Ali, prof. Sherief Mohammed, Nour Eldin, prof. Gehad Ahmed, Mohammed, Hossam Eldin Ahmed. (2024). Cash in Circulation (CIC) and Digital transformation in Egypt. المجلة العلمية للدراسات والبحوث المالية والإدارية, 16(4), 54-95. doi: 10.21608/masf.2024.413744
prof. Sherief Mohammed Ali; prof. Gehad Ahmed Nour Eldin; Hossam Eldin Ahmed Mohammed. "Cash in Circulation (CIC) and Digital transformation in Egypt". المجلة العلمية للدراسات والبحوث المالية والإدارية, 16, 4, 2024, 54-95. doi: 10.21608/masf.2024.413744
Ali, prof. Sherief Mohammed, Nour Eldin, prof. Gehad Ahmed, Mohammed, Hossam Eldin Ahmed. (2024). 'Cash in Circulation (CIC) and Digital transformation in Egypt', المجلة العلمية للدراسات والبحوث المالية والإدارية, 16(4), pp. 54-95. doi: 10.21608/masf.2024.413744
Ali, prof. Sherief Mohammed, Nour Eldin, prof. Gehad Ahmed, Mohammed, Hossam Eldin Ahmed. Cash in Circulation (CIC) and Digital transformation in Egypt. المجلة العلمية للدراسات والبحوث المالية والإدارية, 2024; 16(4): 54-95. doi: 10.21608/masf.2024.413744
Cash in Circulation (CIC) and Digital transformation in Egypt
1Professor of economics - Economics and Public finance Department Former Vice President of the University for Education and Student Affairs Former dean of faculty of commerce University of Sadat city
2Assistant Professor and head of Economics and Public finance Department Faculty of Commerce- University of Sadat City
3Assistant Lecturer- Economics and Public finance Department Faculty of Commerce- University of Sadat City
تاريخ الاستلام: 01 ديسمبر 2025،
تاريخ القبول: 01 ديسمبر 2025
المستخلص
This study explores the impact of digital transformation on cash in circulation (CIC) in Egypt between 2004 and 2023, examining how advancements in electronic payment systems, mobile banking, and fintech innovation have influenced the demand for physical currency. The study is anchored in a comprehensive econometric analysis, utilizing Vector Error Correction Models (VECM) to capture both the short-term and long-term dynamics between CIC and key macroeconomic variables, including GDP per capita, inflation, interest rates, and points of sale (POS) as a proxy for digital payment infrastructure.
The findings indicate a significant long-term relationship between digital transformation and a reduction in cash circulation, particularly driven by the expansion of POS systems. However, the study also reveals short-term fluctuations in cash demand, influenced by interest rates and economic conditions. Despite the growing adoption of digital payments, cash remains resilient, especially during periods of economic uncertainty. This study concludes that while digital transformation is reshaping Egypt’s financial landscape, cash continues to play a crucial role in the economy.
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