Central Bank of Egypt

Egypt’s net foreign assets deficit fell to LE 65B in March, CBE

Sun, 21 Apr 2024 - 04:56 GMT

The Central Bank of Egypt revealed a substantial reduction in the net foreign assets (NFAs) deficit in March, marking its lowest level in over two years

Central Bank attributes March’s lowered inflation rate to significant drop in food inflation

Wed, 17 Apr 2024 - 04:58 GMT

A decrease in annual food inflation, which settled at 45 percent in March, its lowest since December 2022, was noted as a driving factor

CBE increases cash withdrawal limits from ATMs to LE 30,000

Mon, 15 Apr 2024 - 12:36 GMT

In addition, the maximum cash withdrawal limit from ATMs has been increased from LE 20,000 to LE 30,000. Previously, the daily withdrawal limit from bank branches was set at LE 150,000.

Egypt's balance of payments shows $409.6M deficit in H1 of 2023/24

Mon, 08 Apr 2024 - 06:22 GMT

The CBE added in a report that the current account deficit posted $ 9.6 billion, compared to $ 1.8 billion.

FinTech Egypt announces “Women for Women in FinTech” to accelerate female entrepreneurs’ growth

Sun, 07 Apr 2024 - 02:13 GMT

The “Women for Women in FinTech” initiative falls under the “Accelerate'ha" initiative, launched back in 2021 by the CBE to accelerate the development of innovative FinTech solutions for women-led businesses

Egyptian banks to close from 9-14 April during Eid Al-Fitr holiday

Fri, 05 Apr 2024 - 02:38 GMT

If you have any urgent banking matters to attend to, make sure to visit your bank before they close their doors for a six-day period starting Tuesday in all Egyptian governorates.

Egypt's foreign exchange reserves exceed $40B for 1st time since February 2022

Wed, 03 Apr 2024 - 02:12 GMT

The CBE helped increase its foreign reserves through the Ras El Hikma deal, valued at $35 billion, which Egypt successfully completed with the UAE at the end of last February.

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