Latest news with #CentralBankOfEgypt
Zawya
6 days ago
- Business
- Zawya
Remittances from Egyptians abroad hit $32.8bln in 11 month
Arab Finance: Remittances from Egyptians working abroad amounted to around $32.8 billion during the period from July 2024 to May 2025, an annual leap of 69.6% from $19.4 billion, as per a statement from the Central Bank of Egypt (CBE). In the first five months of 2025, remittances jumped by 59% year-on-year (YoY) to approximately $15.8 billion, compared to $9.9 billion. In May 2025, remittances increased by 24.2% YoY to nearly $3.4 billion, versus $2.7 billion. The CBE previously announced that remittances from Egyptians working abroad jumped by 77.1% YoY during the first 10 months of fiscal year (FY) 2024/2025, recording $29.4 billion from $16.6 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
17-07-2025
- Business
- Zawya
Egypt: IMF expects limited EGP/USD fluctuation, closed official-parallel markets gap
Arab Finance: The Egyptian pound (EGP) to US dollar rate is expected to fluctuate within a limited range, with gaps between the official and parallel markets to remain closed, the International Monetary Fund (IMF) indicated in its latest report. Despite the increase in FX inflows due to the Ras El-Hekma deal, the IMF highlighted that high inflation differentials and widening current account deficit will likely keep generating depreciation pressures. The fund highlighted that the Central Bank of Egypt (CBE) applied a flexible exchange rate regime in March 2024, which continued to yield positive results. The CBE's policy closed the gap between the official exchange rate and the parallel market and eliminated the backlogs of unmet import demands, which boosted trading in the interbank market. The IMF noted that continuous vigilance will be necessary to ensure that this reform is consolidated further over time so that economic agents perceive the exchange rate as truly flexible. Moreover, the report underlined that the CBE did not intervene since the unification to influence the rate, except for select episodes of purchases for reserve accumulation under the program. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
bnok24
10-07-2025
- Business
- bnok24
MPC decides to maintain key policy rates
Central Bank of Egypt The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) has decided today to maintain the CBE's overnight deposit rate, overnight lending rate, and the rate of the main operation at 24.00 percent, 25.00 percent, and 24.50 percent, respectively. The Committee also decided to keep the discount rate unchanged at 24.50 percent. This decision reflects the most recent outlook and assessment of economic conditions since the previous MPC meeting. Globally, growth forecasts have softened since the beginning of the year primarily due to persistent uncertainty in global trade policies and the resurgence of geopolitical tensions. In response, central banks in both advanced and emerging market economies have adopted a cautious stance on monetary policy, reflecting the prevailing uncertainties surrounding inflation and economic growth. In terms of global commodity prices, oil prices have recently shown significant volatility, largely influenced by supply-side dynamics and expectations of weakening global demand. Meanwhile, the prices of key agricultural commodities have witnessed a slight decline, supported by favorable seasonal trends. Nevertheless, upside risks to inflation remain elevated, driven by heightened geopolitical tensions, the possibility of further disruptions in global trade policies, and shocks related to climate change Domestically, the CBE nowcast for Q2 2025 signals a sustained recovery in economic activity, which is projected to remain close to the 4.8 percent annual figure recorded in Q1 2025 compared to 2.4 percent in Q2 2024. As such, the estimated output gap is gradually narrowing, albeit still marginally negative, with the economic activity expected to reach potential by end of FY 2025/26. Accordingly, demand-side inflationary pressures are expected to remain subdued, supported by the current monetary stance Annual headline inflation declined during Q2 2025 to 15.3 percent compared to 16.5 percent in Q1 2025, continuing the general downward trajectory. This can be attributed to broadly stable monthly dynamics, a sufficiently tight monetary stance, and subsiding shocks. In particular, both annual headline and core inflation in June 2025 declined to 14.9 percent and 11.4 percent, respectively. The improvement is mainly driven by deflationary monthly dynamics, with headline and core inflation recording negative 0.1 percent and negative 0.2 percent, respectively—primarily explained by declining food prices and broadly stable non-food inflation The recent favorable dynamics in both headline and core inflation have contributed to the improvement of inflation expectations. Therefore, annual headline inflation is expected to stabilize around current levels during the remainder of 2025, before steadily declining in 2026, subject to the stickiness of non-food inflation and the pass-through of fiscal consolidation measures (e.g., administered price changes) to domestic prices. However, a wait-and-see approach is required before proceeding further with the monetary easing cycle, especially that this approach would allow for time to gauge the possible effects of recently announced legislative amendments, such as value-added tax reforms In view of the above, the MPC judges that maintaining policy rates at their current level is appropriate to support the disinflation path. The Committee will continue to evaluate its decisions regarding the magnitude and pace of policy adjustment on a meeting-by-meeting basis. These decisions will continue to be a function of the forecast trajectory, and proactively responsive to incoming data and shifts in the balance of risks. The MPC will closely monitor economic and financial developments, and will not hesitate to utilize all tools at its disposal to achieve its price stability mandate, steering inflation towards its target of 7 percent (± 2 percentage points), on average, in Q4 2026 Google News تابعونا على تابعونا على تطبيق نبض
Zawya
09-07-2025
- Business
- Zawya
Egyptian authorities race to contain fallout from fatal telecom fire
Egyptian authorities on Tuesday raced to contain the fallout from a fatal fire at a key Cairo telecommunications hub, suspending the stock market, doubling cash withdrawal limits, and working to reroute disrupted internet and phone services. The response came after a blaze late on Monday at the Ramses Central building killed four workers and injured at least 22 others, triggering a nationwide disruption of critical services. Minister of Communications and Information Technology Amr Talaat said on Tuesday that all telecommunication services would be gradually restored within 24 hours by redirecting traffic through alternative exchanges. 'The Ramses Central will remain out of service for several days,' Talaat said, adding that affected users would be compensated. He stressed that emergency services and other essential systems were operating normally in most areas. To mitigate the economic impact, the Central Bank of Egypt (CBE) took proactive measures, temporarily raising the daily cash withdrawal limit for individuals and companies to EGP 500,000 ($10,400) from EGP 250,000 to facilitate transactions amid the disruption. The Egyptian Exchange (EGX) suspended all trading for the day, calling it a necessary step to 'uphold market integrity and investor confidence' after technical and operational challenges made it impossible to ensure fair and orderly trading. Other government bodies also moved to ensure the continuity of essential services. The Ministry of Supply and Internal Trade confirmed that the distribution of subsidised bread was proceeding without interruption. Minister Sherif Farouk explained that the system's resilience was due to dispensing machines being equipped with multiple SIM cards, allowing them to switch between mobile networks. At Cairo International Airport, the Ministry of Civil Aviation announced that operations had returned to normal after initial disruptions. It said alternative solutions were implemented to restore the operating system across all terminals, allowing affected flights to take off. State-owned operator Telecom Egypt, which runs the Ramses exchange, issued a statement mourning the four employees who died in the blaze, calling them 'martyrs of duty.' 'With heavy hearts, Telecom Egypt mourns the heroes who demonstrated the highest levels of dedication and sacrifice, remaining at their posts until the final moments to protect telecom infrastructure and serve the nation,' the statement read. The victims died from smoke inhalation after being trapped inside the building, authorities said. As of Tuesday evening, civil defence teams were still conducting cooling operations at the site while an investigation into the cause of the fire got underway. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
08-07-2025
- Business
- Zawya
Net foreign assets of Egypt's banking system hit $14.7bln in May
Arab Finance: Net foreign assets (NFAs) of the Egyptian banking system increased by $1.2 billion to $14.7 billion at the end of May 2025, according to a statement. This is compared to $13.6 billion in April 2025. It is worth noting that Egypt's banking system includes the Central Bank of Egypt (CBE) and commercial banks. NFAs of commercial banks only rose by $3.2 billion in May, standing at $4.8 billion. This surge marks the highest level since February 2021. In April, commerical banks' NFAs hit $1.6 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
