Latest news with #CentralBankofEgypt
See - Sada Elbalad
11 hours ago
- Business
- See - Sada Elbalad
Euro Slips Against Egyptian Pound to 56.25
Taarek Refaat The euro weakened slightly against the Egyptian pound on Wednesday, following several consecutive sessions of strength in the local market. This comes amid ongoing volatility in global currency markets and cautious sentiment surrounding Egypt's economic trajectory in the second half of the year. According to official data released by the Central Bank of Egypt (CBE), the euro was trading at EGP 56.61 for buying and EGP 56.25 for selling, a modest drop from earlier levels this week when the European currency had climbed in response to international economic developments. At the retail level, leading public banks in Egypt echoed the downward shift. Both the National Bank of Egypt (NBE) and Banque Misr quoted the euro at EGP 57.17 to buy and EGP 57.41 to sell, reflecting a slight easing from earlier highs. Foreign exchange dealers noted that demand for the euro had slowed following a surge earlier in July, driven by tourism season inflows and expectations of a rate hike by the European Central Bank (ECB), which ultimately fell short of market expectations, in addition to remittances from Egyptian expats. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 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 Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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
Daily News Egypt
a day 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
a day 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
a day 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
3 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. (
