CBE
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.
The CBE revealed that the monthly core Consumer Price Index (CPI) in Egypt recorded 1.3 percent in October 2024 compared with 1.8 percent in October 2023 and 1.0 percent in September 2024.
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.
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
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