Latest in Tag: central bank Highlight
Latest in Tag: central bank
Assets plunge EGP 28.2bn end of March
Egypt’s net foreign assets fell to new low since President Mohamed Morsi assumed office last year
Foreign reserves increase to $16.04bn
Analysts say increase is ‘temporary’
Central Bank receives $3bn Qatari deposit for bonds
Bonds to mature in three years with 3.5% interest rate
Egyptian Central Bank announces key interest rates will not change
Egypt’s Central Bank recently announced on its website that key interest rates on deposits and loans would remain unchanged after a meeting held by its committee for monetary policy.
Vodafone to activate mobile phone cash transfer app
Service available in three months
Bad for business
A few days ago I told a Tunisian friend who just arrived some stories about the Egyptian political scene. She listened to me intently while suppressing her laughter, and after I was finished her only comment was: “Cheap Drama..You guys are living in a cheap drama.” I have found her comment not only a fantastic …
CBE: Currently no Libyan CBE deposits, no specific date announced
Reports on Saturday that Libya deposited $2bn in Egypt’s Central Bank
Egypt investment opportunities review
Investment minister Osama Salih set to review opportunities during Turkish-Arab Economic Forum
Government pursues foreign aid
Qatar, Turkey and Saudi Arabia prominent nations for giving Egypt financial aid, so far totalling $8.5bn
Al-Beltagi: Real risk to Egypt’s economy is exodus of investors
Sukuk to be used as source of funding for development projects, he said
Balance of payments deficit drops 93% in 2012-13
The Central Bank of Egypt cited increased remittances from Egyptians working abroad this year as the main reason for the drop in the deficit
Central Bank launches new initiative to boost tourism sector
Amr Shetta, from Orascom Hotels and Development, said that ‘it is not the Central Bank’s role’ to help the sector, which is a matter of ‘government concern’
Central Bank: EGP 72.7bn in increased domestic liquidity reported by the end of December 2012
The increase in the nation’s monetary supply reflected an EGP 11bn, or 5.7%, increase in the amount of money traded outside of Egypt’s banking sector
EGP 122.2bn in taxes collected by 4 March
Taxes collected so far amounted to 86% of previous tax assessment figures, said the Egyptian Tax Authority
Foreign currency reserves decrease slower than expected
Egypt’s foreign currency reserves dropped a further $105m over the last month, according to a statement released by Egypt’s Central Bank on its website, bringing the country’s total reserves down to $13.5bn.
Ultras escalate protests ahead of Port Said trial
Ultras Ahlawy surrounded Central Bank and blocked airport road demanding retribution from police officers
Central Bank dollar supply continues to shrink
$37.8m were sold at a forex auction which began last December at $75m
Banks instate currency exchange regulations
Purchases of dollars typically limited and sales generally require approval of the bank’s administration
Sabbour: No foreign investment in the absence of stability and security
The President of the Egyptian Businessmen Association, Hussein Sabbour, relays to Daily News Egypt his concerns and diagnosis of Egypt’s economic crisis and sheds light on how Egypt can overcome the perils of status quo
Dollar rises first day of FX auction
Last week, the market suffered dollar scarcity which handicapped importation, and frustrated dollar-seeking clients
Al-Oqda to liquidate banking sector’s development and modernisation fund
The total number of money paid in salaries for public bank employees rose from EGP 1.5bn in 2003 to EGP 4.7bn in 2010
CBE governor denies resignation
The governor of the Central Bank of Egypt (CBE) Farouk Al-Oqda denied tendering his resignation after attending the cabinet’s economic committee meeting Sunday. Rumours concerning the resignation of Al-Oqda spread after President Morsy’s meeting with Hisham Ramez, deputy governor of the CBE. State TV reported Saturday that Al-Oqda resigned and that he will be replaced …
Rebel economy wrap
Egypt’s New Central Bank Governor – Hisham Ramez
Government guarantees two huge electricity projects
Electricity projects are expected to be funded by private sector investments via the build-operate-ownership system
Government discusses ways to amend new tax decree
Minister of industry and foreign trade discusses increase of diesel prices with members and board of directors of the Federation of Egyptian Industries
Banque Misr chases Turkish delights
The bank’s chairman denied any political motivations behind the office’s inauguration
USD exchange rate skyrockets
Few days after president ‘s statement that the Egyptian Pound will not be devaluated, the exchange rate of the US dollar rises against the Egyptian pound to hit its highest level since 2004
Central Bank to issue more bonds and treasury bills
The Ministry of Finance announced the Central Bank of Egypt is to issue treasury bills and bonds, amounting to EGP 52 billion during September, state-owned news agency MENA has reported. The government will issue 91 day, 182 day, 273 day and 364 day treasury bills, amounting to EGP three billion, EGP eight billion, EGP 15 …
Foreign reserves on the threshold of stabilisation
Nasser Youssef Mokhtar Youssef, member of the Board of Directors with the United Bank, stated that stabilising Egypt’s foreign currency reserves was a positive sign and that expediting the transitional period is an important factor to regaining economic stability. “The increases witnessed during the previous three months were largely incidental, Youssef explained, noting that ‘yellow …
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 …