CBE
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.
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
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.
The T-bills were offered in two installments, with the first valued at LE 35 billion with a 182-day term.
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
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 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).
Core inflation discounts or strips out certain categories that are considered more volatile.
The Central Bank of Egypt (CBE) aims to strengthen monetary policy efficiency and the Egyptian pound’s competitiveness
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
The president similarly stressed bolstering efforts in the realms of empowering the private sector and attracting more foreign investments.
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