M2 rose by 19.9% (y-o-y) at end of September 2015

Domestic liquidity (M2) rose to EGP1.850 trillion at end of September 2015 compared to EGP1.543 trillion at end of September 2014 (y-o-y increase of 19.9%) and compared to EGP1.819 trillion at end of August 2015 (m-o-m increase of 1.7%), Central Bank of Egypt (CBE) reported. Annual increase was driven by rise in Money Supply (M1) that reported EGP521.3 billion at end of September 2015, reflecting increase in both demand deposits in local currency reaching EGP210 billion and currency in circulation outside the banking system reaching EGP311.3 billion. Moreover, Quasi-Money increased to EGP1.329 trillion at end of September 2015, on the back of higher time & saving deposits in local currency to reach EGP1.054 trillion and higher demand, time & saving deposits in foreign currencies to reach EGP274.5 billion.