Hot money syndrome: Investment in debt instruments and treasury bills resumes in Egypt
Investments in debt instruments and treasury bills have resumed in Egypt, along with a recent devaluation of the Egyptian pound and an increase in the interest rate. Last week, the Central Bank of Egypt sold Egyptian pound treasury bills to…
Civil Democratic Movement calls on the Egyptian government to release dissidents
On Friday, the Civil Democratic Movement called on the Egyptian government to quickly fulfil the opposition parties’ demands. In a statement, the movement urged the government to quickly release prisoners of conscience and peaceful dissidents and help those released to…
Egypt to get $271 million loan from the African Development Bank
On Monday, the Egyptian House of Representatives approved a food security and economic resilience loan from the African Development Bank of US$271 million. The loan aims to enhance the ability of the country’s agricultural sector to face its successive crises…
Fitch says the Egyptian pound crisis will continue during 2023
On Tuesday, Fitch published a report stating that the Egyptian pound has fallen by 16% since the beginning of the year and by 60% since last June. The US dollar exceeded 32 Egyptian pounds last week. The report expected that…
Egypt’s trade balance deficit increased to $3.58 billion last October
On Thursday, the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said that the country’s trade balance deficit increased last October by 21.1%, on an annual basis, to reach about $3.58 billion. The official statistical agency attributed the increase…
Back to hot money: Central Bank of Egypt says it sold EGP 87.1bn in T-bills
On Sunday, the Central Bank of Egypt said it sold about EGP 87.1bn in 91-day treasury bills. A source has revealed that the demand for government bills was driven by purchase requests submitted by Gulf and foreign investment funds. According…
World Bank lowers prediction for Egypt’s economic growth
The World Bank has issued the World Economic Outlook report, which lowered its forecast for the growth of the Egyptian economy. High inflation rates in Egypt contributed to the erosion of citizens’ consumption capacity, which limited growth opportunities. The country’s…
Egypt’s Sovereign Fund prepares for the public offering of five major state-owned companies
On Thursday, Asharq Business said that the Sovereign Fund of Egypt is preparing to sell government stakes in five major companies. The companies are the National Company for Productive Projects (Safi), the National Company for the Sale of Petroleum Products…
Egypt’s annual rate of core inflation rose to 24.4% in December 2022
On Tuesday, the Central Bank of Egypt issued a statement saying that the country’s annual rate of core inflation rose to 24.4% in December 2022. This is the highest inflation rate in Egypt since December 2017, when it reached 21.9%….
The US dollar exceeds a record in Egypt at 32 Egyptian pounds
On Wednesday, one US dollar exceeded 32 Egyptian pounds after the International Monetary Fund (IMF) announced Egypt’s pledges to switch to a flexible exchange rate permanently. On Tuesday, the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said that…
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