Cairo – Mubasher: Egypt’s domestic liquidity surged by 21% year-on-year to EGP 3.14 trillion in November 2017 from EGP 2.6 trillion in November 2016, according to a statement by the Central Bank of Egypt (CBE) on Wednesday.

On a monthly basis, liquidity rose by 1.9% in November 2017 from EGP 3.08 trillion in October.

The CBE aims at cutting liquidity to restrain inflation through raising interest rates.

The Egyptian Ministry of Finance previously posted that the country’s annual domestic liquidity jumped 39.7% year-on-year to EGP 3.05 trillion in September 2017.

The CBE last announced that Egypt’s foreign reserves rose to $37.019 billion at the end of December from $36.723 billion in November.