In a recent announcement on Monday, the Central Bank of Egypt (CBE) disclosed a notable surge in bank credit facilities, reaching an impressive 4.482 trillion Egyptian pounds as of March 2023. This represents a substantial increase from the previous year’s figure of 3.564 trillion pounds, indicating a remarkable rise of 917.2 billion pounds.
According to the CBE’s monthly report, credit facilities extended to both government and non-government entities experienced substantial growth. For government entities, credit facilities surged by an impressive 502.3 billion pounds, reflecting a significant increase of 37 percent. Similarly, credit facilities extended to non-government entities rose by 414.9 billion pounds, demonstrating a noteworthy growth of 18.8 percent.
The surge in credit facilities is attributed to the rise in liquidity in both local and foreign currencies. The report states that the liquidity of local currencies increased by 65.5 billion pounds, while foreign currencies saw a remarkable boost equivalent to 436.8 billion pounds.
These recent developments indicate a positive economic outlook for Egypt, signaling increased financial support to various sectors in the country. As the nation’s economy continues to evolve, stakeholders are closely monitoring the implications of this substantial growth in credit facilities.
