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
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.
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
Maait revealed that the new group of Panda bonds will be worth $500 million, but did not disclose further details on a set date
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.
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 announced on Thursday keeping electricity prices unchanged, postponing a planned increase for another six months.
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 NIRs reached $33.14 billion in August 2022, falling from $40.9 billion recorded in February 2022 prior to the conflict
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.”
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 surged by LE 536.2 billion ($17.33 billion) month-on-month (m-o-m) in March 2023
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 increased by approximately $153 million in September.
Egypt's foreign debt is expected constitute around 36 per cent of GDP by the end of 2021, she noted.
The official cited a remarkable and steady increase in foreign investments thanks to boosted investor confidence in the country's economy.
In December, the country's foreign reserves registered $45.419 billion, the CBE added.
The dollar is available at all the bank’s branches all over the country.
Foreign currencies’ balance in Egypt’s international reserves increased to $40.5 billion in April, increasing by LE 23 billion in one month.
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.