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Directives from president to allocate EGP 100m for industry sector, EGP 50bn for medium housing with 10% interest
Gold reserves decline, SDR countered FX hike, curbing net foreign reserves increase to $107m in November, according to CBE
The initiative is expected to be announced next Wednesday
The proceeds of this issuance will be directed to repay the earlier T-Bills issuance launched by the CBE on 19 November 2018, valued at $1.703bn.
Service sector received EGP 62.2bn banking funds, while industrial sector got EGP 43.1bn
The CBE noted that debt services reached $13.4bn in fiscal year 2018/19, including $10.2bn in instalments and $3.2bn in interest.
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
EFG Hermes’s Abu Basha foresees 0.5% cut, Pharos’ El-Swaify and Sigma expect 1.5%
Banks’ credit facilities see EGP 224.7bn rise, private business sector holds 60.7%
Domestic debt records 79% of GDP, of which 86.4% is owed by the government, 7.3% by public economic bodies and 6.3% by National Investment Bank
EFG Hermes, Pharos forecast 1-2% interest rate cut at next MPC meeting
Value of gold reserve rises by $265m, decrease in foreign currencies value by $135m
Budget deficit projected to decrease to 8.2%, 7.2% of GDP in FY 2018/19-2019/20, respectively
CBE slashed overnight deposit rate, lending rate, and the rate of main operation to 14.25%, 15.25%, and 14.75%, respectively.
Falling inflation and US interest paves the way for CBE to cut its core interest rates, say analysts
The CBE affirmed that these standards comes in the framework of the CBE’s continuous endeavour to maintain the sound performance of the banking system.
According to the CBE, Egypt’s current net foreign reserves covers more than 8 months of commodity imports.
New standard reinforces CBE’s ability to improve monetary policy
Foreign debt reached 35.1% of GDP at end December 2018, compared to 61.4% of GDP in European coutnries, EMs, and 41.9% in Commonwealth countries
Saudi Arabia is Egypt’s top lender with total debt of $8.7bn
DNE sheds light on key performance indicators of banks operating in local market in April 2019
Locally operating banks receive 25% of EBRD funding portfolio in Egypt, says EBRD’s VP for Banking
Foreign investment in T-Bills reached about $11bn before 25 January 2011, but fell to less than $25m as of 2016.
Expected rise in inflation means CBE likely to keep interest rates unchanged for 3rd time in 2019
Bank signs agreement to discuss situation of vehicles purchased by credit facilities
El-Shaarawy told Daily News Egypt that the bank is currently completing the regulatory and structural framework of the company, determining shareholders’ stakes, and the CBE’s contribution in the company.
Decision comes complementary to previous efforts by CBE to support MSMEs, says Negm
The average price of US dollar in banks reached EGP 16.99 for buying and EGP 17.09 for selling, according to the CBE
US currency is approaching EGP 17 against pound, as foreign exchange flows increase in Egypt