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Egypt’s local liquidity reaches EGP 3.79trln in May

Egypt’s local liquidity reaches EGP 3.79trln in May
Money supply increased to EGP 909.13bn

Cairo – Mubasher: The Central Bank of Egypt (CBE) reported that local liquidity grew to EGP 3.797 trillion at the end of May 2019, versus EGP 3.762 trillion in April 2019, the CBE highlighted in its monthly bulletin.

Local liquidity went up 11.65% year-on-year in May 2019, compared to EGP 3.401 trillion in May 2018.

The money supply increased to EGP 909.13 billion in May 2019, compared to EGP 881.297 billion at the end of April 2019.

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

Egypt’s foreign exchange reserve inched up by $76 million in June 2019, compared to May 2019, according to data released by the CBE.