Central Bank of Egypt
October 2024 alone saw an exceptional 68.4% surge in remittances, amounting to $2.9 billion, compared to $1.7 billion in October 2023. This remarkable growth highlights the impact of recent economic reforms on financial inflows.
This progress has been driven by collaborative efforts from state entities, the establishment of supportive regulatory frameworks, and the launch of tailored financial products designed to meet citizens’ diverse needs.
According to this data, the annual core inflation rate continued its downward trend for the third consecutive month.
The initial rollout includes partnerships with three major local banks: the National Bank of Egypt, Banque Misr, and the Commercial International Bank (CIB).
The foreign currency reserves are composed of major global currencies, including the US dollar, Euro, British pound, Japanese yen, and Chinese yuan, providing a diversified financial foundation.
This step is part of ongoing efforts to promote digital transformation and reduce reliance on cash, supporting Egypt's goal of becoming a cashless society.
This initiative is part of Egypt's ongoing push toward digital transformation and reducing the reliance on physical cash, in line with the bank’s broader strategy to modernize the country’s financial infrastructure.
Egypt’s total external debt saw a significant decline, dropping by $7.7 billion in the second quarter of 2024 to $152.9 billion in June, compared to $160.6 billion in March.
This follows last week’s operation, where the CBE withdrew LE 1.135 trillion.
He also highlighted that this development is the outcome of the continuous communication and collaboration between the CBE and African central banks
The issuance includes three tranches: the first, valued at LE 5 billion, has a two-year term, and the second is worth LE 12 billion with a three-year term.
These bills, with a maturity of 364 days, are scheduled to mature on December 2, 2025, according to the bank’s website.
This comes after a withdrawal of LE 792.050 billion last week under the same mechanism.
During the meeting, the President was briefed on positive developments in the banking sector, monetary policy, and the exchange rate, as well as the Central Bank’s efforts to combat inflation.
The bank’s reserves reached LE 403.147 billion, while its capital stood at LE 21.600 billion as of October 2024.
The T-bills were offered in two installments, with the first valued at LE 45 billion with a 91-day term.
The overnight deposit rate remains at 27.25 percent, the overnight lending rate at 28.25 percent, and the rate of the main operation at 27.75 percent.
The bank expects inflation to drop to around 15% in early 2025, with month-on-month inflation returning to levels seen before 2022.
The T-bills were offered in two installments, with the first valued at LE 45 billion with a 91-day term.
Net foreign assets refer to the difference between banks’ assets owed by non-residents and their liabilities owed to non-residents.
