Egypt's reserve money (M0) surged to 1.827 trillion Egyptian pounds ($38.3 billion) at the end of May from 1.614 trillion pounds at the end of April, according to a central bank data on Thursday. The M0 consists of currency in circulation outside the Central Bank of Egypt (CBE) vaults in addition to banks' deposits in local currency. The CBE uses the M0 as an intermediate operating target for its monetary policy in managing local liquidity. Currency in circulation outside the Egyptian central bank rose to around 1.274 trillion pounds at the end of May from 1.233 trillion pounds at the end of April. Banks' deposits in Egyptian pound stood at 553.073 billion pounds in May, much higher from 381.283 billion pounds in April. Following is the size of the two components of reserve money as of 31 May 2024. Total Reserve money is 1.827 trillion Egyptian pounds Reserve Money Components Figures in EGP billion (i) Currency in Circulation 1273970 (ii) Banks' deposits in local currency with CBE 553073 Total Reserve Money (i+ii) 1827043
