Company Insights Central Bank of Egypt Banking & Finance Central Bank of Egypt News Analysis Banking & Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023 Finance Egypt to restructure debt in 2024, says Morgan Stanley Egypt is expected to begin a debt restructuring plan next year, because of rising borrowing costs, Morgan Stanley said in a research note. The country has sufficient reserves to meet its upcoming external debt obligations in 2024, with any potential restructuring efforts expected to be “proactive”, Egypt Today newspaper reported, citing the US investment bank. […] December 15, 2023 Economy Egypt stable for now but vulnerable, economists warn A few days after Israeli forces launched a ground offensive in Gaza, Fitch Ratings downgraded Egypt’s credit score to B- from B. The conflict could scare off tourists and investors, the ratings agency said in November, posing a risk to Egypt’s economy. This was Fitch’s second downgrade in six months: it stripped Egypt of B+ status […] December 6, 2023 Finance UAE extends $1bn deposit with Egypt until 2026 The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report. Deposits of Arab countries with the central bank accounted for more than half […] December 1, 2023 Opinion Economy Egypt must weigh up finance woes with key role in conflict The country has a crucial part to play November 17, 2023 Finance Egypt inflation eases on lower food prices Egypt’s annual urban consumer price inflation fell to 35.8 percent in October from 38 percent in September, data from the country’s statistics agency Capmas shows. Price rises slowed to an increase of 1.2 percent last month from a two percent rise in September. Grain and bread prices dropped by 0.6 percent, while fruit prices fell […] November 13, 2023 Finance S&P lowers Egypt’s rating as funding pressures mount S&P Global Ratings has lowered Egypt’s long-term sovereign credit rating to B- from B. The downgrade is based on the recurring delays in implementing monetary and structural reforms, which are worsening imbalances in the currency market, S&P said in a statement. The agency added that Egypt’s net foreign asset position was deteriorating, with a delay […] October 23, 2023 Markets Egypt issues $500m of green panda bonds in China Egypt issued $500 million of sustainable panda bonds on the Chinese financial market on Tuesday, becoming the first country from the Middle East and North Africa to do so. The panda bonds – securities denominated in yuan but issued by non-Chinese borrowers – will be used to finance projects that support sustainable development goals, in […] October 17, 2023 Leisure & Hospitality Egypt’s tourism revenue rises 27% to $14bn Egypt’s tourism revenue reached a record high of $13.6 billion in 2022-23, climbing 26.8 percent from $10.7 billion in 2021-22, according to data released by the country’s central bank. The number of tourists surged by 35.6 percent to 13.9 million, Egypt Today newspaper reported, citing the Central Bank of Egypt. The number of nights spent […] October 9, 2023 Finance Moody’s downgrades Egypt on rising borrowing costs Moody’s Investor Service has downgraded Egypt’s credit rating to “Caa1” from “B3”, citing high inflation and rising domestic borrowing costs. The downgrade also reflects the persistence of foreign currency shortages due to increasing external debt service payments over the next two years. “An inability to arrest a further drawdown in foreign currency liquidity in the […] October 6, 2023 Posts navigation Previous 1 … 4 5 6 … 8 Next
Analysis Banking & Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Finance Egypt to restructure debt in 2024, says Morgan Stanley Egypt is expected to begin a debt restructuring plan next year, because of rising borrowing costs, Morgan Stanley said in a research note. The country has sufficient reserves to meet its upcoming external debt obligations in 2024, with any potential restructuring efforts expected to be “proactive”, Egypt Today newspaper reported, citing the US investment bank. […] December 15, 2023
Economy Egypt stable for now but vulnerable, economists warn A few days after Israeli forces launched a ground offensive in Gaza, Fitch Ratings downgraded Egypt’s credit score to B- from B. The conflict could scare off tourists and investors, the ratings agency said in November, posing a risk to Egypt’s economy. This was Fitch’s second downgrade in six months: it stripped Egypt of B+ status […] December 6, 2023
Finance UAE extends $1bn deposit with Egypt until 2026 The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report. Deposits of Arab countries with the central bank accounted for more than half […] December 1, 2023
Opinion Economy Egypt must weigh up finance woes with key role in conflict The country has a crucial part to play November 17, 2023
Finance Egypt inflation eases on lower food prices Egypt’s annual urban consumer price inflation fell to 35.8 percent in October from 38 percent in September, data from the country’s statistics agency Capmas shows. Price rises slowed to an increase of 1.2 percent last month from a two percent rise in September. Grain and bread prices dropped by 0.6 percent, while fruit prices fell […] November 13, 2023
Finance S&P lowers Egypt’s rating as funding pressures mount S&P Global Ratings has lowered Egypt’s long-term sovereign credit rating to B- from B. The downgrade is based on the recurring delays in implementing monetary and structural reforms, which are worsening imbalances in the currency market, S&P said in a statement. The agency added that Egypt’s net foreign asset position was deteriorating, with a delay […] October 23, 2023
Markets Egypt issues $500m of green panda bonds in China Egypt issued $500 million of sustainable panda bonds on the Chinese financial market on Tuesday, becoming the first country from the Middle East and North Africa to do so. The panda bonds – securities denominated in yuan but issued by non-Chinese borrowers – will be used to finance projects that support sustainable development goals, in […] October 17, 2023
Leisure & Hospitality Egypt’s tourism revenue rises 27% to $14bn Egypt’s tourism revenue reached a record high of $13.6 billion in 2022-23, climbing 26.8 percent from $10.7 billion in 2021-22, according to data released by the country’s central bank. The number of tourists surged by 35.6 percent to 13.9 million, Egypt Today newspaper reported, citing the Central Bank of Egypt. The number of nights spent […] October 9, 2023
Finance Moody’s downgrades Egypt on rising borrowing costs Moody’s Investor Service has downgraded Egypt’s credit rating to “Caa1” from “B3”, citing high inflation and rising domestic borrowing costs. The downgrade also reflects the persistence of foreign currency shortages due to increasing external debt service payments over the next two years. “An inability to arrest a further drawdown in foreign currency liquidity in the […] October 6, 2023
