Browsing: Central Bank of Egypt

The CBE also announced in a statement that it will begin a process of phasing out Letters of credit (LCs) for import finance by December 2022.

Egyptian Prime Minister Mostafa Madbouly announced an exceptional bonus to public employees and pensioners of the state administrative apparatus and state-affiliated companies at a value of EGP 300 to meet the cost of living. The government also froze household electricity prices through June 2023.

The National bank of Egypt (NBE) issued new three-year-maturity saving certificates with an annual yield of 17.25 per cent.

Banque Misr also has raised the annual yield of the three-year saving certificates to 17.25 per cent.…

Egypt’s annual urban consumer inflation rose to 7.2 per cent in January from 7.1 per cent in December, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said.

From December, it announced that month on month urban headline inflation stood at 0.7 per cent adding that Inflation remains within Egypt’s Central Bank of a target range of 9 per cent, plus or minus 3 percentage points.

The CBE announced that Egypt’s core inflation increased to 2.7% in January from 2.4% in December. Consumer prices decreased to 0.2% in December after decreasing to 0.3% in November.

Also Read: Ethiopia, Egypt, and Sudan set for Blue Nile dam agreement this January

Since August in December 2019, Egypt’s annual consumer price inflation rate recorded its highest rate rising to 7.1 per cent from 3.6 per cent in November.

According to Trading Economics data, prices rebounded for food & non-alcoholic beverages decreased to 1.8 …

Egypt’s foreign trade in the fiscal year (FY) 2018/19 reached $95.024billion from $88.93billion in year 2017/18, an increase of $6.094 billion according to the Central Bank of Egypt (CBE).

According to a report by the Central Bank of Egypt, the country’s imports reached about $66.53 billion against $35.560billion, while its exports reached $28.495billion against $16.347billion, in the same period.

According to the CBE report, 14 countries accounted for 62.3% of Egypt’s foreign trade, with the value of trade exchange between Egypt and those countries amounting to $59.245billion.

The bank pointed out that Egyptian exports to these countries reached $17.091billion which is equivalent to 60% of total exports. Its imports from these 14 countries reached $42.153billion, which is about 63.4% of total imports between July 2018 and June 2019.

China was Egypt’s largest trade partner with a $6.505billion trade exchange, including $6.012billion worth imports and $493.2m worth exports. The United States…