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CBE set to hold an exceptional dollar auction of $1.3bn on Wednesday for banks in attempt to cover clien’’s outstanding import needs
By Farah Halime, Rebel Economy Take a look at this chart, which the Central Bank of Egypt has been proudly parading this month: It shows how the pound’s official price, controlled by the central bank, has been appreciating slowly since the overthrow of Islamist president Mohammed Morsi. If we were to take this graph at face value, …
By Muhammad Ayad The government will soon make available investment projects worth upwards of $4bn to Arab investors in an effort to revive the economy, according to Minister of Planning and International Cooperation Ashraf Al-Arabi. In a statement read to journalists at the Egyptian Cabinet headquarters, Al-Arabi said that the government had put …
Banks returned to working normally starting Sunday for only three hours a day
Egypt’s net reserves reached $18.9bn in July, up $4bn from the month earlier, as Gulf aid pledged to the cash-strapped country started flowing in.
According to a statement on the bank’s website, the discount and repurchasing rates and deposit operations are now lowered to 9.75%.
The global lender said all discussions are being held with the technical team from the Central Bank of Egypt and the Ministry of Finance
The total revenue of the fiscal year 2013/2014 will reach EGP 505.5bn while the expected that the total expenditure will reach EGP 689.3bn.
Central Bank Governor Hisham Ramez said that $2bn of Saudi Arabia’s $5bn in aid is expected to arrive shortly in the form of an interest-free deposit at the bank.
Meanwhile, imports fell 7.8% year on year to EGP 35.8bn due to the decreasing prices of some goods like wheat, corn, chemical products and wood. In March of last year, imports registered EGP38.8bn.
Debt has risen unprecedentedly since March 2012, reaching EGP 1.089tn, or 80% of the nation’s GDP, the Ministry of Finance said in a report published in March 2012.
Financial experts predict inflation levels to further accelerate in the coming months if political instability persists
The visit follows a statement detailing a drop in the country’s capital and financial accounts’ balance from $3.9bn to $3.8bn, as well a decline in the outflows of portfolio investments caused by foreigners dealing in Egyptian treasury bonds.
The Central Bank of Egypt orders banks to close early before army’s deadline to Morsi
Rising summertime prices and devaluing currency drive ongoing inflation
Ziad Bahaa El-Din Al-Shorouk Newspaper Columnist Ziad Bahaa El-Din tackles the issue of the new tax law issued by the Shura Council. “While Egyptians are busy pondering the fate of the kidnapped soldiers, the economic crisis, the blackouts, and preparing for the exams season, the Shura Council is issuing a new tax law. Its purpose …
Joint committee by Finance Ministry and Central Bank discuss banks’ concerns over new tax on provisions
CBE tightens limits on tier 1 capital in money markets; Beltone to take biggest hit
CBE governor back in Egypt after unofficial UK visit
Cyprus ‘impressed’ with Egypt’s banking sector, says governor of Egypt’s Central Bank on sidelines of spring meetings in Washington
Libya has also promised to grant Egypt $2bn around the same time.
Move intended to curb inflation
Central Bank of Egypt (CBE) raised both of its main rates by a 50 points basis in an attempt to curb inflation and resolve the Egyptian pound crisis
CBE is willing to assist investigators to uncover financial transfers before and after the revolution
Bank raises interest rates on platinum by 2%
Nears EGP 7.30 on the black market, the highest rate recorded since currency crisis began last month
CBE invested EGP 48bn in treasury bonds during the last fiscal year
Monetary Policy Committee keeps interest rates the same for the ninth time since February last year
Morsy agreed to accept the nomination of Hesham Ramez as the new governor of the CBE, beginning 3 February, to serve for the remainder of Al-Oqda’s term, until 23 November 2015
Qatari prime minister labels claims of dominance over Egypt “ridiculous joke”