Central Bank of Egypt
The Central Bank of Egypt revealed a substantial reduction in the net foreign assets (NFAs) deficit in March, marking its lowest level in over two years
A decrease in annual food inflation, which settled at 45 percent in March, its lowest since December 2022, was noted as a driving factor
In addition, the maximum cash withdrawal limit from ATMs has been increased from LE 20,000 to LE 30,000. Previously, the daily withdrawal limit from bank branches was set at LE 150,000.
The CBE added in a report that the current account deficit posted $ 9.6 billion, compared to $ 1.8 billion.
The “Women for Women in FinTech” initiative falls under the “Accelerate'ha" initiative, launched back in 2021 by the CBE to accelerate the development of innovative FinTech solutions for women-led businesses
If you have any urgent banking matters to attend to, make sure to visit your bank before they close their doors for a six-day period starting Tuesday in all Egyptian governorates.
The CBE helped increase its foreign reserves through the Ras El Hikma deal, valued at $35 billion, which Egypt successfully completed with the UAE at the end of last February.
Prime Minister Mostafa Madbouli announced that remittances from Egyptian expatriates are gradually returning to their usual levels, particularly due to the narrowing gap between the official exchange rate and the black market rate.
“Ensuring a flexible exchange rate system is one of the IMF’s prerequisites for the loan, and this is what the Central Bank of Egypt is focusing on,” Economic Expert Karim Nassar stated in an interview with Egypt Today.
Previously, individuals who obtained credit cards issued on or after December 21, 2023, were required to wait a minimum of six months before engaging in foreign exchange (FX) transactions
He highlighted the detrimental effects of maintaining dual exchange rates, which lead to instability
Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.
The IMF loan has been augmented and increased to $8 billion instead of $3 billion "due to significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts," according to the IMF statement
Prime Minister Mostafa Madbouly commended decisions announced by the Central Bank of Egypt (CBE) this morning, including to let the currency trade freely, saying they endorse state’s efforts to address inflation.
Additionally, the discount rate has been raised by 600 basis points to 27.75 percent
Egypt's NIR consist of various currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. These reserves include foreign exchange, gold, and a variety of international currencies
Furthermore, Gupta indicated ongoing discussions between the AFC and the Egyptian government regarding potential funding channels
The average return on the bills stood at 29.913 percent, CBE data showed that banks and financial institutions submitted 387 offers with amounts estimated at LE 73 billion
These measures aim to ensure that the total grants and investments in securitization portfolios of the leasing companies do not surpass 5 percent of the bank's overall portfolio of loans and credit facilities
President El Sisi issued a presidential decree yesterday, Tuesday, allocating a plot of state-owned land with an area of 170.8 million square meters
