Former chairman of the Principal Bank for Development and Agricultural Credit, Alaa Samaha, told Mubasher that the rise in liquidity in local banks comes as a result of the decision to free float the Egyptian pound, as well as the high interest certificates issued by public banks.

Translated by: Moslem Ali