Central Bank
The narrowing of the deficit reflects the surge in foreign currency reserves after the fresh inflows for FX from the Ras El Hekma deal and the depreciation of the Egyptian pound
BMI – A Fitch Solutions Company highlighted that with inflation potentially easing to below 25% on a yearly basis in February.
Local currency deposits climbed by 15.1 percent, foreign currency deposits surged by 77.9 percent, and foreign currency deposits amounted to 21.01 percent of total bank deposits in August 2023.
The agreement allows both parties to exchange local currencies up to a nominal value of 5 billion Emirati dirhams and LE 42 billion.
Abdullah explained that the central bank has been analyzing various models to understand the drivers behind inflation numbers.
The National Bank of Egypt and Banque Misr announced Sunday two savings certificates of three years, reflecting the positive outlook on lower interest rates in the upcoming period.
While the Central Bank leaves prices setting according to the mechanisms of supply and demand, without any intervention to support the value of the local currency.
The famed banker had resigned from his position as the CEO of CIB in October 2020.
Application began on August 15 and will last until September 9.
What is the purpose of this law?
The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Thursday to cut the overnight deposit rate, overnight lending rate, and the rate of the main operation by 50 basis points to 8.75 percent, 9.75 percent, and 9.25 percent, respectively.
The Egyptian Central Bank said on Tuesday that The Egyptian expats’ remittance increased 9.4 percent at $2.6 bn during July.
The crises have always been a proof of the resilience of states and institutions in the face of challenges, topped by devising plans to overcome any future headwinds.
Prime Minister Moustafa Madbouli issued a decree on Friday to amend article no. 3371 of 2016 in order to re-organize the economic ministerial committee.
That rebound coincides with improved economic data and signals from major central banks that they are on pause for now.
US President Donald Trump on Friday said he has ordered sanctions on Iran’s central bank at "the highest level," CNBC reported.
Venezuela's most successful financial operations in recent years have not taken place on Wall Street, but in primitive gold-mining camps in the nation's southern reaches.
The timing of the European Central Bank’s first post-crisis rate hike hinges on whether the euro zone’s current slowdown is a blip or a more protracted downturn.
U.S. President Donald Trump has discussed firing Federal Reserve Chairman Jerome Powell, Bloomberg reported on Saturday, citing sources.
Egypt’s central bank sold 695.10 million euros in one-year euro-denominated treasury bills on Monday at an average yield of 1.75 percent, data from the bank showed.
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