foreign currency

PM Madbouly reveals Egypt has received $14B from Ras El Hekma agreement with UAE

Wed, 15 May 2024 - 03:58 GMT

In an official statement, Madbouly also stated that Egypt is working with the UAE to waive an Emirati deposit of $6 billion in the Central Bank of Egypt (CBE) and convert it to Egyptian pounds

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

NBE credit card users can now use up to LE 60k in foreign currency without notifying bank

Tue, 14 May 2024 - 02:47 GMT

This marks a significant increase from the bank's former highest limit of LE 20,000

Egypt reportedly received 2nd and final tranche from Ras El Hekma

Tue, 14 May 2024 - 01:44 GMT

Reportedly received by Egypt on Sunday, the tranche consisted of $14 billion and $6 billion currently held from a previous deposit by the UAE at the Central Bank of Egypt (CBE)

Private bakeries set to slash bread prices across Egypt starting Sunday

Fri, 19 Apr 2024 - 01:15 GMT

Starting from Sunday, Egyptians across the country will be able to purchase bread at reduced prices from private bakeries, ranging from LE 0.5 to LE 1.5 per loaf, in accordance with government directives.

The USD shifted to a commodity rather than a currency: PM

Thu, 07 Mar 2024 - 12:09 GMT

The Prime Minister revealed that a significant quantity of goods and merchandise will be released from the ports on the same day.

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

Banque Misr releases USD debit card with int’l monthly purchasing limit of $20K

Wed, 31 Jan 2024 - 01:26 GMT

BM’s new debit card will have a daily limit of $5,000 for purchasing outside Egypt, with a monthly cutoff of $20,000

Additional banks join in on restricting FX transactions abroad, some suspend withdrawals

Tue, 16 Jan 2024 - 03:52 GMT

Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites, following Abu Dhabi Islamic Bank (ADIB) and CIB’s new limitations released last Thursday

Cabinet approves sale of land in USD to foreign companies

Thu, 04 Jan 2024 - 02:01 GMT

This is in line with the government’s efforts to attract foreign currency amid an FX shortage that has impacted several sectors

Egypt received 15% less remittances annually in 2023, World Bank

Thu, 21 Dec 2023 - 11:32 GMT

The WB’s report highlighted that the MENA region’s remittances are projected to fall by 5.3% to approximately $61 billion in 2023, following a 4.5% drop in 2022

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