Latest in Tag: CBE Highlight
Latest in Tag: CBE
Would shutting down exchange companies solve the US dollar crisis?
Opponents to the proposal point to the companies’ role in securing hard cash to non-bank customers, and claim that controlling them is easier than chasing traders on the streets
Exchange companies to hold expanded meeting, discuss repercussions of official and popular escalation against them
We are ready to close immediately if this would solve the US dollar crisis, says El-Abyad
IMF Reaches Staff-Level Agreement with Egypt on a Three-Year US$12 Billion Extended Fund Facility
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare …
IMF loan is last option for Egypt to escape economic crises: experts
IMF-leveraged deal is mandatory; a refusal would lead to losing loan sources, say experts
Egypt, IMF to postpone unifying exchange rate until first tranche of loan arrives
Government moving quickly towards loan, while mission concerned about Cairo’s ability to implement and follow up on reforms, says former IMF official
Abdul Aal demands bill from MPs to cancel exchange companies
Parliament increased the penalties on those who change US dollar price on informal market
Return to normal demand on US dollar in informal market
CBE allocates the value of Tuesday’s tender to cover imports of medicines, vaccines, and baby formula
Egypt pays $2.25bn of external debt in July: CBE
Foreign exchange reserves dropped $2bn in July, reaching lowest point since January 2015
Government banks rely on own resources to obtain US dollars, not on CBE tenders: head of Banque du Caire
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 …
Stabilising US dollar exchange rate, CBE confuses dollar holders once again
The CBE directed banks to allocate foreign currency for imports of medication
Bankers weigh in on the proposal to convert government’s debt to banks into shares in national projects
Some believe it is feasible while others claim it is fruitless
Financial stability is a key priority at the IMF, says Al-Mashat
Rania Al-Mashat talks to Daily News Egypt as she assumes new role as IMF senior advisor
Interest rates for deposits set at 11.75%, lending at 12.75%: Monetary Policy Committee
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
Pro-SME strategy is an aeroplane without wings
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
Dollar shortage created an inflationary recession in the local market: investors
Manufacturers rely on the informal market for US dollars, and securing 25% of industrial sector needs would stabilise US dollar exchange rates
Inflation rate likely to rise next year: experts
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 …
High prices, inflation increase not behind CBE’s decision to keep pound’s price against US dollar: analysts
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
CBE stabilises US dollar exchange rate, further confuses market
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 …
Banks obtained $26.8bn from the CBE to finance importing basic commodities from 30 December 2012 until 19 July 2016: CBE
The CBE held 462 regular auctions to sell $19.382bn as well as nine exceptional auctions worth $7.397bn in less than four years
How can Al-Sisi fulfil his promise to solve the US dollar shortage in 170 days?
Stability of the foreign exchange market requires the government and the CBE to take unconventional and bolder measures, says Abdel Aal
EGX expected to stay at 7,400 during Sunday trading
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 …
Keeping things as they are is impossible: CBE governor
There is no intention to float the pound for now; Amer did not discuss borrowing from IMF, say sources
CBE stabilises Egyptian pound against the US dollar at EGP 8.78
The CBE sold roughly $118.6bn to the banks through its tender.
Strong dollar increases chances for real estate stocks to rise supported by strong financial performance
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 …
CBE denies any amendments to maximum foreign currency amount allowed to exit Egypt
The recent regulations did not include the foreign exchange, the CBE said in a statement on Monday.
Industrial sector accounts for 32.6% of credit facilities in April: CBE
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 …
EGP devaluation: did the market misunderstand Amer or was confusion intended?
Amer had ruled out devaluation of the Egyptian pound before exchange reserves reached $25bn
EGX expected to range from 7,550 to 7,600 points during Sunday trading
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 …
CBE considers 4 scenarios for future of the Egyptian pound against the dollar
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.
Bank loans to customers increase by EGP 13.2bn in April: CBE
Private sector received 74.8% of total loans