Latest news with #RasElHikma
Middle East
3 days ago
- Business
- Middle East
OPEN// Navy receives first RAstar 3200 ASD tug from Alexandria Shipyard Co.
CAIRO, June 5 (MENA) - Vice Admiral Ashraf Atwa, Commander of the Navy and Chairman of the Marine Industries and Services Organization (MAISO) has witnessed the handover of "Ras El Hikma" tug of the Azimuth type "RAstar 3200 ASD" — the first of three tugs being built for the Egyptian Navy. The tug was built at the Alexandria Shipyard in cooperation with the French classification society BV, under a contract agreement between the Navy and the Alexandria Shipyard Company. This comes in light of the political leadership's directives for localizing national industries and the Armed Forces General Command's commitment to continuously developing military capabilities and equipment. (MENA) I S N/R E E
Zawya
21-05-2025
- Business
- Zawya
Egypt: CBE relaunches monetary policy report for Q1 2025
Arab Finance: The Central Bank of Egypt (CBE) relaunched its quarterly Monetary Policy Report (MPR) for the first quarter (Q1) of 2025 in line with its strategy to implement an inflation-targeting framework and improve its policy transparency. The report highlighted that M2 growth has accelerated to an average of 30.6% in Q1 2025, compared to an average of 19.5% in Q1 2024. This was driven by the banking system's net foreign assets (NFAs) and the replenishing of FX reserve buffers. On a monthly basis, M2 growth retreated to 25.8% in March 2025, compared to 33.9% in February, as the revaluation effects dissipated. The banking system's NFAs witnessed a positive performance, recording $15.1 billion in March 2025, after remaining in negative territory since February 2022. This came backed by f the Ras El-Hikma investment deal, as the portfolio inflows improved following the exchange rate unification, attributing to a rebound in workers' remittances and the support of multilateral institutions. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Egypt Today
05-05-2025
- Business
- Egypt Today
Egypt's foreign assets rise by 47.5%reaching $15.04B in March
Egypt's foreign assets in the banking sector have experienced a notable rise for the third consecutive month, reaching $15.04 billion in March. This represents an increase of about 47.5 percent compared to $10.2 billion in February, according to the Central Bank of Egypt (CBE). This positive trend signals a continued recovery following a substantial decline in net foreign assets over three months. In December, the figure had dropped to $5.2 billion from $10.3 billion in September, amid seasonal pressures on foreign currency and heightened demand for the U.S. dollar. Commercial banks have reported their first surplus since August, with net foreign assets standing at $2.5 billion in March, up from a deficit of $1.9 billion in February. This improvement comes as foreign assets continued to rise to $30.6 billion, while foreign liabilities remained stable at $28.1 billion. The CBE also recorded a surplus in net foreign assets of $12.5 billion in March, slightly up from $12.1 billion in February. Foreign assets increased slightly to $46.4 billion, up from $46 billion the previous month, while foreign liabilities dropped slightly to $33.8 billion in March, from $33.9 billion in February. The March figure has surpassed the previous peak of $14.3 billion, which was recorded in May 2024. This marks the first time net foreign assets have been in surplus in over two years, following the completion of the second and final tranche of the $35 billion Ras El Hikma deal, which contributed about $14 billion in new foreign inflows. The country had been In deficit since February 2022, when the Russian invasion of Ukraine led to the exit of approximately $20 billion in foreign investments.
