CBE
The source also mentioned that the current reserve balance is sufficient to cover approximately 7.9 months' worth of the country's merchandise imports.
The report suggests that in September, the CBE will reduce interest rates by 1 percent, followed by a further decrease of 2 percent in the last quarter of 2024.
Egypt's real GDP growth had slowed to 2.2 percent in Q1 2024, down from 2.3 percent in the previous quarter, according to the official release from the CBE
Citing data released by the national statistics agency, the CBE noted a similar decline in monthly core inflation, which stood at 1.3 percent last month, down from 1.7 percent a year earlier.
The $4.1 billion surplus recorded during the July 2023 – March 2024 period was bolstered by strong capital inflows, which included Foreign Direct Investment (FDI) soaring to $23.7 billion, a three-fold increase from the previous year's $7.9 billion
Various international financial institutions and development partners have also pledged their support to bolster Egypt’s economy.
Egypt’s slow but steady NIRs growth, despite paying off large sums of outstanding debt, reflects a positive trend in the economy’s recovery.
The CBE also shared that the net open foreign currency positions as a percentage of total capital base improved significantly to 5.7 percent in March 2024, from -1.6 percent in December 2023
We-Fi aims to facilitate access to finance for women-led micro, small, and medium enterprises (MSMEs), in addition to providing them with the essential technical support
The new surplus reflects the country’s rapid recovery from previous deficits, which almost reached a high of $30 billion earlier this year, exacerbated by external economic challenges
According to new data from the Central Bank of Egypt (CBE), cash balances held by banks operating in Egypt amounted to LE 109.394 billion in February, explained the CBE
According to the CBE, March 2024 recorded foreign purchases of local T-bills at $32.7 billion, compared to $13.6 billion recorded in February
The CBE has previously disclosed that the number of InstaPay users currently stands at 6.2 million customers.
Egypt's delegation joined the meetings as part of its commitment to enhancing cooperation with African nations and strengthening relationships with key development partners.
The purpose of these deposit auctions is to help curb the country's high inflation rate.
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
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.
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
A decrease in annual food inflation, which settled at 45 percent in March, its lowest since December 2022, was noted as a driving factor
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.
Most Read
