CBE
Annually, core inflation dropped slightly to 25.0 percent in September 2024, compared to 25.1% in August 2024.
According to the Central Bank of Egypt’s (CBE) latest release on the country’s Balance of Payments (BoP), Egypt recorded a $9.7 billion surplus in the fiscal year 2023/2024, while the current account deficit expanded, registering at $20.8 billion
The largest surge of inflows, approximately $40.5 billion, was recorded in the second half of the fiscal year, mainly due to the execution of the Ras El Hekma agreement valued at $35 billion
In its latest report on the country’s Balance of Payments (BoP), the Central Bank of Egypt (CBE) highlighted that the overall surplus was largely driven by a substantial performance in the second half of FY2023/2024, where it soared to $10.1 billion
The Governor of the BCT noted that this agreement is a new step towards enhancing the mutual ties of banking institutions and demonstrates shared commitment to developing the financial sector in both countries.
The debt stood at LE 12.52 trillion at the end of June, down from LE 12.78 trillion recorded in March 2024.
El-Kady revealed that the bank will be meeting with potential investors in the Gulf, Europe, and the USA to offer its shares, sharing that the bank could sell a maximum stake of 49 percent
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
During the meeting, the President was briefed on both the Egyptian and global economic indicators, the performance of the banking sector, and the country's monetary policies.
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.
The Central Bank's foreign assets have shifted into surplus territory for the first time since March 2022, marking the end of a prolonged deficit phase.
Annual core inflation also slowed to 24.4 percent in July, down from 26.6 percent in June, marking its lowest level since December 2022 and the fifth consecutive month of decline
The country’s GDP was recorded at LE 2.14 trillion, up from LE 2.09 trillion in FY2022/2023, according to the report
By the end of September 2023, the total had reached 36.7 million, with 96.2 million transactions amounting to LE 11.64 billion, as explained in the CBE’s economic review for FY2023/2024
Following reforms enacted on March 6, 2024, remittances more than doubled from their previous levels, hitting around $1.3 billion in February 2024.
Foreign currency reserves dipped slightly from $36.9 billion in June to $36.3 billion last month.