CBE
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.
Core inflation discounts or strips out certain categories that are considered more volatile.
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.
This decline was primarily driven by a $5 billion payment received from the sale of development rights to Ras El Hekma.
On March 6, the CBE raised the overnight deposit rate, the overnight lending rate, and the rate of the main operation in a special meeting by 600 basis points to reach 27.25 percent, 28.25 percent, and 27.75 percent, respectively.
These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.
Furthermore, companies, represented by the National Bank of Egypt, Misr, and Cairo banks, have collected proceeds of foreign and Arab currencies equivalent to more than EGP 1 billion since the Central Bank of Egypt's last decisions.
Furthermore, JPMorgan's analysts have revised their stance, stating that they no longer anticipate any potential rate cuts until February 2025.
In the 24 hours after the Central Bank of Egypt's (CBE) decision to float the Egyptian pound on Wednesday, leading to a significant decline of 62 percent in value, the pound displayed resilience
BMI – A Fitch Solutions Company highlighted that with inflation potentially easing to below 25% on a yearly basis in February.
Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.
This intervention prevents currency traders from manipulating the dollar's price again. Monetary tightening is considered a crucial economic measure to bring about a form of equilibrium in the exchange rate.
The Egyptian government is anticipated to raise the local wheat procurement price per ardeb this year as a means of supporting farmers amidst inflation, according to a statement released by the Cabinet on Sunday.
The net foreign assets deficit rose to $27.2 billion in December 2023, a slight uptick from November’s $27 billion, according to the latest CBE data
The overnight deposit rate, overnight lending rate, and the rate of the main operation have been adjusted to 21.25 percent, 22.25 percent, and 21.75 percent, respectively.
