MPC decides to keep key policy rates unchanged: CBE

Thu, 23 May 2024 - 05:26 GMT

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to keep the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 27.25 percent, 28.25 percent, and 27.75 percent, respectively

Goldman Sachs raises its expectations for Egypt’s 2024 inflation rate by 2%

Tue, 14 May 2024 - 12:47 GMT

According to a research note seen by the Arab World News Agency (AWP), The revised forecast, up from its previous projection of 20 percent, was attributed to an unexpected rise in inflation in February

Egypt's annual headline inflation declines to 31.8% in April 2024: CAPMAS

Thu, 09 May 2024 - 10:04 GMT

The general consumer price index reached 223.6 points in April 2024. On a monthly basis, food and beverage prices decreased by 0.9 percent, while on an annual basis, they increased by 37.6 percent

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

Egypt's annual inflation declines to 33.1% in March

Mon, 08 Apr 2024 - 01:15 GMT

Egypt's annual inflation rate declined to 33.1 percent during the month of March, compared to 36 percent during the month of February, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egyptian president makes key statements on inflation, regional crises

Thu, 21 Mar 2024 - 02:02 GMT

The statements were made during the Mother’s Day ceremony attended by the president and First Lady Intissar al-Sisi.

Egyptian president checks economic performance indicators

Wed, 20 Mar 2024 - 02:03 GMT

That is in light of the recent inflow of funding and investments as well as the investment promotion programmes implemented last year.

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

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 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

Egyptian companies to implement transparent pricing for strategic food commodities

Thu, 29 Feb 2024 - 05:03 GMT

This initiative is a response to the government's directive to address the recent market price discrepancy and restore order.

Egypt’s National Dialogue discusses rationalizing public investment spending on 3rd day

Wed, 28 Feb 2024 - 10:50 GMT

Specialists and government representatives have continued to discuss economic challenges on the third day of phase two of the National Dialogue, a platform to exchange perspectives on key political, economic, and social issues.

Headline inflation drops to 31.2% in January as inflation continues to slow

Thu, 08 Feb 2024 - 03:16 GMT

Annual urban consumer price inflation (CPI) fell to 29.8 percent in January, dropping from 33.7 percent in December, wrote CAPMAS in its monthly bulletin

Egyptian president announces launching national dialogue on economic status

Wed, 24 Jan 2024 - 02:32 GMT

The president said that there was a need for a “thorough national dialogue” on the Egyptian economy.

Egypt is facing harsh conditions on its Western, Eastern, Southern borders: President Sisi

Wed, 24 Jan 2024 - 02:07 GMT

President Sisi highlighted that the complicated international and regional circumstances imposed major economic challenges to Egypt.

Egypt's GDP Growth forecast revised to 3.5% for FY23/24: World Bank

Wed, 10 Jan 2024 - 12:33 GMT

This marks a revision from the bank's previous forecast of 4 percent for the same period.

Egypt ends 2023 with annual inflation rate down to 35.2%: CAPMAS

Wed, 10 Jan 2024 - 11:28 GMT

Egypt’s urban consumer price inflation (CPI) dropped to 33.7 percent in December from November’s 34.6 percent, while prices climbed 1.4 percent month-on-month in December compared to a rise of 1.3 percent the month prior

Banque Misr, NBE’s CDs collect LE 11B during 1st day of issuance

Mon, 08 Jan 2024 - 12:24 GMT

The NBE raised LE 7 billion and Banque Misr secured LE 4 billion