Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
CBE fails to balance exchange market
Deputy governor admits that attempts to preserve pound to demonstrate strength of economy have caused foreign currency reserves to lose value
USD exchange rate continues to rise as foreign reserves falls
The recurrent rise in the dollar’s exchange rate reflected on the price of imported goods such as steel, sugar and wheat and risks of triggering an inflationary wave
CBE: Liquidity rises to EGP 1.12 trillion
Domestic liquidity rose by EGP 29.9 billion at the end September 2012
CBE: balance of payment deficit reaches $518.7 million
Egypt’s financial and capital accounts saw a decrease in their net flow of income
Core inflation rate jumps to 4.64 per cent
The core CPI comprises 55 items divided into 4 categories: food, retail, paid services and other services
CBE exempts four banks from applying Basel 2 Standards
Banque Misr and the Principal Bank for Development and Agricultural Credit , amongst others, exempted
The banking sector and global financial stability: challenges and prospects
“Eurozone crisis aggravated by common monetary policy in Europe”
Foreign reserves’ movement defies all expectations
By Mohamed Salah Against all expectations, the Central Bank of Egypt announced yesterday that the country’s foreign currency reserves fell by $84 million in September, but remain above the barrier of $15 billion. The international reserves, which reached $15.13 billion in August dropped to $15.04 billion by the end of September as reported by the …
Ministry of Finance issues EGP 18.5bn ingovernment securities
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy
Egypt banks under fire for alleged funds smuggling
By Nasser Youssef and Mahmoud Sheneshan An investigative report conducted by the BBC hinted at the involvement of the Egyptian banking system in transferring funds abroad for figures of toppled Egyptian president Hosni Mubarak’s regime. The report said that part of the funds were smuggled abroad by banks that were not subject to the supervision …
Qatar National Bank in talks to acquire majority stake in NSGB
By Sarah Daoud Société Générale is in talks with Qatar National Bank (QNB) to sell its majority stake in its Egyptian subsidiary, according to Mohamed El Deeb, chairman and managing director of National Société Générale Bank-Egypt (NSGB-Egypt). QNB has expressed interest and approached the group about potential acquisition of its 77.2 percent majority stake in …
Central Bank: annual inflation rate dropped by 6.34 percent during last month
The Central Bank of Egypt (CBE) announced that the primary annual inflation rates in Egypt declined by 6.34 percent last July, compared to 7.04 percent last June. In a statement last Thursday, CBE announced that the monthly inflation rate increased to 0.58 percent last July, compared to 0.28 percent the preceding month. The inflation indicator …
AIB recognised by Central Bank, after years of alleged corruption
Long under scrutiny for allegedly taking part in illegal money transfers, Arab International Bank becomes a recognised entity.
Egypt expects Saudi financial support by end of month
By Reuters CAIRO: Saudi Arabia will deposit $1 billion at the Egyptian central bank and buy T-bonds valued at $750 million by the end of the month as part of a $2.7 billion support package agreed with Riyadh this week, an Egyptian government official said on Thursday. In addition, Saudi Arabia will provide $250 million …
Yields rise at Egyptian 182-day T-bill auction
By Mohamed Samir/Reuters CAIRO: The average yield on 182-day Egyptian treasury bills inched up at an auction on Thursday and the central bank sold less bills than it was offering, the Ministry of Finance said The average yield was 14.824 percent, up from 14.791 percent at an auction last week. The central bank sold bills …
Egypt to offer LE 2.5 bln in reopened bonds
By Mohamed Samir / Reuters CAIRO: Egypt’s Ministry of Finance will offer LE 2.5 billion ($414.1 million) in reopened bonds at an auction on April 23, the central bank said on Tuesday. It will offer LE 1.5 billion in reopened five-year bonds maturing on April 10, 2017 with a coupon of 16.55 percent, and LE …
Egypt sells 3- and 5-year bonds worth LE 3.5 bln
By Reuters CAIRO: Egypt’s central bank said it sold LE 3.5 billion ($579.8 million) in three and five-year bonds on Monday, the same amount it had offered. It sold LE 2 billion in reopened three-year bonds at an average yield of 16.12 percent, with yields ranging from 16.05 to 16.15 percent. The bonds have a …
Egypt investors shift to longer-term debt: analysts
By Tom Pfeiffer and Patrick Werr / Reuters CAIRO: Growing local appetite for medium-term Egyptian government debt helped push the average yield on three-year bonds lower at an auction on Monday and market watchers said investors were shifting some funds from short-term tenors. Egyptian treasury yields have soared in the past year as foreign investors fled …
Egypt to offer LE 3.5 bln in bonds
By Mohamed Samir / Reuters CAIRO: Egypt’s Ministry of Finance will offer LE 3.5 billion ($579.6 million) in bonds at an auction on April 9, the central bank said on Monday. It will offer LE 2 billion in reopened three-year bonds maturing on April 3, 2015 with a coupon of 16.15 percent, and LE 1.5 billion …
Egypt sells 3- 7- and 10-year bonds worth LE 4 bln
By Reuters CAIRO: Egypt’s central bank sold three-year, seven-year and ten-year bonds worth LE 4 billion ($662.4 million) on Monday, the same amount that was offered, the Ministry of Finance said. The three-year bonds, totaling LE 2 billion, mature on April 3, 2015, and have a coupon of 16.15 percent. Yields ranged from 16.10 to …
Egypt sells more 364-day T-bills than offered
By Mohamed Samir / Reuers CAIRO: The average yield on Egyptian 364-day domestic treasury bills eased at an auction on Thursday, and the central bank sold more than it originally offered. But the yield on 182-day T-bills rose, and the bank sold less than it sought, it said. On the 364-day bills, the average yield fell …
Egypt to offer LE 4 bln in bonds
By Mohamed Samir / Reuters CAIRO: Egypt’s finance ministry will offer LE 4 billion ($662.66 million) in new bonds at an auction on April 2, the central bank said on Wednesday . It will offer LE 2 billion in three-year bonds maturing on April 3, 2015, LE 1 billion in seven-year bonds maturing on April 3, …
Yields dip at Egypt bond auction as confidence grows
By Tom Pfeiffer / Reuters CAIRO: Yields edged lower at a sale of Egyptian treasury bonds on Monday, and traders said banks had demanded more than the amount offered due to growing confidence in the country’s democratic transition. Yields have eased at recent auctions although they remain near multi-year highs partly due to the absence of …
Yield dips at Egypt 266-day T-bill auction
By Reuters CAIRO: The yield on Egyptian treasury bills fell at an auction on Sunday, and the central bank sold the entire LE 3.5 billion ($579.8 million) worth it had asked for, the Ministry of Finance said on its website. This was the central bank’s second auction since it lowered the reserve requirement on local …
Egypt central bank says holds interest rates, as expected
By Patrick Werr / Reuters CAIRO: Egypt’s central bank kept its overnight deposit and lending rates unchanged on Thursday, in line with expectations after inflation increased only mildly in February and following a cut in the reserve requirement on deposits to help spur growth. The bank’s Monetary Policy Committee kept its benchmark lending rate steady at …
Egypt T-bills yields dip after new central bank policy
By Mohamed Samir / Reuters CAIRO: The average yield on Egyptian treasury bills dipped on Thursday at the central bank’s first auction since it lowered the reserve requirement on local currency deposits to 12 percent from 14 percent. The central bank said it sold all the T-bills it was offering. Analysts said lowering the reserve ratio …
Egypt central bank seen keeping key rates steady
By Patrick Werr / Reuters CAIRO: Egypt’s central bank is expected to leave its key interest rates unchanged this week after inflation increased only mildly in February and following a cut in the reserve requirement on local currency deposits that should help to spur growth. In a Reuters survey, all five economists forecast that Thursday’s meeting …
Egypt gains after central bank cuts reserve ratio
By Reuters CAIRO: Commercial International Bank and other financials lifted Egypt’s main index to a 1 percent gain, a day after the central bank cut its reserve requirement on local currency deposits, traders said. The central bank said on Tuesday the requirement would be lowered to 12 percent from 14 percent, in a move aimed …
Egypt central bank lowers reserve requirement on deposits
By Patrick Werr / Reuters CAIRO: Egypt’s central bank cut its reserve requirement on local currency deposits to 12 percent from 14 percent on Tuesday, in a move to provide banks with more cash to lend to the government and business. The government has increased its borrowing to finance a burgeoning budget deficit since last year’s …
Egypt T-bill auction a success as demand picks up
By Tom Pfeiffer / Reuters CAIRO: Egypt’s central bank sold more treasury bills than it originally offered at an auction on Sunday, as optimism that the country will secure an emergency IMF loan draws more local investors into high-yielding government debt, analysts said. The bank sold LE 4.5 billion ($746 million) of 266-day T-bills, instead of …