Central Bank of Egypt
President Abdel Fattah El-Sisi issued Presidential Decree No. 551 for the year 2023 to restructure the Board of Directors of the Central Bank of Egypt.
The new service will be provided through the Digital Financial Identity Company, to which the Central Bank of Egypt contributes a 55 percent share of the company’s capital, which amounts to 500 million pounds.
The number of financial services companies raised from 32 to 177 companies from 2017 to 2022
For licensed micro-enterprises, daily transaction limits for financial inclusion accounts, prepaid cards, and mobile banking services have been raised from LE 40,000 to LE 80,000
The CBE is still studying whether remittances transferred via InstaPay will be credited to Egyptian accounts in local or foreign currency
According to the report, 14 countries led international trade in FY2022/2023, accounting for 61.1 percent of total trade volume valued ay $67.469 billion. This included $42.239 billion in imports and $25.229 billion in exports
The central bank’s foreign reserves contain a diverse package of gold, special drawing rights (SDRs), and major international currencies, including US dollars, Euros, Japanese Yen, and Chinese Yuan
Egypt’s real GDP growth for the first quarter of 2023 remained steady at 3.9 percent, compared to the previous quarter, according to the MPC statement
According to the report, these numbers include $136.58 billion in long-term debt and $28.15 billion in short-term debt
The ¥7 billion will be used to finance projects agreed upon at the BRI summit as well as the nine programs outlined in the Africa-China Cooperation forum in 2021
On Thursday, the central bank shared that it decided to ease restrictions as part of its broader efforts to support the Egyptian economy and its citizens, and crack down on the misuse of credit cards
Sources stated that there is a preliminary agreement in place, which will include the renewal of existing deposits provided by the two Gulf countries that are set to expire next year
In an official statement, the central bank’s directive was sent after it became aware of users withdrawing cash abroad despite not traveling
This marks an increase from LE 1.496 trillion recorded at the end of December 2022, reflecting a growth of LE 85 billion.
In 2023, the report predicts a remarkable increase in the volume of non-cash transactions in Egypt, reaching $16.34 billion.
Core inflation discounts or strips out certain categories that are considered more volatile.
Egypt's tourism sector also reported strong growth, with revenues increasing by an impressive 26.8 percent on a yearly basis in FY2022/2023, soaring to $13.6 billion
The government's strategic efforts led to attracting a significant influx of visitors to Egypt, culminating in an impressive milestone of 7 million tourists during the initial six months of 2023
The T-bills were offered in two installments, with the first valued at LE 20 billion with a 182-day term, and the second worth LE 26.5 billion with a 364-day term.
In an official statement released on Tuesday, the Cabinet announced that an initiative to tackle this problem is being designed, with all the specific details set to be unveiled next week