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Egypt’s external debt up 17.3% YoY to $108.7bn in FY19
External debt-to-GDP ratio 36% in Egypt, 48.5% in Latin America, 47.5% in Middle East
MPC holds first meet in 2020 on Thursday
CBE to hold 9 MPC meetings this year
HC expects CBE to cut rates in upcoming meeting
Economist and banking analyst for HC, Monette Doss said, “Annual December inflation accelerated to current levels due to unfavorable base effect, while monthly inflation declined for the second consecutive month driven by decreasing food prices as the government continues to make efforts avoiding possible supply shocks and ensuring the availability of basic food items at reduced prices
CBE supports tourism with three initiatives
Tourism is a major and important pillar for the national economy: CBE
CBE reveals Monetary Policy Committee formation led by Tarek Amer
Committee membership includes Negm, Aboul Naga, Omran, El Araby, and El Ahwany
CBE receives 38 bids to invest $966.9m in T-Bill auction
Growing value of gold reserves pushes FX reserves to its highest level at 2019-end
Economy Plus poll forecasts currency appreciation, lower interest rates, price cuts across consumer goods
Appreciation of currency, lower interest rates, price cuts across consumer goods, and stability of fuel costs
2019 paved road for promising real estate sector in new year
Moreover, the most prominent issues the market faced last year was liquidity and low purchasing power. Real estate stakeholders expect that it will be one of the challenges that will face the market in the new year due to high prices of services with fixed wages.
CBE offers $800m bill tender on Monday
The proceeds of the tender goes to repay a previous tender offered on 8 January 2019 worth $845.1m
10 main tasks before CBE’s new board
New board includes financial, legal, technological and economic expertise alongside the governor, deputies
CBE to offer $800m worth T-Bills next Monday
The proceeds of the tender goes to repay a previous tender worth $845.1m offered on 8 January 2019
Prime believes CBE won’t face big challenges to achieve its inflation target
The road is now more paved than ever for the CBE to follow inflation targeting, says analyst
CBE reveals most prominent bank financial safety indicators by 3Q2019 end
EGP 306bn increase in the total financial position of banks to reach about EGP 5.822trn
Egypt’s tourism revenues jumped by 6.7% in Q32019 YoY: CBE
To return to 2010 tourism revenue rates, Egypt must diversify tourism markets, with more cooperation between Tourism and Civil Aviation Ministries, says expert
Egyptian banking sector’s net profits reach EGP 60.758bn in September
Top five banks hold 48.98% of total profits, and biggest 10 gain EGP 42.13bn
CBE postpones MPC meeting to 16 January to decide on interest rates
After four interest cuts since the beginning of 2019, analysts and bankers have different expectations of MPC’s decision
Increased max ratio of loan premiums increases bank profits, may affect asset quality: Beltone
CIB, QNB, Credit Agricole, and ADIB are the main beneficiaries of the decision
CBE raises limits on consumer loan instalments to 50% of borrower’s total monthly income
The CBE decided to keep the maximum for personal housing loans at 40% of the total monthly income.
HC expects CBE to cut interest 0.5% during its next meeting on 26 December
We expect annual inflation to rise in December to 7.3%, which is much less than the CBE’s target, in line with the monetary easing policy, says Monette Doss
ECG to complete its supervision of implementation CBE’s headquarters in NAC in 2021
The ECG said that the CBE headquarters in the NAC will be built on an area of 130,000 sqm.
Remittances from Egyptian expats hike to $6.7bn in 1Q20: CBE
Moreover, the remittances of Egyptian expats in September hiked about $2.3bn, recording a month-over-month increase of 33.2%, equivalent to $581.2m, compared to about $1.8bn in August. It also recorded a year-over-year increase of 32.8% compared to September 2018, the CBE added.
US dollar continues to trade below EGP 16
Why the US dollar broke the EGP16 barrier and where to next?
CBE increases value of its tourism support initiative to EGP 50bn
Bank to exempt pre-2011 defaulters in tourism sector from marginal interests on their loans
Crédit Agricole Egypt transforms club memberships into prepaid cards
One-third of bank’s customers has beem registered in its e-services
Egypt’s annual core inflation falls to 2.1%, while urban headline inflation rises to 3.6% in November
Annual headline Inflation rose to 2.7% from 2.4% in October
The Industry Support Initiative increases the rates of economic growth and GDP to 7.5% annually: CBE’s Deputy Governor
The initiative will benefit about 96,000 factories that meet the conditions for the initiative: says deputy governor of the CBE
CBE offers $1bn in 1-year T-Bills
CBE floated five bill tranches worth $5.1432bn in 2019
Amer starts second term in CBE by launching three initiatives to support industry, medium income housing
Directives from president to allocate EGP 100m for industry sector, EGP 50bn for medium housing with 10% interest
Egypt’s FX reserves increase by $319m in November
Gold reserves decline, SDR countered FX hike, curbing net foreign reserves increase to $107m in November, according to CBE
Egypt’s government, CBE prepare to launch manufacturing support initiative
The initiative is expected to be announced next Wednesday