Central Bank of Egypt
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
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.
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
The company announced that it will deliver a ton of gold with a purity of 99.9 percent by the end of this year
This is a $30 million increase from the $35.21 billion recorded in December 2023
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.
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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