CBE pulls record EGP 1 trillion to curb inflation

Wed, 15 May 2024 - 01:13 GMT

The purpose of these deposit auctions is to help curb the country's high inflation rate.

Egypt’s net foreign assets deficit narrows, reflecting impact of reforms and fresh foreign currency

Wed, 15 May 2024 - 12:23 GMT

The narrowing of the deficit reflects the surge in foreign currency reserves after the fresh inflows for FX from the Ras El Hekma deal and the depreciation of the Egyptian pound

Egypt’s net foreign assets deficit recorded unprecedented decline of $17.8B in March, CBE

Wed, 01 May 2024 - 01:07 GMT

The deficit continues to decline due to increased inflows of remittances and foreign portfolio investments, including the second payment of the Ras El Hikma deal in early March.

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.

Egypt's annual core inflation records 33.7% in March: CBE

Mon, 08 Apr 2024 - 06:02 GMT

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

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.

Egypt’s NFAs records LE 678.988B in February | CBE

Tue, 02 Apr 2024 - 02:11 GMT

This decline was primarily driven by a $5 billion payment received from the sale of development rights to Ras El Hekma.

Egypt's central bank cancels MPC's scheduled meeting on March 28

Wed, 20 Mar 2024 - 02:49 GMT

On March 6, the CBE raised the overnight deposit rate, the overnight lending rate, and the rate of the main operation in a special meeting by 600 basis points to reach 27.25 percent, 28.25 percent, and 27.75 percent, respectively.

PM, CBE Governor follow up on updates of recent economic decisions

Mon, 18 Mar 2024 - 01:29 GMT

These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.

JPMorgan anticipates 2% hike in interest rates by CBE

Tue, 12 Mar 2024 - 11:29 GMT

Furthermore, JPMorgan's analysts have revised their stance, stating that they no longer anticipate any potential rate cuts until February 2025.

Stabilizing after the float, LE stands firm at under LE 50 against USD

Thu, 07 Mar 2024 - 01:26 GMT

In the 24 hours after the Central Bank of Egypt's (CBE) decision to float the Egyptian pound on Wednesday, leading to a significant decline of 62 percent in value, the pound displayed resilience

Egyptian Pound Stabilization Reflects Central Bank's Resolve to Tackle Inflation: BMI

Wed, 06 Mar 2024 - 08:02 GMT

BMI – A Fitch Solutions Company highlighted that with inflation potentially easing to below 25% on a yearly basis in February.

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.

CBE's decisions deprive currency traders of manipulating dollar's price: economic expert

Wed, 06 Mar 2024 - 10:37 GMT

This intervention prevents currency traders from manipulating the dollar's price again. Monetary tightening is considered a crucial economic measure to bring about a form of equilibrium in the exchange rate.

Egypt expected to raise local wheat procurement price to support farmers: Cabinet

Sun, 25 Feb 2024 - 06:25 GMT

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.