Latest on Egypt's Liquidity

The Central Bank of Egypt confirmed an increase in the volume of liquidity volume by US$11.18 billion at a rate of 7.8% during the period from July to May of the fiscal year 2009-2010, to reach US$154.68 billion. The Central Bank attributed this increase to the growth of money supply by US$3.74 billion at a rate of 11.9%, and the quasi- money supply by US$7.44 billion at a rate of 6.6%. The increase in money supply was due to the increase of money in circulation outside the banking system which increased by US$2.57 billion at a rate 12.6%, and current deposits in local currency valued at US$1.17 billion at a rate of 10.5%. The increase in quasi-money outcome was due to the growth of non-current deposits in local currency value of US$9.16 billion at a rate of 11.0%, and the decrease in foreign currency deposits equivalent to US$1.72 billion at a rate of 6.0%. The national currency deposits have also reached US$104.5 billion, representing 79.4% of the total non-government deposits. –Argaam