CBE

IMF Staff Completes 2017 Article IV and Extended Fund Facility

Cairo - Emirates Voice

Egypt’s growth picked up during fiscal year (FY) 2016/17, with full year GDP rising by 4.2 percent compared to the projected 3.5 percent. The CBE remains committed to achieve its goal of reigning in inflation and the monetary policy framework is underpinned by a flexible exchange rate regime which has eliminated chronic foreign exchange shortages and the parallel market. ReducingRead more

CBE: banks could secure $21bn to fund foreign trade since flotation of pound

Cairo - MENA

Banks have been able to secure some 21 billion dollars to fund foreign trade operations since a decision to float the Egyptian pound was made on November 3, the Central Bank of Egypt (CBE) said Wednesday. The CBE, in a statement Wednesday, said banks operating in Egypt had been notified to inform the CBE before providing any government bodies withRead more

Egypt's foreign trade worth $21 billion since currency flotation: CBE

Cairo - Arab today

Egypt's foreign trade since early November – when the government floated the country's currency – till the end of February amounted to $21 billion, state news agency MENA reported on Wednesday, citing a central bank statement. According to MENA, the Central Bank of Egypt has told lenders based in the country to notify it before providing governmental entities with foreignRead more

Egypt's foreign reserves rise to $26.5 mln in February: CBE

Egypt - Arab today

The Central Bank of Egypt (CBE) said on Thursday that the country's foreign reserves rose to US$26,541 million by the end of February 2017. Egypt's foreign reserves rose in January to $2 billion to reach $26,363 billion compared to US$24,260 billion in December 2016. Egypt's foreign reserves registered $36 billion before a popular uprising toppled former president Hosni Mubarak inRead more

Egypt's core inflation soars to a record 30.86 pct in January 2017

Cairo - Arab Today

The Central Bank of Egypt announced on Monday that the country's core inflation soared to a record 30.86 percent in January from 25.86 percent the previous month, as consumers continue to be hit with prices upsets after the country's flotation of its currency and increase in fuel prices. According to the CBE, the monthly rate increased by 5.0 percentRead more

Egypt lowers customs dollar rate to EGP 16 until end of February

Egypt - Arab today

Egypt's Ministry of Finance set the customs dollar Wednesday evening at an exchange rate of EGP 16, effective as of Thursday, state news agency MENA reported. The new rate reflects the recent leap in the Egyptian pound's value against the greenback, which currently registers an average of EGP 16.4 compared to an average of EGP 18.5 earlier this month.Read more

Egypt central bank leaves key interest rates unchanged

Cairo - Arab Today

The Central Bank of Egypt (CBE) left its key interest rates unchanged on Thursday at a meeting of its Monetary Policy Committee (MPC), holding fire as the pound currency strengthened to its lowest rate versus the dollar since it was floated in November. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75Read more

Ashmawi supports latest economic decisions

Cairo – Hanaa Mohamed

Economic expert Magdy Ashmawi said in an interview with ArabsToday that the dollar fluctuation is a natural reaction to the flotation of pound, adding that the Central Bank of Egypt's (CBE) decision to increase interest rate on pound has affected the domestic investments. He asserted that the government needs to control markets to prevent manipulation, referring that the increase inRead more

CBE: Foreign reserves up to 24.26 bn in Dec.

Cairo - MENA

The Central Bank of Egypt (CBE) on Thursday said its foreign reserves increased by 5.2 percent to hit 24.265 billion by the end of December, compared to 23.05 billion dollars in November. Egypt's net foreign reserves have plunged more than half the volume since the 2011 revolution, which scared off tourists and investors – both considered main sources of foreignRead more

Remittances of Egyptians abroad hit $3bn in 2 months

Cairo - MENA

The Central Bank of Egypt (CBE) said on Sunday that remittances of Egyptians abroad increased by 33.2 percent in November to hit $1.7 billion compared to $1.3 billion in October. In a statement, the CBE pointed out that Egyptian expats transferred a total of 937.3 million dollars in SeptemberRead more