Latest news with #CentralBankofEgypt
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Egypt's CBE Governor Attends 2025 Afreximbank Annual Meetings
Taarek Refaat Hassan Abdullah, Governor of the Central Bank of Egypt, is taking part in the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held from June 25 to 27. The event gathers a high-profile lineup of heads of state, senior policymakers, investors, and economists from Africa, the Caribbean, and more than 80 countries worldwide. This year's theme — 'Building the Future on Decades of Resilience' — reflects the continent's ongoing efforts to transform its economic landscape through trade, innovation, and strategic partnerships. The meetings aim to accelerate intra-African trade and cross-border investment, strengthen South-South cooperation, expand public-private partnerships across critical sectors Governor Abdullah's participation underscores Egypt's commitment to regional financial integration and its growing leadership in African economic development. Among the prominent figures attending the summit: President Bola Ahmed Tinubu of Nigeria, Former President Olusegun Obasanjo Ambassador Albert Muchanga, African Union Commissioner for Economic Development, Trade, Industry, and Tourism, as well as senior ministers, central bank governors, and CEOs from across Africa and the Caribbean. The agenda features high-level policy panels and economic dialogues, including sessions led by Jeffrey Sachs, Columbia University, Kishore Mahbubani, National University of Singapore, as well as African business icons such as Aliko Dangote and Tony Elumelu Egypt's Strategic Role The governor is expected to emphasize Egypt's vision for financial inclusion, fintech innovation, and regional infrastructure financing, aligning with Afreximbank's mission to build resilient African economies. Egypt, one of the bank's founding members, continues to play a pivotal role in regional banking reform and cross-border payment systems, including the Pan-African Payment and Settlement System (PAPSS). As African economies navigate global uncertainty, rising debt burdens, and climate-related challenges, this year's Afreximbank meetings are seen as a critical forum for shaping a new financial architecture — one centered on self-reliance, digitization, and sustainable development. Egypt's presence — through Governor Hassan Abdalla — signals not only participation, but a strategic stake in shaping that future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Al-Ahram Weekly
3 days ago
- Business
- Al-Ahram Weekly
Egypt participates in Afreximbank forum in Nigeria to boost African trade ties - Economy
Central Bank of Egypt (CBE) Governor Hassan Abdullah is among 6,000 participants from over 80 countries attending the African Export-Import Bank (Afreximbank) forum, which opened its 32nd annual meetings in Abuja, Nigeria on Wednesday, focusing on trade, innovation, and South–South cooperation. The event, which runs from 25 June through 27 June, brings together central bankers, heads of state, investors, and economists, including African and Caribbean leaders. This year's meetings—held under the theme Building the Future on Decades of Resilience—come at a time of rising pressure on African economies to accelerate integration, attract investment, and deepen private sector engagement. Speakers include Nigerian President Bola Ahmed Tinubu, former President Olusegun Obasanjo, and African Union Commissioner Albert Muchanga. Also on the agenda are AfCFTA Secretary-General Wamkele Mene, business leaders Aliko Dangote and Tony Elumelu, and economists Jeffrey Sachs and Kishore Mahbubani. The meetings are expected to generate new partnerships and funding commitments across trade, infrastructure, and industrial development, particularly under the African Continental Free Trade Area. Organizers say upcoming announcements will focus on expanding cross-border payments, boosting Africa–Caribbean ties in trade and tourism, and formalizing private sector roles in shaping economic policy. Afreximbank will also elect a new president this week, ending the current leadership's 10-year tenure. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
3 days ago
- Business
- Zawya
Egypt: EGX to halt business on June 26th, July 3rd
Arab Finance: The Egyptian Exchange (EGX) will suspend trading on June 26 th and July 3 rd, in celebration of the Islamic New Year and the June 30 Revolution, according to a statement. Trading and business at both the Central Bank of Egypt (CBE) and the EGX will resume on June 29 th and July 6 th. Prime Minister Mostafa Madbouly announced the two days as official holidays for employees of ministries, government agencies, public authorities, local administration units, public sector companies, and public business sector companies. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
Egyptian expat remittances surge to $29.4bn in 10M of FY 2024/25: CBE
Remittances from Egyptians working abroad recorded a historic increase in the first 10 months of the current fiscal year (July 2024 – April 2025), soaring by 77.1% to reach approximately $29.4bn, compared to $16.6bn during the same period of the previous fiscal year, the Central Bank of Egypt (CBE) announced on Monday. The CBE noted that remittance inflows during the January–April 2025 period reached $12.4bn, reflecting a 72.3% year-on-year jump from $7.2bn recorded during the same four months of 2024. On a monthly basis, remittances in April 2025 alone rose by 39% compared to April 2024, reaching around $3bn, up from $2.2bn. Remittances are one of Egypt's most vital sources of foreign currency, alongside Suez Canal revenues, tourism, and exports. They previously peaked at $31.9bn during FY 2021/22, before declining to $22.1bn in FY 2022/23. The drop was largely attributed to the global economic fallout from the COVID-19 pandemic, which caused business closures and job losses among Egyptian expatriates, as well as pressures from the local exchange rate and the emergence of a parallel currency market, compounded by the Russia–Ukraine war. However, remittance inflows have rebounded sharply in FY 2024/25 following a package of monetary and exchange rate reforms implemented by the Central Bank in March 2024. These measures included a long-awaited currency devaluation and the unification of exchange rates, which incentivised the return of remittance flows through official channels. According to data from the Central Agency for Public Mobilisation and Statistics (CAPMAS), Egypt ranked seventh globally in terms of remittance receipts in 2024, with $22.7bn in inflows. The list was topped by India ($129.1bn), followed by Mexico ($68.2bn), China ($48bn), the Philippines ($40.2bn), Pakistan ($33.2bn), and Bangladesh ($26.6bn).
Arab News
5 days ago
- Business
- Arab News
Egypt records 77% rise in remittances over 10 months
RIYADH: Remittances from Egyptians working abroad rose by more than 77 percent in the first 10 months of the 2024-25 fiscal year, reaching a record $29.4 billion. Between January and April alone, remittance inflows rose 72.3 percent year on year to $12.4 billion, official data from Egypt's central bank showed. The sharp increase underscores growing confidence among expatriates in the country's financial system and reflects a broader improvement in Egypt's external financial position. The Central Bank of Egypt attributed the surge to recent measures aimed at stabilizing the exchange rate and encouraging the use of formal remittance channels. The impact of these policies is also evident in the rise of Egypt's net international reserves, which climbed to $48.5 billion at the end of May, up from $47.8 billion in March. In a statement, the central bank noted: 'On a monthly basis, remittances in April 2025 increased by 39 percent year on year, reaching approximately $3 billion, compared to $2.2 billion in the same month last year.' The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt's foreign currency position and helped attract more international capital. In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent. Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in April, driven largely by continued pressure on non-food prices. These inflation trends come as Egypt's broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt. In February, Moody's affirmed Egypt's 'Caa1' long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs. The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a 'Caa1' rating denotes high credit risk, the positive outlook reflects the government's efforts to control inflation and stabilize interest rates.
