Latest in Tag: central bank Highlight
Latest in Tag: central bank
Presidential decree appoints board of trustees for ‘Long Live Egypt’ Fund
Other decrees raised military pensions by 15%, approved foreign loans to enhance electricity
Inflation rate rose by 0.7% in October
Higher energy prices may be driving inflation, says former IMF assistant
Interest rate hike to threaten government debt inflation if financial reform fails: DCode Chairman
Central Bank of Egypt increased interest rates by 1% to contain high inflation expected after subsidy decrease and petroleum price increases
Q3 of FY 2013/2014 witnessed rises in foreign and domestic debt
Foreign debt recorded at $45.3bn, while domestic debt reached EGP 1.7tn
Restored confidence in Egypt’s economy to improve currency exchange rate: CBE
Deputy Governor of Central Bank says stimulating national economy, working on bank performance, and keeping pace with international developments are top priorities
Morgan Stanley confirms confidence in EGX, keeps it in Emerging Markets Index
Financial Institution remains confident on back of positive market developments
Forex policies successful, could eliminate black market: Egypt Central Bank governor
Rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.
Egypt business activity shrinks in May: PMI
Reuters – Business activity in Egypt shrank for the third month in a row in May, a poll showed on Tuesday, in a sign the economy remains fragile as former army chief Abdel Fattah Al-Sisi is set to become the country’s next president. Egypt’s economy has been hit by more than three years of political and …
Private business accounts for 63.2% of credit facilities end of March: CBE report
Central bank announces 2.6% increase in total credit facilities
Egypt foreign reserves up at $17.414bn in March: Central Bank
Reuters – Egypt’s foreign reserves rose to $17.414bn in March from $17.307bn in February, the Central Bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected Islamist …
Egyptian pound strengthens at central bank Forex sale
Reuters – The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week. The central bank sold dollars at a cut-off price of EGP 6.9649, slightly stronger than the EGP 6.9651 at its last auction on Thursday. But the dollar sold on the black market for EGP …
Egyptian pound weakens at Central Bank dollar sale
Dollar shortages have been fuelling a thriving black market.
Egypt bourse rebounds
Reuters – Egypt’s index, which had lost 8% of its value in the previous three sessions, rebounded on Tuesday to close 1.5% higher. The dip was a result of profit-taking by investors who had built up positions in anticipation of former army chief Abdel Fattah Al-Sisi’s run for president. Sisi, who investors hope will stabilise …
Egyptian pound strengthens slightly at Central Bank dollar sale
Dollar shortages have been fuelling a thriving black market.
Egypt covers 50% of foreign investors’ repatriation backlog
Reuters – Egypt’s central bank has covered 50% of a backlog of dollars owed to foreign investors seeking to repatriate funds from the country, it said in a statement on Thursday. A repatriation scheme opened in March last year and aimed at restoring confidence in Egypt’s economy guarantees foreign investors in Egypt’s stock and government …
CBE keeps interest rates unchanged
Central Bank of Egypt says it has kept current rates unchanged due to inflation and GDP outlooks
Turkey ramps up lira defence with central bank crisis meeting
The lira rallied slightly shortly after the announcement.
Egypt relaxes controls on Forex transfers
A central bank letter circulated to banks on Monday and posted on the bank’s website said the change would take effect from January 2014 and could not be applied retroactively.
Egyptian pound down at Forex sale for second time in two days
Two market participants said the dollar was offered for 7.42 pounds in the black market on Thursday.
EGP weakens at forex auction
The Central Bank sold $38.6m to banks at the auction, with a cutoff price of 6.8869 pounds to the dollar, weaker than the 6.8767 at the previous sale on Monday.
Rising US Dollars is a temporary crisis: Bankers
The black market exchange rate exceeds the official rate by as much as 6%.
Foreign reserves drop to $18.59bn
Reserves fall by $110m month on month
Yields on Egyptian T-Bills inch up at auction
Reuters – Yields on Egyptian treasury bills rose at an auction on Thursday and the central bank sold all the debt it had offered. The average yield on 182-day treasury bills increased to 11.174 percent at Thursday’s auction from 11.133 percent last week, the central bank said. The yield on 357-day T-bills edged up to …
Central Bank economically reflects on Egypt’s BOP
Central Bank of Egypt: current account deficit retreated by 45% to reach $ 5.6bn from $10bn
IMF committed to aiding Egypt
No official statement on whether or not negotiations were reinitiated after post 3 July hiatus
Banks close early amid unrest
The Central Bank of Egypt ordered banks to close their branches at 12pm.
Political turmoil hits mobile money transfer market
Low rates of usage for the service were the result of political turmoil
Saudi deposit arrives to the Central Bank of Egypt
In a sign of support to Egypt’s economy, which continues to reel from more than two years of unrest, Gulf states have pledged $12bn aid
Islamic banking association launches index of bourse’s Sharia-compliant shares
Central bank called on to mirror Sharia-compliant banking practices
Fears over rising dollar price amid planned protests
Banking expert Bassant Fahmy said she does not expect dollar prices to increase.