Latest in Highlight
Government moving quickly towards loan, while mission concerned about Cairo’s ability to implement and follow up on reforms, says former IMF official
Foreign exchange reserves dropped $2bn in July, reaching lowest point since January 2015
Banque du Caire, along with all state-owned banks, does not obtain its US dollars from tenders of the Central Bank of Egypt (CBE) held on Tuesdays, said CEO and chairperson of Banque du Caire Mounir, El Zahid. El Zahid told Daily News Egypt that the National Bank of Egypt, Banque Misr, and Banque du Caire …
The CBE directed banks to allocate foreign currency for imports of medication
Some believe it is feasible while others claim it is fruitless
Rania Al-Mashat talks to Daily News Egypt as she assumes new role as IMF senior advisor
The committee’s decision comes in an effort to control the rising rate of inflation which reached a record high of 14.8% in June
Despite increasing focus by the government and the Central Bank of Egypt on promoting small- and medium-sized businesses, they are not the sole solution and might not be able to accomplish the many promises made
Manufacturers rely on the informal market for US dollars, and securing 25% of industrial sector needs would stabilise US dollar exchange rates
Egypt’s core inflation rate climbed to its highest level in seven years in June, underscoring the challenges confronting the government as it grapples with a foreign-currency crunch. Annual core inflation, which excludes volatile items such as food, reached 12.3% in June, up from 12.23% in May and the highest since February 2009, according to the …
The devaluation of the Egyptian pound against the US dollar is one of the biggest reasons behind the price increase, but not the sole reason
The Central Bank of Egypt (CBE) stabilised the US dollar exchange rate against the Egyptian pound at EGP 8.78 in its tender on Tuesday. The market is still waiting for any hint from the CBE to predict whether it will devalue the pound again or not. The banks will sell US dollars to their customers …
The CBE held 462 regular auctions to sell $19.382bn as well as nine exceptional auctions worth $7.397bn in less than four years
Stability of the foreign exchange market requires the government and the CBE to take unconventional and bolder measures, says Abdel Aal
Technical analysts predicted that the Egyptian Exchange (EGX) will continue its sideways trend, leaning south, amid uncertainty of the Central Bank of Egypt’s (CBE) vision during the Sunday session. Last week, the EGX declined by 1.93% and closed at 7,437, after the CBE kept the value of the national currency unchanged for the second week …
The CBE sold roughly $118.6bn to the banks through its tender.
Most real estate stocks have been on the rise over the past four months, recording various high rates. This rise came as a result of the recent economic developments that affected investors and their savings instruments, especially real estate, after the Central Bank of Egypt (CBE) devalued the Egyptian pound from EGP 7.73 to EGP …
The recent regulations did not include the foreign exchange, the CBE said in a statement on Monday.
The industrial sector accounted for 32.6% of the total credit facilities granted by banks in April, according to the Central Bank of Egypt (CBE). In its monthly bulletin on the performance of the banking sector, the CBE stated that the total balances of credit facilities granted by banks rose by EGP 147.4bn between July 2015 …
Amer had ruled out devaluation of the Egyptian pound before exchange reserves reached $25bn
Technical analysts predicted that the Egyptian Exchange (EGX) will continue its sideways trend, ranging between 7,550 and 7,600 points during the Sunday session. A steady session is expected after the good performance of the stock market in the previous week. The analysts had said that the market was expected to break its sideways trend during …
The CBE is awaiting the entrance of US dollar flows estimated at $5.5bn over the upcoming months in order to enhance the bank’s ability to manage the exchange rate and support the foreign exchange reserves.
Private sector received 74.8% of total loans
Poor financial planning, using loans in the wrong projects are the largest external debt problems
The domestic public debt also increased to EGP 2.496tn as of the end of March, compared to EGP 2.016tn year-over-year.
On 3 July, governor of the CBE Tarek Amer alluded to a further depreciation of the Egyptian pound against the US dollar.
Small and medium-sized enterprises (SMEs) have aided Egypt’s economic recovery, but there is still room for improvement, says report by Oxford Business Group
The market awaits the launch of the first post-Eid dollar tender to learn the CBE’s direction
5 January 1899 saw the issuance of the first Egyptian paper banknote, while the first EGP 200 bill was issued by the Central Bank of Egypt (CBE) on 3 April 2007. The CBE owns a museum devoted to the history of the Egyptian currency, and on its website the CBE has a page documenting the …
The annual growth of banknote issuance is usually proportionate to annual GDP growth