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Real GDP growth records -1.7% in Q2 of 2020, before recovering to 0.7% during Q3 of 2020
Subsequent inflation target has been set at average of 7% (±2%) during Q4 of 2022, as announced in December 2020
Banks will not make cash dividends from profits or retained earnings to shareholders in anticipation of potential risks associated with pandemic
According to the central bank imitative loan period ranges from seven to 10 years, with the repayment to be made in equal monthly instalments
Banking sector has witnessed high financial stability in past years, allowing it to deal with many crises, contain their repercussions
Egyptian economy contained reversal in portfolio investment flows thanks to its relatively stable foreign currency sources and large net foreign reserve
Central Bank of Egypt new inflation target has been set at 7% (±2%) on average in the fourth quarter of 2022
Top 10 banks in the Egyptian banking sector account for 65.5% of profits, top 5 banks account for 46.1%
CBE to discuss future interest rates of Egyptian pound next Thursday
Volume of bank deposits records EGP 4.9trn, with credit facilities reaching EGP 2.269trn, of which 59.6% for private sector
Aboul Naga’s comments came during the opening session of the Payment, FinTech, and Digital Inclusion Forum and Exhibition (Pafix) on Monday.
The CBE floated the $1.56bn worth T-bill tender for a year, due on 16 November 2021.
The proceeds of this issuance will be used to pay for the previous bid put forward by the CBE on 19 November 2019, through which it received $1.56bn.
Yield of some savings certificates, loan products automatically decreases by 0.5%, while market awaits launch of first bids for T-bills, bonds
Interest rate cut currently provides adequate support for economic activity, consistent with achieving price stability in medium term: MPC
MPC meeting is shrouded in ambiguity regarding expected decision, as some analysts and experts expect interest to be cut while others predict it to be fixed
The CBE had launched a tender to sell €690m 364-day T-bills on 9 November 2021, to pay for older issuance worth €695m that was made in November 2019.
The proceeds of the issuance will be used to pay the value of a previous bid put forward by the CBE on 12 November 2019, amounting to €695m.
Egypt sees $400bn in foreign exchange flows since decision enforced in November 2016: Bank Official
Egypt’s international reserves consist of foreign currencies (FX), gold, special drawing rights (SDR), and net IMF loans.
This came in addition to the decrease in the volume of foreign liabilities, equivalent to about EGP 19.65bn. It reached the equivalent of about EGP 704.338bn in September, compared to the equivalent of about EGP 723.988bn in August.
In a recent report, the CBE stated that demand deposits in local currency amounted to about EGP 523.515bn in September, compared to EGP 507.804bn in August, an increase of EGP 15.711bn.
Private businesses receive 59.8% of total bank facilities, with industry at forefront of sectors gaining most benefits
The country’s external debt in June 2020 also increased by 14.79% compared to June 2019 when it reached $108.7bn.
Two audit firms to look into CBE report on CIB violations, should financial fraud allegations stick
Financing programme for needy families, rural women, and craftsmen to be launched soon
A CBE statement read, “The CBE approved the decision of the CIB’s Board of Directors to appoint Sherif Sami, a board member and former chairperson of the Financial Regulatory Authority, as a non-executive Chairperson, as of date.”
Volume of doubtful debts allocations amounts to EGP 150.877bn, reserves amount to EGP 214.349bn
Makhlouf said that the academic curriculum in many Egyptian colleges should be developed, alongside a set of laws and legislations related to digital transformation. This would then ease the removal of all trade obstacles hindering entrepreneurs and small- and medium-sized enterprises (SMEs).
Cairo received lion’s share of MSME financing at 31.4%, followed by Giza at 15.5%