Latest in Highlight
CBE supports economy with many initiatives in face of crises such as COVID-19, says Negm
Administrations to report to each bank’s chairperson or his deputy
‘We have necessary liquidity to realise youth’s ideas, dreams that contribute to achieving state’s, CBE’s goals,’ says Gamal Negm
Negm said in a statement on Wednesday that the total debts of these clients amount to about EGP 63.6bn, pointing out that these defaulters will be exempted from part of their original debts and interests with a value of about EGP 17.4bn.
Country’s net international reserves reach $45.51bn in February, compared to January’s $45.457bn: CBE
16 T-Bills bids worth EGP 175bn, 10 T-Bonds bids worth EGP 37.5bn to be issued this month
Bank deposits increase to EGP 4.2359trn, household sector denominated 81.3%
Net foreign assets of the Egyptian banking sector rose by EGP 46.7bn in six months
Chief economist and banking analyst at HC, Monette Doss said, “Despite this, we expect the CBE to keep interest rates unchanged during its upcoming meeting before resuming monetary easing in its April meeting. Our expectation is based on (1) the drop in Egypt’s foreign currency deposits not included in net international reserves (NIR) to $4.41bn in January from $7.57bn in December going below its 2-year low of $5.20bn in January 2019
Growth of the real estate sector contributes to the continuous improvement of economic indicators: deputy governor
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