The deposit was due to mature in June 2023, but the UAE extended it for three more years until June 2026.
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.
Egypt’s President Abdel Fattah al Sisi also signed on Monday law no. 178 of 2023 giving the green light to the establishment of the Egyptian Export and Investment Guarantee Agency (EEIGA).
Egypt’s debt-to-GDP ratio hit 95.6 percent in FY2022/2023, with the GDP recording LE 9.8 trillion ($318,23 billion)
The two will allegedly sell off 20% of their stake in the AAIB to an undisclosed strategic investor, as well as a stake sale on the Egyptian Exchange
To close a projected financing gap of around $17 billion by 2026, Egypt is looking to attract fresh foreign currency, including a target of $6-8 billion by the end of FY2023/2024.
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
Egypt’s current gold production is placed at around 15.8 tons annually
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
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 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
Budliger affirmed Switzerland's support for Egypt's economic reform program, which was implemented in agreement with the International Monetary Fund (IMF)
The agreement allows both parties to exchange local currencies up to a nominal value of 5 billion Emirati dirhams and LE 42 billion.
The Central Bank of Egypt revealed that on-demand deposits in local currency reached LE 1.15 trillion, compared to LE 908.3 billion previously.
Banks operating in the Egyptian market recorded cash balances of nearly LE 106.241 billion in June 2023, with balances in local and foreign banks of LE 2.326 trillion and LE 308.623 billion, respectively