Company Insights Central Bank of Egypt Banking & Finance Central Bank of Egypt News Finance UAE and Egypt sign currency swap agreement The central banks of the United Arab Emirates and Egypt have signed a bilateral swap deal in local currencies to boost trade and bolster financial stability. The agreement allows for the exchange of UAE dirhams and Egyptian pounds with a nominal amount of up to AED5 billion ($1.36 billion) and EGP42 billion, the UAE state-run […] September 29, 2023 Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023 Economy Egypt urged to devalue pound to progress IMF talks Financial analysts have called on Egypt to devalue the country’s pound to ensure progress in negotiations with the International Monetary Fund and stabilise the economy. In a call on Wednesday, Capital Economics’ Middle East and North Africa economist, James Swanston, said that a further devaluation is “simply needed”, suggesting that the Central Bank of Egypt […] September 15, 2023 Economy Egypt hikes interest rates by 1% to tackle rising inflation Egypt’s central bank increased overnight interest rates by 100 basis points, or one percent, as part of its move to control inflation. The overnight deposit and lending rates were raised to 19.25 percent and 20.25 percent respectively, the Central Bank of Egypt’s monetary policy committee (MPC) said in a statement. Additionally, the discount rate was […] August 4, 2023 Economy Egypt secures $616m loan to bolster banking reforms The Arab Monetary Fund (AMF) has extended a $615.8 million loan to Egypt to support the country’s reforms in the financial and banking sector. The program focuses on raising the efficiency of the payment systems infrastructure, improving financial inclusion and sustainability and strengthening supervisory and regulatory framework in the financial and banking sector. The AMF […] August 1, 2023 Entrepreneurs Egypt’s currency slump deters startup investors Egypt’s economic woes have led to a 70 percent decline in the number of startup funding deals in the first half of the year. The country’s currency devaluation and other ongoing economic challenges are deterring investors, industry experts said. Funding for startups across the Middle East and North Africa (Mena) fell 21 percent year-on-year to […] July 11, 2023 Banking & Finance Egypt gets IFC on board to help monetise state assets The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […] June 19, 2023 Economy Egypt asks to join Brics to lessen dependency on dollar Egypt has submitted an application to join the Brics group of large emerging market countries to develop trade ties and potentially reduce dependency on the US dollar, according to the Russian ambassador in Cairo. Brics consists of Brazil, Russia, India, China, and South Africa. “Egypt has submitted its application to join the Brics group because […] June 16, 2023 Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023 Economy Food prices drive latest hike in Egyptian inflation Egypt’s inflation hit some of the highest levels on record in March, the state statistics agency Capmas said on Monday. Year-on-year headline inflation increased to 32.7 percent while core inflation, which strips out energy and some food prices, slipped from an all-time high of 40.3 percent in February to 39.5 percent in March. The month-on-month […] April 11, 2023 Posts navigation Previous 1 … 5 6 7 8 Next
Finance UAE and Egypt sign currency swap agreement The central banks of the United Arab Emirates and Egypt have signed a bilateral swap deal in local currencies to boost trade and bolster financial stability. The agreement allows for the exchange of UAE dirhams and Egyptian pounds with a nominal amount of up to AED5 billion ($1.36 billion) and EGP42 billion, the UAE state-run […] September 29, 2023
Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023
Economy Egypt urged to devalue pound to progress IMF talks Financial analysts have called on Egypt to devalue the country’s pound to ensure progress in negotiations with the International Monetary Fund and stabilise the economy. In a call on Wednesday, Capital Economics’ Middle East and North Africa economist, James Swanston, said that a further devaluation is “simply needed”, suggesting that the Central Bank of Egypt […] September 15, 2023
Economy Egypt hikes interest rates by 1% to tackle rising inflation Egypt’s central bank increased overnight interest rates by 100 basis points, or one percent, as part of its move to control inflation. The overnight deposit and lending rates were raised to 19.25 percent and 20.25 percent respectively, the Central Bank of Egypt’s monetary policy committee (MPC) said in a statement. Additionally, the discount rate was […] August 4, 2023
Economy Egypt secures $616m loan to bolster banking reforms The Arab Monetary Fund (AMF) has extended a $615.8 million loan to Egypt to support the country’s reforms in the financial and banking sector. The program focuses on raising the efficiency of the payment systems infrastructure, improving financial inclusion and sustainability and strengthening supervisory and regulatory framework in the financial and banking sector. The AMF […] August 1, 2023
Entrepreneurs Egypt’s currency slump deters startup investors Egypt’s economic woes have led to a 70 percent decline in the number of startup funding deals in the first half of the year. The country’s currency devaluation and other ongoing economic challenges are deterring investors, industry experts said. Funding for startups across the Middle East and North Africa (Mena) fell 21 percent year-on-year to […] July 11, 2023
Banking & Finance Egypt gets IFC on board to help monetise state assets The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […] June 19, 2023
Economy Egypt asks to join Brics to lessen dependency on dollar Egypt has submitted an application to join the Brics group of large emerging market countries to develop trade ties and potentially reduce dependency on the US dollar, according to the Russian ambassador in Cairo. Brics consists of Brazil, Russia, India, China, and South Africa. “Egypt has submitted its application to join the Brics group because […] June 16, 2023
Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023
Economy Food prices drive latest hike in Egyptian inflation Egypt’s inflation hit some of the highest levels on record in March, the state statistics agency Capmas said on Monday. Year-on-year headline inflation increased to 32.7 percent while core inflation, which strips out energy and some food prices, slipped from an all-time high of 40.3 percent in February to 39.5 percent in March. The month-on-month […] April 11, 2023
