Latest in Tag: foreign currency reserves Highlight

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Latest in Tag: foreign currency reserves

Central Bank of Egypt

$510m increase in Egypt’s foreign exchange reserves in May: CBE

The Central Bank of Egypt (CBE) announced that foreign reserves increased by $510m during May, to register the eighth monthly consecutive rise. In a press statement released on Wednesday, the CBE said that foreign exchange reserves rose to $17.520bn in May, compared to $17.01bn in April. The CBE did not reveal the reasons for this …

Hossam Mounir

Year End 2014: What has the president accomplished so far?

President Abdel Fattah Al-Sisi made several economic promises to Egyptians prior to his election. Daily News Egypt reviews the goals set and analyses how far along they are from realisation. Prior to election, then-political candidate Al-Sisi cited “national security” concerns for not sharing his detailed vision. Al-Sisi stated that only the broad lines of his …

Sara Aggour

Foreign currency reserves fall by $1.1 billion

By Asmaa Nabil Last July, foreign currency reserves declined by $1.1 billion, reaching $14.44 billion compared to $15.5 billion at the end of June. The Central Bank of Egypt (CBE) attributed the decline to Egypt’s obligation to repay bonds it held, in addition to the repaying of a credit portion to Paris Club countries. This …

Daily News Egypt

Foreign reserves on the threshold of stabilisation

Foreign reserves on the threshold of stabilisation

Nasser Youssef Mokhtar Youssef, member of the Board of Directors with the United Bank, stated that stabilising Egypt’s foreign currency reserves was a positive sign and that expediting the transitional period is an important factor to regaining economic stability. “The increases witnessed during the previous three months were largely incidental, Youssef explained, noting that ‘yellow …

Daily News Egypt

Egyptian pound falters after Constitutional rulings

By Ayat Al-Battawy The political chaos in Egypt that followed the Constitutional Court’s decision to dissolve parliament is being directly reflected in the local exchange market. The pound lost one piaster relative to the dollar as soon as the dissolution of parliament was announced. It approached its highest rate since the revolution and the record …

Daily News Egypt

Egypt gains after central bank cuts reserve ratio

By Reuters CAIRO: Commercial International Bank and other financials lifted Egypt’s main index to a 1 percent gain, a day after the central bank cut its reserve requirement on local currency deposits, traders said. The central bank said on Tuesday the requirement would be lowered to 12 percent from 14 percent, in a move aimed …


Egypt central bank lowers reserve requirement on deposits

By Patrick Werr / Reuters CAIRO: Egypt’s central bank cut its reserve requirement on local currency deposits to 12 percent from 14 percent on Tuesday, in a move to provide banks with more cash to lend to the government and business. The government has increased its borrowing to finance a burgeoning budget deficit since last year’s …


Egypt forex reserves drop slows to $636 mln in Feb

By Patrick Werr / Reuters CAIRO: A decline in Egypt’s net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country’s currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four months. They now …


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