Section 1: General Economic and Financial Outlook (Continued)
  Annual Profile        Quarterly Profile
2000/01 2001/02 2002/03 2003/04 2004/05  Dec Mar   Sep-04   Mar-05  Jun-05 Sep-05
2003 2004
F. Monetary Sector (End of Period)          
(LE Millions)            
Reserve Money 1/  70,010 73,772 89,236 118,504 177,822 107,922 113,755 118,504 127,432 134,577 161,505 0 151,414
Total Liquidity  0 0 0 0 0 0 0 0 0 0 0 0 0
Money 2/ 53,448 59,805 67,212 77,606 89,685 73,373 74,121 0 80,660 83,450 86,023 0 99,929
Quasi Money 3/ 231,425 268,923 317,050 357,305 404,199 337,434 345,970 77,606 370,254 384,811 393,040 89,685 414,893
Annual Percent Change:        
Base Money 6.6 5.4 21.0 32.8 50.1 34.1 39.0 32.8 23.9 24.7 42.0 0.0 18.8
Total Liquidity 11.6 15.4 16.9 13.2 13.6 19.9 14.6 13.2 12.4 14.0 14.0 50.1 14.2
 Net Foreign Assets -18.3 -9.6 47.1 77.9 78.8 81.1 86.9 77.9 66.0 72.1 101.1 13.6 96.0
Net Domestic Assets 14.6 17.2 15.2 8.6 6.0 16.6 10.5 8.6 7.8 9.1 5.7 78.8 3.3
Credit to Private Sector 4/ 9.5 11.6 6.6 4.5 3.6 8.8 4.3 4.5 3.3 3.6 2.2 6.0 5.7
Loans to Deposit Ratio 5/        
Government Sector 30.1 26.7 19.6 19.5 25.1   17.5 19.5 18.5 20.5 19.4 0 25.9
Non Government Sector 91.9 87.4 80.5 73.6 65.9 77.2 75.8 73.6 71.2 69.6 67.1 25.1 63.8
Local Currency 98.9 96.5 90.6 85.2 71.5 88.4 87.1 85.2 82.6 80.5 75.0 65.9 68.3
Foreign Currency 70.8 62.7 58.4 49.7 51.9 53.8 52.4 49.7 47.9 46.6 48.5 71.5 52.0
Indicators:        
M2 Multiplier 6/ 4.07 4.46 4.31 3.67 2.78 3.81 3.69 3.67 3.54 3.48 2.97 0 0
M2 Velocity (centered) 7/ 1.33 1.24 1.17 1.18 3.77 1.29 1.23 1.18 1.22 1.27 1.19 1.16 1.3
M2 Dollarization 8/ 21.3 23.2 27.3 28.4 24.5 28 28.4 28.4 28.5 28.0 25.8 3.766122446 24.2
Deposits Dollarization 9/ 24.9 26.5 30.8 32.5 28.8 31.8 32.2 32.5 32.4 32.1 29.9 24.5 28.3
Source: Central Bank of Egypt and Ministry of Finance calculations.
1/ Includes currency in circulation outside CBE and banks' LE deposits with CBE.
2/ Includes currency in circulation outside the banking system, and demand deposits in local currency. Excludes drafts and checks under collection.
3/ Includes time and savings deposits in local currency, demand deposits and time and savings deposits in foreign currency.
4/  Includes claims on private business sector and household sector.
5/ Excludes deposits/loans held /provided by CBE.
6/  M2/ Reserve Money. 
7/ GDP / M2 centered. M2 centered equals [(M2) t + (M2) t-1] / 2
8/  Denotes the ratio of foreign currency demand, and time and savings deposits to total liquidity. Excludes non-residents deposits (which is part of net foreign assets) as well as government deposits.
9/  The ratio of foreign currency government and non-government deposits to total deposits with the banking system. Excludes deposits held at CBE.
Source: Central Bank of Egypt and Ministry of Finance calculations.
1/ Total Liquidity includes money and quasi money.
2/ M2 growth at constant exchange rate, calculated by applying previous year's  exchange rate to the current period.
3/ Foreign currency demand deposits, and time and saving deposits.