Central Bank of Egypt
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.
Abdalla highlighted the Central Bank's support for banks in expanding to new markets and attracting investments in both local and foreign currencies.
Additionally, remittances for the period from July to August 2024 increased by 76.2 percent, reaching around $5.6 billion, compared to approximately $3.2 billion during the same period last year.
The T-bills were offered in two installments, with the first valued at LE 35 billion with a 182-day term.
These foreign reserves are backed by a basket of major currencies: the US dollar, Euro, British pound, Japanese yen, and Chinese yuan.
The Central Bank of Egypt (CBE) has reportedly directed banks, for the first time in two months, to allocate dollars for letters of credit (LC) related to the importing of non-essential goods requiring pre-approval.
Since shifting from a deficit in May, breaking a red streak that lasted since February 2022, September’s numbers mark the fifth consecutive month of surplus for the banking sector.
During the meetings, Kouchouk emphasized the potential of the BRICS group to significantly reshape the global economic landscape in favor of emerging and developing countries.
Annually, core inflation dropped slightly to 25.0 percent in September 2024, compared to 25.1% in August 2024.
The debt stood at LE 12.52 trillion at the end of June, down from LE 12.78 trillion recorded in March 2024.
The CBE said that the offering is expected to take place before the end of the first quarter of 2025.
The forum sought to strengthen the banking sector’s capabilities in line with international best practices, playing a crucial role in safeguarding and maintaining financial and monetary stability.
Following the $35 billion Ras El Hikma deal earlier in the year, Egypt's net foreign reserves escalated by $11.2 billion over the last 5 months, providing the central bank with a substantial cushion for floating the pound.
Egypt’s NFAs climbed into the positive back in May, which marked the first time the country’s NFAs were in the green since 2022
The financial recovery can be partly attributed to a decree issued by Prime Minister Mostafa Madbouly in November 2022
In line with Egypt's Vision 2030, the CBE implemented several initiatives and incentives to encourage unbanked citizens to join the banking system
During this period, investments flowing into Egypt surpassed those exiting, resulting in a net inflow of $14.6 billion.
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