CBE

PM, CBE Governor follow up on updates of recent economic decisions

Mon, 18 Mar 2024 - 01:29 GMT

These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.

Total hard currency sold to Egypt's exchange firms hits $20M within 6 days

Tue, 12 Mar 2024 - 03:09 GMT

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.

JPMorgan anticipates 2% hike in interest rates by CBE

Tue, 12 Mar 2024 - 11:29 GMT

Furthermore, JPMorgan's analysts have revised their stance, stating that they no longer anticipate any potential rate cuts until February 2025.

Stabilizing after the float, LE stands firm at under LE 50 against USD

Thu, 07 Mar 2024 - 01:26 GMT

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

Egyptian Pound Stabilization Reflects Central Bank's Resolve to Tackle Inflation: BMI

Wed, 06 Mar 2024 - 08:02 GMT

BMI – A Fitch Solutions Company highlighted that with inflation potentially easing to below 25% on a yearly basis in February.

FULL COVERAGE | IMF Agreement Marks Milestone for Egypt's Economic Revitalization

Wed, 06 Mar 2024 - 07:37 GMT

Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.

CBE's decisions deprive currency traders of manipulating dollar's price: economic expert

Wed, 06 Mar 2024 - 10:37 GMT

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.

Egypt expected to raise local wheat procurement price to support farmers: Cabinet

Sun, 25 Feb 2024 - 06:25 GMT

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.

Egypt’s net foreign assets stand at LE 841B at end of 2023: CBE

Sun, 04 Feb 2024 - 02:38 GMT

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

Egypt's central bank raises interest rates by 200bps during its 1st meeting of 2024

Thu, 01 Feb 2024 - 07:52 GMT

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.

MPC predictions: analysts see CBE keeping key interest rates in first 2024 meeting

Thu, 01 Feb 2024 - 01:23 GMT

The Egyptian pound’s value depreciated in the black market over the past 10 days, hitting a high of LE 70+ per $1, comparted to LE 50 at the end of 2023. The CBE maintains the official exchange rate at LE 30.94 per USD

Egypt's central bank to determine key interest rates amid economic uncertainty

Thu, 01 Feb 2024 - 11:29 GMT

This committee meeting occurs amidst considerable uncertainty about the decision it might make, given the severe turmoil in the Egyptian market, both in terms of the exchange market and commodity prices. This is despite the observed slowdown in inflation in recent months.

Egypt's central bank issues LE 70B in T-bills Thursday

Thu, 01 Feb 2024 - 11:12 GMT

The T-bills were offered in two installments, with the first valued at LE 35 billion with a 182-day term.

CBE reminds banks of LE 150k withdrawal restrictions in circulated message

Wed, 31 Jan 2024 - 05:11 GMT

Local media cited a message sent to banks by the Central Bank of Egypt (CBE), in which it reminded banks to follow the set daily limits for individuals and corporations at LE 150,000

Egypt's central bank imposes daily withdrawal limit of LE 150,000

Wed, 31 Jan 2024 - 04:12 GMT

This maximum limit applies to both cash withdrawals and cheque transactions, without any exceptions for withdrawals exceeding LE 150,000 from all client accounts.

Egypt's external debt declines by $206M in Q1 of 2023/24

Sun, 14 Jan 2024 - 04:26 GMT

Egypt's external debt declined to around $164.52 billion at the end of September 2023, compared to about $164.73 billion at the end of June 2023. This marks the second consecutive decline, according to the Central Bank of Egypt (CBE).

Egypt's annual core inflation records 34.2% in December: CBE

Wed, 10 Jan 2024 - 04:42 GMT

Core inflation discounts or strips out certain categories that are considered more volatile.

CBE seeking to launch government-issued E-Pound to boost LE’s competitiveness

Tue, 09 Jan 2024 - 11:57 GMT

The Central Bank of Egypt (CBE) aims to strengthen monetary policy efficiency and the Egyptian pound’s competitiveness

Egypt’s net international reserves end 2023 with increase of $4.6B, CBE

Thu, 04 Jan 2024 - 05:29 GMT

The state has committed to an ambitious strategy to attract a substantial $191 billion in foreign investments to boost the country’s foreign reserves by 2026 as it struggles with a hard currency shortage

Egyptian president meets with PM, CBE governor to discuss economic performance

Sun, 31 Dec 2023 - 02:58 GMT

The president similarly stressed bolstering efforts in the realms of empowering the private sector and attracting more foreign investments.

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