Egypt’s local liquidity posted a 12% year-on-year surge, recording an all-time high of EGP 3.92 trillion in August, compared to EGP 3.5 trillion in the corresponding month in 2018.
Month-on-month, local liquidity rose by 1% in August, when compared to a value of EGP 3.88 trillion in July, according to data released by the Central Bank of Egypt (CBE).
Meanwhile, the money supply increased to EGP 946.7 billion in the eighth month of 2019 from EGP 925.18 billion in July.
In September, the CBE slashed the overnight deposit rate and the overnight lending rate by 100 basis points (bps) to 13.25% and 14.25%, respectively.
At the end of August, Egypt’s international reserves went up by $53 million month-on-month, registering $44.969 billion, compared to $44.916 billion.