Latest in Tag: foreign reserves Highlight
Latest in Tag: foreign reserves
Inflation sees biggest monthly surge since 2008
Increased demand on commodities and fuel prices behind the 3.3% month on month rise in inflation, CAPMAS says
Balance of payments surges, deficit drops over 9 months: Ministry of Finance
Industrial production, debt, revenues and expenditures all saw increases
Foreign reserves fall $200m
International foreign currency reserves record $17.28bn in May, down from $17.48bn in April
Communication of Egyptian government needs improvement: OECD
Report criticises labour market and education system; describes them as structural weakness
Annual inflation drops while foreign reserves rise
Revenue consistency prompts rise of foreign reserves for fourth consecutive month and the government’s negotiations with merchants lead to prices control, experts say
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 foreign reserves edge up in March: Central Bank head
Reuters – Egypt’s foreign reserves rose to around $17.42bn in March from $17.307bn in February, central bank governor Hisham Ramez said, edging further away from critical lows they hit last year. The reserves fell sharply following the uprising that ousted President Hosni Mubarak in early 2011, but have been bolstered since last summer when Gulf …
Egyptian pound weakens at Central Bank dollar sale
Dollar shortages have been fuelling a thriving black market.
Foreign reserves reach $17.3bn in February
After a steady six month decline, foreign reserves rose for the second straight month
Foreign reserves on the rise: CBE governor
Despite continuous fluctuations in foreign reserve levels, CBE Governor Hesham Ramez says they are “secure and constantly rising”
CBE offers up $1.5bn to banks in exceptional auction
Auction aims to support banks and their role in domestic economy, central bank says
Foreign reserves drop to $17bn
International foreign reserves fall for the fourth consecutive month
Foreign reserves drop to $18.59bn
Reserves fall by $110m month on month
Foreign reserves decline to $18.7bn
$200m drop between August and September
Government records EGP 240bn budget deficit in last fiscal year
59% of increases for government expenditures are for subsidies and debt settlements
UAE delegation visits Egypt in days to discuss aid terms
An Egyptian delegation from the Ministry of Petroleum and Mineral Resources presented to an Emirati delegation that visited Egypt earlier this month a list of requests, set to include fuel products worth $500mn.
UAE’s $3bn in aid arrives to Egypt
Central Bank Governor Hisham Ramez said that $2bn of Saudi Arabia’s $5bn in aid is expected to arrive shortly in the form of an interest-free deposit at the bank.
Moody’s: Gulf aid is “credit positive”
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Fitch cuts Egypt’s credit ratings from B to B-
The global rating firm could further downgrade Egypt’s credit rating, as outlook is already negative
Experts predict higher inflation rates amid unchanged interest rates
Rising summertime prices and devaluing currency drive ongoing inflation
Bourse plunges to one-year low after MSCI announcement
Egypt may be bumped from “emerging market” to “frontier market” on lack of liquid investments
Internal debt swells
Experts express concerns over Egypt’s alarming internal debt
Egyptian pound slumps to seven against US dollar
Egypt’s currency continues to devalue despite attempts by Central Bank to slow the decline with foreign currency auctions
Election uncertainty to negatively affect Egypt’s economy: Standard Chartered
The low level of reserves is making it harder for the Central Bank of Egypt to manage the exchange rate, Standard Chartered’s report concluded
Egypt reduces oil imports
Egypt has cut back on a total of nine million barrels of imported oil for the second quarter of the year, without any official explanation
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 …
Army sees further drop in FX reserves, says paper
By Tamim Elyan /Reuters CAIRO: Egypt’s foreign reserves are expected to fall by more than $5 billion to $10.4 billion by the end of June, a newspaper quoted a top army finance official on Wednesday as saying, a sign the government plans to continue defending the currency until then. The political and economic turmoil since Hosni …
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 forex reserves drop slows to $636 mln in Feb
By Patrick Werr / Reuters CAIRO: A decline in Egypt’s net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country’s currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four months. They now …