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Headline inflation continued to decelerate for the fourth consecutive month from its high level back in May, says economist.
It’s the highest foreign exchange reserves in Egypt’s history, covering more than eight months of commodity imports.
Banks issued 3.5m Meeza cards until end-October, says CBE Deputy Governor
Remittances of Egyptians working abroad are one of Egypt’s most important foreign exchange resources.
Service sector received EGP 62.2bn banking funds, while industrial sector got EGP 43.1bn
Egypt’s imports scored $66.529bn, while exports reached $28.495bn between July 2018 and June 2019
CBE to keep rates on hold in November, December
The CBE noted that debt services reached $13.4bn in fiscal year 2018/19, including $10.2bn in instalments and $3.2bn in interest.
This step after low inflation leads to an increase in money supply by about EGP 70bn
8 companies inject EGP 1.5bn, Taamir Mortgage tops with EGP 551.6m with 4,800 clients
13% of short-term debts are deposits from Arab countries that are renewed every four years
Excluding credit portfolios purchased from micro finance companies or associations in 20% allocated to SMEs from loan portfolios at banks
New law reinforces the independence of the CBE and banks’ boards of directors, prepares Egyptian market for a new era in financial technology
We need to study the reasons for the high BOP deficit, especially in exports and FDI, says Abdel Aal
Experts argue security stability is key behind hike in tourism, Sultan forecast sector to achieve $15bn by FY-end
Private sector receives 60.3% of total facilities, industry at the forefront of beneficiaries, says CBE
BOP records 0.1bn deficits, oil trade balance records $8.1m surplus, FDI net inflows decrease by $1.8bn to $5.9bn
Abulnaga ruled out the impact of interest rate cut on foreign investments in Egyptian debt
This came during the event organised on Monday by the British Egyptian Business Association (BEBA), entitled “Digital assets and artificial intelligence”. The Egyptian now use Meeza cards to receive pensions, salaries, and even subsidies later on, she added.
Most cuts were limited to variable return certificates
We do not expect pressure on local currency after interest cut, exchange rate will average EGP 16-17 per US dollar, says Mamdouh
The average official price of the US dollar at the Central Bank of Egypt (CBE) fell to EGP 16.2186 for buying and EGP 16.3186 for selling on Sunday, down from EGP 16.2669 for buying and EGP16.3669 for selling last Thursday.
Slight increase in non-performing loans at banks in 1H 2019, reaching 4.2% of total loan portfolio compared to 4.1% at end-March, says CBE
Subscribers reach 13.5 million by end-June, with a total value of transactions of EGP 20bn as of September
Banks will begin Sunday to discuss the fate of interest on their CDs, deposits, and loans
Company sells about 70 kg of gold per month to CBE to increase reserves, says El-Raghy
This is the second interest cut in a row following the 150 basis point on 22 August, and the third in 2019.
MPC ecided at its meeting on 22 August 2019 to reduce the interest rate by 150 basis points for overnight lending, overnight deposit, and CBE’s main operation, to settle at 14.25%, 15.25%, and 14.75% respectively.
Inflationary pressures to ease dramatically following July’s subsidy lift, says Monette Doss
EFG Hermes’s Abu Basha foresees 0.5% cut, Pharos’ El-Swaify and Sigma expect 1.5%