foreign currency

Imports not charged new FX VAT, finance minister

Tue, 28 Nov 2023 - 11:52 GMT

Minister of Finance, Mohamed Maait, shared that the new value-added tax (VAT) in foreign currency does not apply to imports, mitigating some importers’ concerns over the latest amendments to the tax law

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.

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

New Panda bond issuance soon, finance minister

Thu, 12 Oct 2023 - 12:23 GMT

Maait revealed that the new group of Panda bonds will be worth $500 million, but did not disclose further details on a set date

Gov't reveals significant increase in banks' foreign exchange collection: Report

Sat, 23 Sep 2023 - 09:22 GMT

The report also indicated increase in foreign currency from tourism sector; Foreign investors who entered the Egyptian market again since January 11 and a major surge in trading amounts in the interbank market, as trading amounts since January 11 recorded an increase of more than 20 times compared to the previously recorded daily amounts.

Egypt’s international reserves climb for 12th month in a row, reaches $34.9B in August

Mon, 11 Sep 2023 - 01:17 GMT

On a year-on-year basis, CBE numbers indicate a climb of 5.39% in August compared to $33.14 billion during the same month in 2022

Egypt’s Cabinet keeps electricity prices unchanged until 2024

Thu, 17 Aug 2023 - 04:50 GMT

Egypt’s Cabinet announced on Thursday keeping electricity prices unchanged, postponing a planned increase for another six months.

Egypt received over $219.4B in remittances over past decade, state aims to increase this by 10%

Thu, 13 Jul 2023 - 02:05 GMT

Egypt was ranked among the top recipients of remittances in the Middle East and North Africa (MENA) region in 2022 according to a report by the World Bank in June

Egypt’s net foreign reserves reach $34.8B in June 2023, CBE

Sun, 09 Jul 2023 - 01:25 GMT

Egypt’s NIRs reached $33.14 billion in August 2022, falling from $40.9 billion recorded in February 2022 prior to the conflict

MSCI mentions possibility of reclassifying Egyptian indexes

Sun, 25 Jun 2023 - 02:30 GMT

The report also highlighted the impact of a shortage of foreign currency on foreign investors, “affecting foreign investors’ ability to repatriate capital in a timely manner.”

International reserves jump to $34.66 billion in May 2023, CBE

Tue, 06 Jun 2023 - 02:59 GMT

Egypt’s net international reserves continue to recover after hitting its lowest recording in August 2022 at $33.14 billion, falling from $40.9 billion in February 2022

Egypt’s NFAs deficit climbs by 7.3 percent in March says CBE

Tue, 02 May 2023 - 04:23 GMT

Egypt's NFAs deficit surged by LE 536.2 billion ($17.33 billion) month-on-month (m-o-m) in March 2023

Egypt's Parliament approves re-instating daylight saving time in bid to rationalize energy use

Mon, 03 Apr 2023 - 12:18 GMT

The House of Representatives, during its plenary session on Monday, headed by Counselor Dr. Hanafi Jabali, finally approved a draft law submitted by the government regarding the daylight saving time system.

Egypt’s net foreign reserves record $40.8B in September: CBE

Mon, 04 Oct 2021 - 05:42 GMT

Egypt’s net foreign reserves increased by approximately $153 million in September.

IMF: Egypt has strong capacity to repay foreign currency obligations

Tue, 29 Jun 2021 - 01:42 GMT

Egypt's foreign debt is expected constitute around 36 per cent of GDP by the end of 2021, she noted.

Foreign currency inflows hit $324M in one day: Banking official

Mon, 26 Oct 2020 - 10:01 GMT

The official cited a remarkable and steady increase in foreign investments thanks to boosted investor confidence in the country's economy.

CBE: Foreign currency reserves up by $37M in January

Thu, 06 Feb 2020 - 05:16 GMT

In December, the country's foreign reserves registered $45.419 billion, the CBE added.

Banque Misr’s yield of currency concessions exceeds $13B

Mon, 14 May 2018 - 11:46 GMT

The dollar is available at all the bank’s branches all over the country.

Foreign currencies in Egypt’s int’l reserves rise to $40.5B in April

Wed, 09 May 2018 - 12:27 GMT

Foreign currencies’ balance in Egypt’s international reserves increased to $40.5 billion in April, increasing by LE 23 billion in one month.

Individuals, corporate assets in banks reach LE 5T: Amer

Sun, 29 Apr 2018 - 12:35 GMT

Individuals and corporate deposits in Egypt’s banks amount to LE 5 trillion, Governor of the Central Bank of Egypt Tarek Amer said on Sunday.