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Egypt current account deficit narrows to $3.8bn

Egypt’s current account deficit narrowed to $3.8 billion in the October-December quarter from $4.85 billion in the same period a year earlier, boosted by a jump in tourism, the central bank said in balance of payments figures released on Thursday. The figures also showed a sharp outflow of portfolio investment, which shrank to a deficit […]

Sub-Saharan Africa’s growth to slow to 3.6% this year

Sub-Saharan Africa’s economy is set to grow 3.6% this year, down from 4% in 2021, the World Bank said on Wednesday, as it warned rising food and energy prices fuelled by Russia’s war in Ukraine could spark civil unrest in the region. While it upgraded the forecast for this year by 0.1 percentage points and […]

Egypt’s foreign reserves drop by $4bn on Ukraine war shock

The March reserves figure should have included a $5 billion deposit that Saudi Arabia said it placed with Egypt’s central bank just before the end of March, indicating that the scope of the strain on reserves had been even greater. The pressure on the currency prompted the central bank to devalue the pound by 14 […]

Egypt plans to issue first sovereign sukuk

Egypt plans to issue its first sovereign sukuk before the end of the current fiscal year ending in June, Finance Minister Mohamed Maiit said in a statement onSaturday. Maait also said that Egypt plans to tap the Japanese market by offering new issues in the future. Last month, Egypt issued 60 billion yen ($489.84 million) […]

Saudi Arabia deposits $5bn in Egypt’s central bank

Saudi Arabia has deposited $5 billion in Egypt’s central bank, the Saudi state news agency reported on Wednesday, and the kingdom is expected to invest further as the Ukraine war adds to the pressure on the Egyptian economy. Last week Egypt said it was in talks with the International Monetary Fund for potential funds and […]