CBE
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 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.
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.
Egypt’s foreign assets only recently shifted to a surplus back in May, following two years of a deficit caused by several conditions including a large number of foreign investors pulling out from the market.
Remittances from Egyptians abroad witnessed major leaps after reforms in March 2024, doubling in Sept. 2024 to record about $2.7 billion.
Egypt’s President Abdel Fattah El Sisi met on Monday with Prime Minister, Moustafa Madbouly, and Governor of the Central Bank of Egypt (CBE), Hassan Abdallah.
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 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.
This follows its recent decision to adjust its policy for accepting bids, offering a rate of 27.7 percent. This marks a notable increase compared to last week's withdrawal of LE 992.450 billion.
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.
