Central Bank of Egypt

Egyptian remittances returning to normal as black market shrinks: PM

Wed, 13 Mar 2024 - 01:49 GMT

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.

What should Egypt do to ensure steady FX inflows?

Mon, 11 Mar 2024 - 10:37 GMT

“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.

CBE eases restrictions on credit card usage in foreign currencies

Wed, 06 Mar 2024 - 08:52 GMT

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

Egypt's central bank aims to achieve single-digit inflation rate in coming period

Wed, 06 Mar 2024 - 07:53 GMT

He highlighted the detrimental effects of maintaining dual exchange rates, which lead to instability

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.

IMF, Egyptian authorities agree on $8B loan augmentation, reforms to address macroeconomic challenges

Wed, 06 Mar 2024 - 06:46 GMT

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

CBE move to let currency trade freely to reinforce efforts to tackle inflation: Egypt’s PM

Wed, 06 Mar 2024 - 01:53 GMT

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.

CBE raises interest rates by 600 basis points to reach 27.75%

Wed, 06 Mar 2024 - 08:20 GMT

Additionally, the discount rate has been raised by 600 basis points to 27.75 percent

Net international reserves increase by $60M by end of February 2024: CBE

Tue, 05 Mar 2024 - 04:20 GMT

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

AFC’s commits support in Egypt’s upcoming international bonds issuance

Mon, 04 Mar 2024 - 12:41 GMT

Furthermore, Gupta indicated ongoing discussions between the AFC and the Egyptian government regarding potential funding channels

Returns on EGP one-year treasury bills achieve 30% record-high: CBE

Mon, 04 Mar 2024 - 08:48 GMT

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

CBE sets regulations for financial leasing companies financing

Sun, 03 Mar 2024 - 03:58 GMT

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

Funds from Ras El Hekma Project with UAE begins arriving at CBE: President El Sisi

Wed, 28 Feb 2024 - 01:50 GMT

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

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.

CBE reports 70.7% financial inclusion rate by end of 2023

Sun, 25 Feb 2024 - 11:35 GMT

According to the CBE, approximately 46.9 million Egyptian citizens now possess transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards

Shalateen Mineral Resources Company increases gold deposits to CBE by 14%

Sun, 18 Feb 2024 - 04:21 GMT

The company announced that it will deliver a ton of gold with a purity of 99.9 percent by the end of this year

Egypt’s net international reserves increases to $35.2B in January 2024: CBE

Tue, 06 Feb 2024 - 10:25 GMT

This is a $30 million increase from the $35.21 billion recorded in December 2023

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.

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.

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