Latest news with #EgyptEconomy
Zawya
08-07-2025
- Business
- Zawya
Egypt's net foreign reserves up to $48.7bln in June: CBE
Arab Finance: Egypt's net international reserves (NIR) jumped to $48.700 billion at the end of June 2025, the Central Bank of Egypt (CBE) announced on July 7th. On a monthly basis, the amount is higher than the $48.526 billion registered at the end of May. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
08-07-2025
- Business
- Zawya
Egypt's M2 money supply up 23.9% year-on-year in May, central bank data shows
CAIRO: Egypt's M2 money supply rose by 23.9% year-on-year in May, central bank data showed. Money supply rose to 12.82 trillion Egyptian pounds ($258.36 billion), up from 10.34 trillion pounds in May 2024. ($1 = 49.6200 Egyptian pounds) (Reporting by Enas Alashray; Editing by Chris Reese)
Zawya
07-07-2025
- Business
- Zawya
Egypt's non-oil private sector slips in June, PMI below 50 for 4th consecutive month
Arab Finance: Egypt's headline seasonally adjusted Purchasing Managers' Index (PMI) dropped to 48.8 during June 2025 from 49.5 last May, according to the latest S&P Global PMI data. Non-oil private sector witnessed a moderate deterioration in operating conditions at the end of the first half (H1) of 2025, with the survey highlighting further demand weakness and decline in output. The new orders and output dropped further in June, sharply reducing purchasing activity in almost a year. Firms voiced limited optimism towards the year-ahead outlook, with activity expectations dropping to a historic low in June. Businesses cut their purchases for the fourth consecutive month, as output and new business volumes fell. Meanwhile, input cost pressures softened, slowing down the increase in output prices. Also, firms cut staffing for the fifth month running, though the rate of job shedding was fractional. David Owen, Senior Economist at S&P Global Market Intelligence, commented: "Although rates of contraction accelerated from the prior survey, they remained softer than their respective historic trends. Nevertheless, a faster drop in input purchases combined with stalling hiring activity suggests that firms expect demand to remain low and are thereby looking to make cost savings.' 'Overall expectations for future activity were the lowest ever recorded in June, with the respective index having hovered close to all-time lows in 2025 so far,' Owen added. He concluded: 'This downbeat sentiment reflects subdued hopes for order books, as well as concerns that geopolitical risks could cause greater economic disruption.' © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
07-07-2025
- Business
- Zawya
Egypt: HC Securities expects CBE to maintain interest rates
Arab Finance: HC Securities and Investment expects the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) to keep interest rates unchanged at its meeting on July 10 th, 2025, according to a press release. HC Securities attributed its projections to Egypt's macroeconomic developments and the geopolitical conditions. Financial analyst and economist at HC, Heba Monir, commented: 'Egypt's external position showed resilience during the turbulent regional geopolitical tensions in June.' She reflected on the FX flexibility, with the exchange rate between the USD and EGP recording EGP 49.6 by the end of June, almost unchanged compared to the previous month. Monir also mentioned that Egypt's one-year CDS declined to 301 bps from 333 bps at the beginning of the year. In June, foreign investors were net buyers in the secondary market of Egyptian treasuries by EGP 1.2 billion due to the attractive treasury yields. However, some foreign outflows caused interbank volume to surge to $800 million in mid-June due to the Israel-Iran conflict. This amount was higher than the daily average of between $150 million and $250 million. Egypt's worker remittances also surged by 77.1% year on year (YoY) during the first 10 months of fiscal year (FY) 2024/2025 to $29.4 billion, reflecting confidence in the FX liquidity in Egypt. Regarding the non-oil business, the PMI index increased to 49.5 in May from 48.5 in April, driven by the renewed growth in the manufacturing sector. 'However, we expect some inflationary pressures in July as the Egyptian Parliament approved this week some amendments to the value-added tax (VAT) Law for some businesses, including cigarettes and tobacco,' she noted. At its May 22 nd meeting, the MPC cut the benchmark overnight deposit and lending rates by 100 bps to 24% and 25%, respectively, for the second time, after it had cut policy rates by 225 bps on April 17 th. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
07-07-2025
- Business
- Zawya
Egypt's non-oil business conditions deteriorate further in June, PMI shows
Egypt's non-oil private sector experienced a further decline in business conditions in June, with contractions in output and new orders accelerating, according to the latest S&P Global Purchasing Managers' Index (PMI) data released on Sunday. The headline PMI fell to 48.8 in June from 49.5 in May, marking the fourth consecutive month below the 50.0 threshold that separates growth from contraction. This decline was driven by weaker demand and a sharp reduction in purchasing activity, which saw its steepest drop in 11 months. "June PMI data pointed to another mild decline in the health of the non-oil sector, driven by sustained decreases in incoming new orders and output volumes," said David Owen, economist at S&P Global Market Intelligence. "Overall expectations for future activity were the lowest ever recorded in June, reflecting subdued hopes for order books, as well as concerns that geopolitical risks could cause greater economic disruption." Employment in the non-oil sector also decreased for the fifth month running, though the rate of job shedding was fractional. Firms expressed limited optimism towards future output, with confidence slipping to a record low. On a positive note, input cost pressures softened, leading to a slower rise in output prices and offering some relief to businesses facing inflationary pressures. (Reporting by Reuters)
