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Increased demand on commodities and fuel prices behind the 3.3% month on month rise in inflation, CAPMAS says
Industrial production, debt, revenues and expenditures all saw increases
International foreign currency reserves record $17.28bn in May, down from $17.48bn in April
Report criticises labour market and education system; describes them as structural weakness
Revenue consistency prompts rise of foreign reserves for fourth consecutive month and the government’s negotiations with merchants lead to prices control, experts say
Reuters – Egypt’s foreign reserves rose to $17.414bn in March from $17.307bn in February, the Central Bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected Islamist …
Reuters – Egypt’s foreign reserves rose to around $17.42bn in March from $17.307bn in February, central bank governor Hisham Ramez said, edging further away from critical lows they hit last year. The reserves fell sharply following the uprising that ousted President Hosni Mubarak in early 2011, but have been bolstered since last summer when Gulf …
Dollar shortages have been fuelling a thriving black market.
After a steady six month decline, foreign reserves rose for the second straight month
Despite continuous fluctuations in foreign reserve levels, CBE Governor Hesham Ramez says they are “secure and constantly rising”
Auction aims to support banks and their role in domestic economy, central bank says
International foreign reserves fall for the fourth consecutive month
Reserves fall by $110m month on month
$200m drop between August and September
59% of increases for government expenditures are for subsidies and debt settlements
An Egyptian delegation from the Ministry of Petroleum and Mineral Resources presented to an Emirati delegation that visited Egypt earlier this month a list of requests, set to include fuel products worth $500mn.
Central Bank Governor Hisham Ramez said that $2bn of Saudi Arabia’s $5bn in aid is expected to arrive shortly in the form of an interest-free deposit at the bank.
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
The global rating firm could further downgrade Egypt’s credit rating, as outlook is already negative
Rising summertime prices and devaluing currency drive ongoing inflation
Egypt may be bumped from “emerging market” to “frontier market” on lack of liquid investments
Experts express concerns over Egypt’s alarming internal debt
Egypt’s currency continues to devalue despite attempts by Central Bank to slow the decline with foreign currency auctions
The low level of reserves is making it harder for the Central Bank of Egypt to manage the exchange rate, Standard Chartered’s report concluded
Egypt has cut back on a total of nine million barrels of imported oil for the second quarter of the year, without any official explanation
The governor of the Central Bank of Egypt (CBE) Farouk Al-Oqda denied tendering his resignation after attending the cabinet’s economic committee meeting Sunday. Rumours concerning the resignation of Al-Oqda spread after President Morsy’s meeting with Hisham Ramez, deputy governor of the CBE. State TV reported Saturday that Al-Oqda resigned and that he will be replaced …
By Tamim Elyan /Reuters CAIRO: Egypt’s foreign reserves are expected to fall by more than $5 billion to $10.4 billion by the end of June, a newspaper quoted a top army finance official on Wednesday as saying, a sign the government plans to continue defending the currency until then. The political and economic turmoil since Hosni …
By Reuters CAIRO: Commercial International Bank and other financials lifted Egypt’s main index to a 1 percent gain, a day after the central bank cut its reserve requirement on local currency deposits, traders said. The central bank said on Tuesday the requirement would be lowered to 12 percent from 14 percent, in a move aimed …
By Patrick Werr / Reuters CAIRO: Egypt’s central bank cut its reserve requirement on local currency deposits to 12 percent from 14 percent on Tuesday, in a move to provide banks with more cash to lend to the government and business. The government has increased its borrowing to finance a burgeoning budget deficit since last year’s …
By Patrick Werr / Reuters CAIRO: A decline in Egypt’s net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country’s currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four months. They now …