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Egypt post collected EGP 730m from 250,000 Egyptians, governor says
Sale raises EGP 61bn for canal extension project
Salah Diab says board of directors are still reviewing how the fund will be used
Economic experts give different reasons for the limited impact of the interest rate hike on the stock market
A recent CBE decision saw an increase in the benchmark overnight deposit rate by 1% to 9.25%, and the overnight lending rate to 10.25%.
The size of non-cash transactions in Egypt has reached approximately 7%, the head of business at MasterCard Egypt said during the People and Banks conference on Thursday. He added that non-cash transactions have reached “90% in France and Belgium, 80% in America, 60% in Korea and Japan, 30% in the UAE, 20% in Saudi Arabia, …
International foreign currency reserves record $17.28bn in May, down from $17.48bn in April
Increase of net domestic and foreign assets in banking system contribute to a 11% increase in domestic liquidity, according to central bank report
Central bank announces 2.6% increase in total credit facilities
Bank balances in March rose to EGP 559.444bn as compared to EGP 553.464bn in February and EGP 546.228bn in December of last year.
EGP value against dollar slumps after CBE’s foreign exchange auction to record EGP 7.14 comparing to EGP 7.083 before the auction
Egypt’s credit grew 20.7% year on year in January
Central bank says loans granted to the government slumped by EGP 739m, while amount loaned to non-governmental sector increased by EGP 4.39bn
To date, Egypt has received €6bn for the European Investment Bank
In a push to restore confidence in the economy, authorities opened a repatriation scheme in March 2013 guaranteeing foreign investors in Egyptian stock and government bond markets access to dollars despite the severe shortages of the US currency.
Mostafa Madbouly coordinates with Egyptian banks to enact the central banks initiative to aid low-middle income individuals.
The report added that total non-government deposits rose during November to reach around EGP 1.115tn, compared to EGP 1.09tn in the previous month.
Reuters – Egypt’s central bank said on Tuesday it would allocate EGP 10bn ($1.44bn) for low-cost housing projects, one of the demands in protests that led to the ouster of autocratic President Hosni Mubarak in 2011. Better living conditions, an end to official corruption and more democratic rights figured prominently in those protests. About half …
Government expenditure policies exacerbated budget deficit and increased demand for cash needed in circulation, CBE says
Net international foreign reserves register $17.105bn in January
Auction aims to support banks and their role in domestic economy, central bank says
Reuters – Egypt’s central bank kept its official interest rates on hold as expected at a monetary policy committee meeting on Thursday, as the government tries to stimulate the economy while keeping inflation in check. Egypt’s economy has been battered by three years of political instability since a popular uprising ousted autocrat Hosni Mubarak in 2011, causing tourists and …
The Paris Club is comprised of 19 developed economies.
The ministry says it is able to compensate for halted NGO health services
Egypt has diversified debt instruments, but still has the same creditors
Interest rate sharply reduced but the government’s options remain limited
The government is ignoring Sukuk and depending on Arabs to meet urgent needs
The CBE announced that it will extend the “Support Tourism” initiative until December 2014
The main driver was banks’ heavy investment in government T-bills and bonds, whose yields jumped because of the state’s worsening financial position in the wake of the February 2011 revolution which ousted President Hosni Mubarak.
The urban consumer inflation rate rose to 10.4% in October
Central Bank of Egypt: current account deficit retreated by 45% to reach $ 5.6bn from $10bn
CBE set to hold an exceptional dollar auction of $1.3bn on Wednesday for banks in attempt to cover clien’’s outstanding import needs