Egypt's Annual headline urban inflation increased to 21.3% in December 2022 from 18.7% in November 2022. The Central Bank of Egypt (CBE) said that December's 2022 inflation figure continued to be impacted by supply shocks caused by the elevated (...)
The official price of the US dollar at the Central Bank of Egypt (CBE) jumped on Wednesday by EGP 2, to reach EGP 29.63 for purchase and EGP 29.76 for sale, setting a new record in the local market.
Since the start of its surge last Thursday, the (...)
The official price of the US dollar at the Central Bank of Egypt (CBE) increased by more than EGP 0.50, recording EGP 27.5538 for buying and EGP 27.6256 for selling on Monday, compared to EGP 27.0112 for buying and EGP 27.1131 for selling last (...)
The Central Bank of Egypt (CBE) has announced that the size of microfinance offered by banks and financial institutions increased to EGP 64.6bn for 4.5 million beneficiaries in June 2022, compared to EGP 6.4bn in December 2016.
In its recent (...)
The Egyptian government intends to borrow EGP 1.055trn from the local market during the third quarter (3Q) of fiscal year 2022/23, with the aim of financing the state budget deficit.
According to the government's plan, the Ministry of Finance aims (...)
The exchange price of the US dollar against the Egyptian pound jumped Wednesday by about 6.77% in banks operating locally, breaking the barrier of EGP 26 to record its highest level in the official market.
The official price of the dollar at the (...)
The Central Bank of Egypt (CBE) has revealed that the credit facilities granted to the largest 100 borrowers in the public and private business sectors amounted to about EGP 603bn in June 2022, with a growth rate of 18.8% compared to June 2021.
In (...)
Tamweely for microfinance has launched a new electronic application on smartphones which allows instant communication between the company and its customers around the clock, as part of its strategic plan for complete digital transformation, and (...)
The Egyptian government intends to borrow EGP 1.055trn from the local market during the third quarter (3Q) of fiscal year 2022/23, with the aim of financing the state budget deficit.
According to the government's plan, the Ministry of Finance aims (...)
The Central Bank of Egypt (CBE) Tuesday received 27 offers worth $1.03bn to cover one-year treasury bills (T-bills) denominated in the US dollar at $850m, due on 2 January 2024.
According to Central Bank, the bank accepted 21 of those offers with an (...)
Domestic liquidity in the banking sector increased to EGP 7.318trn in November 2022, compared to EGP 5.822trn in December 2021, an increase of EGP 1.5trn.
A recent report by the Central Bank of Egypt (CBE) revealed that the money supply recorded EGP (...)
The Central Bank of Egypt (CBE) revealed that it is studying applying Central Bank Digital Currency (CBDC).
CBE indicated that CBDCs are safe and stable, as an alternative to other types of cryptocurrencies and their risks regarding the digital (...)
The Central Bank of Egypt (CBE) will issue on Monday US dollar-denominated treasury bills (T-bills), worth $850m for a year, due on 2 January 2024.
The CBE uses the proceeds of this T-bills bid to pay the value of a previous bid submitted by the (...)
The National Bank of Egypt (NBE) announced on Wednesday that it has arranged the largest syndicated loan of its kind to Assiut National Oil Processing Company (ANOPC) to finance an oil refining project in Upper Egypt at an investment cost of (...)
The Central Bank of Egypt (CBE) said on Monday that it has monitored illegal foreign exchange trading schemes that aim to destabilize the country's monetary and financial stability, stressing that it has taken required legal measures to stop those (...)
Egypt's Ministry of Finance revealed that the outstanding balance of local treasury bills (T-bills) and bonds amounted to about EGP 4.3trn in November 2022.
According to the ministry, the outstanding balance of T-bills reached about EGP 1.732trn in (...)
The Ministry of Finance said on Monday that it had to reduce the amount of accepted purchasing offers for the two treasury bill (T-bill) tenders that were launched on Sunday, in order to avoid increasing the interest rates after the Central Bank of (...)
The Union of Arab Banks (UAB) said that the Egyptian banking sector has achieved tremendous success and impressive results over the past five years.
In a statement on Tuesday, the UAB stated that the size of the banking sector in Egypt tripled (...)
The Central Bank of Egypt (CBE) extended on Sunday its initiative to support companies operating in the tourism sector for additional three months, ending in March 2023.
The initiative, which allows companies to obtain loans with a decreasing 8% (...)
The Central Bank of Egypt (CBE) announced Sunday new incentives to support the country's digital transformation, including cashless transaction adoption, set to last from 1 January – 31 December 2023.
Under these incentives, Egyptian pound-backed (...)
Solidarity Microfinance, working in the field of financing micro-projects by women, signed a financing agreement worth EGP 90m with Al Baraka Bank Egypt, in order to support women who own micro-enterprises nationwide.
According to the agreement, the (...)
The Central Bank of Egypt (CBE) has set a new, realistic target for inflation until the end of 2026, taking into consideration current market developments locally and globally.
The CBE set Thursday night a new inflation target of 7% (±2%) until the (...)
The Assets and Liabilities Committees (ALICO) of banks will begin holding intensive meetings on Sunday to discuss the fate of interest rates on their savings vessels and loan products after the Central Bank of Egypt's (CBE) decision to raise its (...)
The Central Bank of Egypt (CBE) announced on Thursday that banks must notify customers by any means of communication that it is prohibited to misuse credit and direct debit cards, especially for customers who do not leave the country.
The bank (...)
The Central Bank of Egypt (CBE) has revealed the efforts it has taken to boost sustainable financing in the banking sector.
In an infographic the CBE issued Monday, the bank stated that these efforts included the issuance of guiding principles for (...)