Latest news with #CentralBankofEgypt
Daily News Egypt
5 hours ago
- Business
- Daily News Egypt
CBE governor hosts Nigerian counterpart, showcases new banknote production facility
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), hosted Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and his delegation for a series of strategic discussions aimed at expanding bilateral cooperation between the two central banks. The meeting, which took place at the CBE's headquarters, focused on enhancing collaboration in key areas of banking and finance. Following the discussions, Abdalla escorted Cardoso on a tour of the New Administrative Capital's Printing House, where the Nigerian delegation was introduced to the full process of banknote production—from design to final delivery. The tour showcased the facility's advanced technology, anti-counterfeiting security measures, and quality control protocols, ensuring precision at every stage of banknote production. In addition to the tour, the visit provided an opportunity for the CBE and CBN delegations to exchange technical expertise on a variety of subjects. The Egyptian side shared insights into its progress in fields such as Supervisory Regulations, Basel Frameworks, Monetary Policy, and Macroprudential Policy, in addition to its work in IT, FinTech, cybersecurity, and data science. The meeting also included a session with the Egyptian Banking Institute (EBI), the CBE's training arm, to explore its capacity-building programs for banking sector professionals. On the occasion, Abdalla reaffirmed Egypt's commitment to strengthening relations with African countries and praised Nigeria's growing role in regional economic and financial affairs. He also congratulated Cardoso on Nigeria's successful hosting of the African Export-Import Bank (Afreximbank) meetings the previous month, thanking Nigeria for its hospitality. In his remarks, Olayemi Cardoso highlighted the importance of the visit as an opportunity to deepen financial cooperation between Egypt and Nigeria. He expressed admiration for the Printing House's advanced technologies and robust security measures, noting that the CBN looks forward to leveraging Egypt's expertise in the banking sector. This visit follows Abdalla's official trip to Nigeria at the end of last month, where he participated in the 32nd Annual Meetings of Afreximbank under the theme 'Building the Future on Decades of Resilience,' attended by African leaders and heads of state.
Daily News Egypt
5 hours ago
- Business
- Daily News Egypt
Finance Ministry plans EGP 670bn in T-bill, bond issuances for August
The Ministry of Finance has announced plans to issue a total of 32 tenders for treasury bills and bonds, amounting to EGP 670bn in August. Of this, EGP 580bn will be allocated to treasury bills, while EGP 90bn will be dedicated to bonds. This issuance is part of the government's broader strategy to raise EGP 2.358tn in local debt instruments during the first quarter (Q1) of fiscal year 2025/2026. The funds will be used primarily to repay maturing debt and address the state's budget deficit. The Central Bank of Egypt (CBE), which handles these debt issuances on behalf of the government, will offer four 91-day treasury bill tenders totaling EGP 90bn. Additionally, there will be four 182-day bills worth EGP 150bn, four 273-day bills valued at EGP 150bn, and four 364-day bills amounting to EGP 190bn. For bonds, the offerings will include four two-year bonds with a total value of EGP 24bn, four three-year bonds amounting to EGP 50bn, and two three-year floating-rate bonds worth EGP 10bn. There will also be four five-year bonds totaling EGP 3bn, along with two more five-year floating-rate bonds, each worth EGP 3bn. Egypt's banks, which remain the largest investors in these debt instruments, are expected to purchase the majority of the offerings through the Primary Dealers system. These banks will then resell portions of the debt on the secondary market to both local and foreign investors, further broadening the reach of the issuances. This upcoming wave of treasury bill and bond tenders plays a crucial role in the government's ongoing efforts to manage its public debt and meet its fiscal obligations.
Mada
6 hours ago
- Business
- Mada
Hot money inflows boost Egyptian pound against the dollar
The Egyptian pound has appreciated against the United States dollar over recent days, reaching its highest exchange value since the beginning of the year at LE48.7 on Tuesday, according to the Central Bank of Egypt. Two informed sources told Mada Masr that the rebound was driven by a renewed influx of foreign investment in government debt instruments such as treasury bills and bonds. The pound has appreciated by 2.5 percent in July, retreating from a June peak at over LE50. In parallel, foreign inflows to government debt instruments reached between US$1 billion and $1.2 billion over the past three weeks, according to financial analyst Saad Ali of an investment firm, as well as estimates from an informed government source and a second financial analyst, both of whom spoke on condition of anonymity. Foreign holdings in debt instruments totaled $46 billion in mid-June, according to data reviewed by Ali and the government source. All three sources noted that hot money inflows significantly rebounded after an investor exit from the market during the exchange of fire between Israel and Iran in June. Levels now exceed those recorded just before the outbreak of the 12-day war, they said. Investor appetite for government debt is being driven by two main factors. The first is high returns, with six-month treasury bills offering yields of up to 27.7 percent at the start of this week. Investors are confident that yields will remain high as the central bank is not expected to cut interest rates rapidly, as inflation picks back up fueled by rising energy and transportation costs, according to Ali and the other financial analyst. Additional price hikes are also expected as the government proceeds with its fuel subsidy reform plan, part of its agreement with the International Monetary Fund — a step that could extend the current inflationary trend. Inflation has picked up markedly over the past four months, following a four-month slowdown. May stood out in particular, with rates registering the sharpest monthly increase in eight months, largely driven by rising energy prices, before somewhat slowing in June. Also stimulating foreign investment in Egypt is the global decline of the US dollar, which has fallen to its lowest level since the 1970s against major currencies, and is expected to continue the decline. In just the first half of this year, the dollar dropped by around 11 percent, according to the DXY Index. This decline has been driven by the policies of US President Donald Trump, which have raised concerns over the independence of the Federal Reserve and pushed for steep interest rate cuts, prompting investors to shift toward emerging markets or gold, Ali and the financial analyst said. The financial analyst stressed that the pound's appreciation does not necessarily reflect an improvement in Egypt's economic performance. The balance of payments continues to suffer a significant deficit, amounting to $40 billion, as does the gap between Egypt's dollar-denominated obligations and its foreign currency revenues. In fact, both analysts agreed that the renewed hot money inflows will once again leave the economy fragile. 'Hot money is a ticking time bomb,' the financial analyst said. Egypt was thrown into economic turmoil in the first quarter of 2022 following the outbreak of the Russia-Ukraine war, when investors withdrew around $22 billion from its sovereign debt market over the first months of the year, triggering a two-year liquidity crisis. During that period, the exchange rate surged from around LE15 to LE50 to the dollar, with the central bank implementing four successive devaluations and ushering in a wave of rapid inflation. Former Finance Minister Mohamed Maiet acknowledged the mistake of repeatedly relying on hot money at the time, staking out a direction to reduce the state's dependence on the debt market as a liquidity source — a shift that has yet to materialize.
Zawya
2 days ago
- Business
- Zawya
Central Bank of Egypt offers debt instruments on Monday
Cairo – The Central Bank of Egypt (CBE) issued treasury bills (T-bills) with a total value of EGP 67 billion through two tranches on Monday, 28 July. The first auction was valued at EGP 27 billion and will mature in 91 days on 28 October 2025, according to official data. Holding a tenor of 273 days until 28 April 2026, the second offering stood at EGP 40 billion. The CEB auctioned fixed treasury bonds (T-bonds) at an aggregated value of EGP 10.50 billion through two issues. The first offering carries a three-year maturity period until 1 July 2028, while the second offering will mature in five years on 8 July 2030. The first and second issues were valued at EGP 10 billion and EGP 500 million, respectively. Earlier this week, the CBE unveiled T-bills and T-bonds at a combined value of EGP 88.50 billion. All Rights Reserved - Mubasher Info © 2005 - 2025 Provided by SyndiGate Media Inc. (
Tahya Masr
6 days ago
- Business
- Tahya Masr
Crédit Agricole Egypt and Infinity Join Forces to Accelerate Transition to Solar Energy
Crédit Agricole Egypt has entered into a partnership with Infinity to accelerate the transition to solar energy for individuals by making clean energy solutions more accessible and affordable. The signing ceremony was attended by Mr. Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt, and Mr. Ashraf El Bishry, General Manager of Infinity, along with senior representatives from both entities. Through this partnership, Infinity's customers will have access to Crédit Agricole Egypt's solar loan—a tailored financing solution offering preferential interest rates and repayment terms up to seven years. The loan enables individuals to invest in a range of solar products —including solar home solutions for residential clients — effectively reducing financial barriers and encouraging the adoption of sustainable energy systems. This agreement aims to raise awareness about the environmental and economic benefits of solar energy, empowering individuals to make more eco-conscious decisions and contribute to a greener future. It also aligns with Egypt's Vision 2030 and the Central Bank of Egypt's sustainable finance principles, reinforcing broader efforts to embed ESG principles into financial practices, diversify the energy mix, and reduce carbon emissions. Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt said: 'At Crédit Agricole, sustainability is central to our mission, and we are committed to carbon neutrality by 2050 for both our own operations & financed emissions. Through this partnership, CAE continues to reflect its customer-centric approach by offering accessible green financing solutions tailored to meet our customers' evolving needs. By combining our financial expertise with Infinity's leadership in solar energy technology, we are expanding our impact, and advancing our long-term commitment to the energy transition.' Nevine Shokry, Head of proximity Banking of Crédit Agricole Egypt added: 'At Crédit Agricole Egypt, our green finance solutions reflect our commitment to helping customers take meaningful steps towards sustainability. This collaboration with Infinity embodies our shared belief that real success lies in empowering individuals, supporting communities, and protecting our planet.' Commenting on the strategic partnership, Mohamed Ismail Mansour, Co-Founder and CEO of Infinity, said: "At Infinity, we are committed to supporting the widespread adoption of clean, renewable energy solutions that can positively impact people's lives and the environment. This partnership with Crédit Agricole Egypt is an important step in making solar energy more accessible to households across the country. By combining financial innovation with practical, scalable technology, we are enabling individuals to become active participants in Egypt's clean energy future." Eng. Nayer Fouad, Co-Founder and CEO of Infinity, further added: "This collaboration reflects our mission to deliver real, tangible solutions that support Egypt's clean energy goals. By working alongside a trusted partner like Crédit Agricole Egypt, we are not only making renewable energy more attainable but also fostering greater awareness around the benefits of solar adoption at the individual and household levels. It's another milestone in our journey to drive long-term environmental and economic value.' Infinity, established in 2014, is Egypt's leading provider of renewable energy solutions, delivering clean power solutions across all sectors and scales. The company develops, finances, and operates utility-scale and decentralized solar projects. Infinity is the largest Egyptian contributor to the Benban Solar Park, Africa's largest photovoltaic power station, with an estimated capacity of 1,465 MW. Since 2018, Infinity has also built the largest and fastest-growing EV charging network in Egypt, with more than 700 charging points across 16 governorates. Backed by institutional shareholders such as Africa Finance Corporation (AFC) and the European Bank for Reconstruction and Development (EBRD), Infinity is positioned at the forefront of Egypt and Africa's energy transition journey . Crédit Agricole Egypt is a subsidiary of the Crédit Agricole Group, one of the largest banks worldwide, and is the sole French bank operating in Egypt. Established in 2006, Crédit Agricole Egypt has become an active player in Egypt's financial industry, serving around 500,000 individual, SME, and corporate clients. The bank offers a comprehensive range of banking products & services, as well as state-of-the-art digital banking solutions. Crédit Agricole Egypt's key goal is customer satisfaction, by valuing and prioritizing their best interests. Demonstrating its strong commitment to sustainability, Crédit Agricole Egypt was the first bank in Egypt and North Africa to receive the prestigious Platinum LEED certification for its head office in recognition of its environmentally responsible design, which incorporates a solar panel station that helps reduce CO₂ emissions. Further advancing the green transition, Crédit Agricole Egypt has signed a facility agreement with the European Bank for Reconstruction and Development (EBRD) under the Green Energy Finance Facility (GEFF) and the Global Climate Fund (GCF), to support businesses investing in energy efficiency and renewable energy projects'
