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CBE said that monthly core inflation recorded 0.7% in January 2020 from 0.4% in January 2019, annual core inflation increased to 2.7% in January 2020
The CBE rejected other offers from investors who requested an interest of 4.10%.
Khodeir’s comments came during a roundtable discussion held to tackle the banking draft law and its role in enhancing Egypt’s economic development.
Proceeds to cover a previous bid floated on 12 February 2019 worth $1.0141bn
Weighted return on new deposits declines in September 2019 to 11.5%, 16% on loans
The January’s figure is the highest in the history of Egypt and it covers more than eight months of commodity imports.
Banks pumped EGP 160bn to finance 86,000 small, medium enterprises
Remittances increased to $9bn in July-October 2019
Volume of trade exchange between Egypt and its most important trading partners amounted to $14.15bn, equivalent to 60% of the total trade exchange
Direction of capital movement remains dependent on future outlook of economic activity growth rates, development of global trade tensions
Increase of total outstanding balances of T-Bills to EGP 1.512trn 2019-end
Private business sector accounted for 59.2% of the total facilities, and the industrial sector is at the forefront of the sectors that benefit from it: CBE
External debt service reaches $2.9bn, including $1.7bn in instalments, $1.2bn in interest
External debt-to-GDP ratio 36% in Egypt, 48.5% in Latin America, 47.5% in Middle East
CBE to hold 9 MPC meetings this year
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
Tourism is a major and important pillar for the national economy: CBE
Committee membership includes Negm, Aboul Naga, Omran, El Araby, and El Ahwany
Growing value of gold reserves pushes FX reserves to its highest level at 2019-end
Appreciation of currency, lower interest rates, price cuts across consumer goods, and stability of fuel costs
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.
The proceeds of the tender goes to repay a previous tender offered on 8 January 2019 worth $845.1m
New board includes financial, legal, technological and economic expertise alongside the governor, deputies
The proceeds of the tender goes to repay a previous tender worth $845.1m offered on 8 January 2019
The road is now more paved than ever for the CBE to follow inflation targeting, says analyst
EGP 306bn increase in the total financial position of banks to reach about EGP 5.822trn
To return to 2010 Egypt’s tourism revenue rates, country must diversify tourism markets, with more cooperation between Tourism and Civil Aviation Ministries
Top five banks hold 48.98% of total profits, and biggest 10 gain EGP 42.13bn
After four interest cuts since the beginning of 2019, analysts and bankers have different expectations of MPC’s decision
CIB, QNB, Credit Agricole, and ADIB are the main beneficiaries of the decision