The value of banknotes issued by the Central Bank of Egypt (CBE) in March amounted to EGP 331.9bn, an EGP 6.845bn increase compared to EGP 325.132bn issued in February, according to a recent report by the bank.
The value of banknotes issued in March was equivalent to 11.72% of the gross domestic product (GDP), compared to 11.47% in February.
The value of issued banknotes in comparison to the GDP recorded a peak rate of 14.33% in June 2013. That month, the CBE issued banknotes worth EGP 264.128bn, an increase of EGP 18.1bn, compared to May 2013.
The CBE was keen to hedge any increased demand for domestic liquidity by the citizens before the start of events to commemorate the 30 June uprising. Additionally, the bank wanted to meet the requirements for new banknotes before Eid Al-Fitr. This came in addition to the government’s extra seasonal expenses.
A Daily News Egypt analysis based on the CBE’s figures, showed that proportionally the EGP 200 note was printed the most in March 2016, amounting to a total value of EGP 173.031bn (52.1% of the total value of banknotes issued that month).
Also that month, printed EGP 100 banknotes totalled a value of EGP 118.5bn (35.7% of total banknotes printed); EGP 50 banknotes registered EGP 28.994bn (8.733% of total banknotes); EGP 20 banknotes registered EGP 5.432bn; and EGP 10 banknotes registered EGP 2.759bn. Smaller denomination notes were also printed: EGP 1 banknotes registered EGP 1.731b; PT 50 banknotes registered EGP 363m; and PT 25 banknotes registered EGP 165m, according to the analysis.