UAE renews $1B deposit with Egypt's central bank for additional 3 years

Thu, 30 Nov 2023 - 05:25 GMT

The deposit was due to mature in June 2023, but the UAE extended it for three more years until June 2026.

President Sisi extends Hassan Abdalla in acting role as Head of Egypt's Central Bank

Sun, 26 Nov 2023 - 08:09 GMT

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.

President Sisi endorses law to set up Egyptian Export, Investment Guarantee Agency

Mon, 20 Nov 2023 - 02:58 GMT

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).

Budget deficit grows during first 2M of FY2023/2024, Finance Ministry

Mon, 13 Nov 2023 - 05:37 GMT

Egypt’s debt-to-GDP ratio hit 95.6 percent in FY2022/2023, with the GDP recording LE 9.8 trillion ($318,23 billion)

CBE, Kuwait Investment Authority allegedly selling combing 40% of AAIB next year

Mon, 13 Nov 2023 - 03:06 GMT

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

Kuwait reportedly extending $4B deposit, part of support for Egypt’s FX reserves

Mon, 13 Nov 2023 - 02:23 GMT

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.

CBE’s Monetary Policy Committee decides to keep key interest rates

Thu, 02 Nov 2023 - 06:39 GMT

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

Egyptian external debt declines in Q4 FY2022/2023, CBE

Wed, 01 Nov 2023 - 05:04 GMT

According to the report, these numbers include $136.58 billion in long-term debt and $28.15 billion in short-term debt

CBE received close to $1B in Chinese Yuan from China Development Bank

Tue, 31 Oct 2023 - 11:23 GMT

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

CBE gold reserves drop 2.8 percent, assets decline to LE 4.62trn

Mon, 30 Oct 2023 - 04:43 GMT

Egypt’s current gold production is placed at around 15.8 tons annually

CBE eases restrictions on traveler’s credit card usage

Thu, 26 Oct 2023 - 12:10 GMT

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

UAE, KSA reportedly planning to deposit $5B in CBE

Wed, 25 Oct 2023 - 01:55 GMT

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

Egypt's annual core inflation records 39.7% in September: CBE

Tue, 10 Oct 2023 - 02:32 GMT

Core inflation discounts or strips out certain categories that are considered more volatile.

Egypt transforms FY2021/2022 deficit into surplus of $882M in FY2022/2023, CBE

Sun, 08 Oct 2023 - 04:39 GMT

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

Egypt's central bank issues LE 46.75B in T-bills, bonds Sunday

Sun, 08 Oct 2023 - 11:54 GMT

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.

Egyptian government and CBE tackle soaring prices of essential commodities

Wed, 04 Oct 2023 - 06:02 GMT

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

CBE deputy governor meet Swiss delegation to foster economic relations

Sun, 01 Oct 2023 - 03:46 GMT

Budliger affirmed Switzerland's support for Egypt's economic reform program, which was implemented in agreement with the International Monetary Fund (IMF)

Egypt, UAE sign current swap agreement

Thu, 28 Sep 2023 - 02:19 GMT

The agreement allows both parties to exchange local currencies up to a nominal value of 5 billion Emirati dirhams and LE 42 billion.

Egypt's banking system records strong influx of non-government deposits, indicating economic resilience

Thu, 28 Sep 2023 - 12:54 GMT

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.

CBE reports total financial position of banks operating in the local market at LE 13.79trn

Sun, 24 Sep 2023 - 03:01 GMT

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