Latest in Highlight
Remittances increased to $9bn in July-October 2019
Direction of capital movement remains dependent on future outlook of economic activity growth rates, development of global trade tensions
Private business sector accounted for 59.2% of the total facilities, and the industrial sector is at the forefront of the sectors that benefit from it: CBE
Tourism is a major and important pillar for the national economy: CBE
Committee membership includes Negm, Aboul Naga, Omran, El Araby, and El Ahwany
Growing value of gold reserves pushes FX reserves to its highest level at 2019-end
New board includes financial, legal, technological and economic expertise alongside the governor, deputies
The CBE decided to keep the maximum for personal housing loans at 40% of the total monthly income.
Bank to exempt pre-2011 defaulters in tourism sector from marginal interests on their loans
Directives from president to allocate EGP 100m for industry sector, EGP 50bn for medium housing with 10% interest
Gold reserves decline, SDR countered FX hike, curbing net foreign reserves increase to $107m in November, according to CBE
The initiative is expected to be announced next Wednesday
The proceeds of this issuance will be directed to repay the earlier T-Bills issuance launched by the CBE on 19 November 2018, valued at $1.703bn.
Service sector received EGP 62.2bn banking funds, while industrial sector got EGP 43.1bn
The CBE noted that debt services reached $13.4bn in fiscal year 2018/19, including $10.2bn in instalments and $3.2bn in interest.
Slight increase in non-performing loans at banks in 1H 2019, reaching 4.2% of total loan portfolio compared to 4.1% at end-March, says CBE
Subscribers reach 13.5 million by end-June, with a total value of transactions of EGP 20bn as of September
EFG Hermes’s Abu Basha foresees 0.5% cut, Pharos’ El-Swaify and Sigma expect 1.5%
Banks’ credit facilities see EGP 224.7bn rise, private business sector holds 60.7%
Domestic debt records 79% of GDP, of which 86.4% is owed by the government, 7.3% by public economic bodies and 6.3% by National Investment Bank
EFG Hermes, Pharos forecast 1-2% interest rate cut at next MPC meeting
Value of gold reserve rises by $265m, decrease in foreign currencies value by $135m
Budget deficit projected to decrease to 8.2%, 7.2% of GDP in FY 2018/19-2019/20, respectively
CBE slashed overnight deposit rate, lending rate, and the rate of main operation to 14.25%, 15.25%, and 14.75%, respectively.
Falling inflation and US interest paves the way for CBE to cut its core interest rates, say analysts
The CBE affirmed that these standards comes in the framework of the CBE’s continuous endeavour to maintain the sound performance of the banking system.
According to the CBE, Egypt’s current net foreign reserves covers more than 8 months of commodity imports.
New standard reinforces CBE’s ability to improve monetary policy
Foreign debt reached 35.1% of GDP at end December 2018, compared to 61.4% of GDP in European coutnries, EMs, and 41.9% in Commonwealth countries
Saudi Arabia is Egypt’s top lender with total debt of $8.7bn