
Egypt's foreign reserves reach $48.7 billion by June
The Central Bank of Egypt announced that the net international reserve rose to $48.7 billion by the end of June 2025 up from $84.562 billion in May an increase of $174 million this marks the latest step in a steady upward trend that has seen Egypt's reserves strengthen over recent months.
In May 2025, the CBE had previously reported an increase in foreign currency reserves to $48.526 billion, compared to $48.144 billion recorded in April. The reserves also grew in April, reaching $48.144 billion, up from $47.757 billion at the end of March 2025, reflecting ongoing resilience in Egypt's external position.
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Daily News Egypt
3 hours ago
- Daily News Egypt
Egypt's banking sector net foreign assets rise to $14.94bn in June 2025
The Central Bank of Egypt (CBE) announced that net foreign assets held by the country's banking sector—including both the CBE and commercial banks—increased to $14.941bn (EGP 741.813bn) in June 2025, compared to $14.710bn (EGP 732.556bn) in May. According to CBE data, total foreign assets in the banking sector reached EGP 4.147trn in June, rising from EGP 4.111trn in May. Meanwhile, total foreign liabilities increased to EGP 3.405trn, up from EGP 3.379trn in the same period. In a separate update, the CBE reported that total local liquidity within the banking sector grew to EGP 13.072trn in June 2025, up from EGP 12.821trn in May. The money supply (M1) rose to EGP 3.387trn, compared to EGP 3.285trn in May. Currency in circulation outside the banking system increased to EGP 1.381trn, from EGP 1.355trn. The report also highlighted an increase in non-government deposits in local currency, which reached EGP 8.6trn in June, compared to EGP 8.432trn a month earlier—an increase of around EGP 167.76bn. Within this category, demand deposits in local currency rose to EGP 2.006trn, up from EGP 1.930trn. Public sector businesses held EGP 91.387bn, the private sector EGP 1.094trn, and households EGP 820.136bn. Time deposits and saving certificates in local currency reached EGP 6.593trn, up from EGP 6.502trn. Of this, public sector businesses held EGP 76.504bn, the private sector EGP 340.062bn, and households EGP 6.177trn. Total non-government deposits in foreign currency also recorded growth, rising to the equivalent of EGP 3.091trn in June 2025, from EGP 3.033trn in May. Demand deposits in foreign currency increased to EGP 750.804bn, compared to EGP 734.728bn a month earlier. Public sector businesses accounted for EGP 42.532bn, the private sector for EGP 481.634bn, and households for EGP 211.496bn. Time deposits and saving certificates in foreign currency rose to EGP 2.341trn, up from EGP 2.299trn in May. Within this amount, public sector businesses held EGP 149.9bn, the private sector EGP 527.978bn, and households EGP 1.663trn.


Daily News Egypt
3 hours ago
- Daily News Egypt
Eight days left to benefit from tax relief, warns ETA
The Egyptian Tax Authority (ETA) has reminded taxpayers that only eight days remain to take advantage of the tax relief measures introduced under Law No. 5 of 2025, issued on 12 February as part of the government's first package of tax facilities. In a statement on Monday, the Authority explained that the law offers several incentives to taxpayers. These include settling disputes relating to tax periods before 1 January 2020; filing for assessment and paying due taxes on real estate disposals or transactions involving unlisted securities conducted in the five years preceding the law's enactment; and submitting original or amended tax returns for income tax covering 2020 to 2023, as well as value-added tax from 2020 to 2024. The ETA emphasised that these measures reflect the shared vision of the Ministry of Finance and the Authority to resolve outstanding disputes, alleviate taxpayers' burdens, and encourage voluntary compliance—ultimately opening a new phase based on partnership, certainty, and mutual trust. This approach is also designed to help integrate the informal economy into the formal system and contribute to achieving national development goals. The Authority further clarified that applications for the Integrated Tax System for Small and Micro Enterprises—with annual revenues below EGP 20m under Law No. 6 of 2025—can be submitted at any time, via the Authority's official website. However, to benefit from the tax amnesty on liabilities for periods prior to enrolment, taxpayers must register by 12 August. To support taxpayers, the Authority said it continues to raise awareness about the relief package and to offer free technical assistance. This includes on-site support teams at tax offices and centres, as well as daily online seminars, details of which are posted on the Authority's official Facebook page. Explanatory videos are also available on the Authority's website and YouTube channel, alongside a detailed guide to the tax facilities.


See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Over 10,000 European Hotels Launch Legal Action Against Booking.com
Israa Farhan More than 10,000 hotels across Europe have joined a class action lawsuit against seeking compensation for financial losses allegedly caused by the platform's long-standing use of restrictive pricing policies. The suit, coordinated by the Hotel Claims Alliance and supported by HOTREC, the umbrella association representing hotels, restaurants, and cafés across the EU, aims to recover damages incurred between 2004 and 2024. Central to the claim are the so-called "best-price" clauses that prevented hotels from offering lower prices on their websites or other booking platforms. Thirty national hotel associations, including Germany's IHA, are backing the initiative. The lawsuit is to be filed in Amsterdam, where is headquartered. It references a ruling by the European Court of Justice on September 19, 2024, which found such clauses to be anti-competitive and unlawful under EU regulations. The platform officially discontinued the practice in 2024 following the enforcement of the EU Digital Markets Act. HOTREC President Alexandros Vassilikos stated that European hoteliers have endured years of unfair commercial conditions, calling the lawsuit a united stand against digital market abuses. Due to overwhelming interest, the deadline to join the lawsuit has been extended until August 29. In response, stated it has not received formal notification of legal proceedings and described HOTREC's announcement as a public statement rather than an active class action. The company maintains that all partner accommodations are free to determine their own pricing and distribution strategies. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results