Business Forward AUC’s Post

Egypt to Begin Monetary Easing Cycle in September 2024 The National Bank of Kuwait anticipates Egypt’s Central Bank to begin monetary easing in September 2024, reducing interest rates by 400 basis points by year-end. Read more: https://bit.ly/3YtjNgl #globalbusinessoutlook #egypt #monetaryeasing #interestrates #inflation #economicreform #centralbank #financialnews #economy

#Infographic | Egypt’s net foreign assets declined to $9.2 billion in October 2024, marking a month-on-month (MoM) decrease of 10.7% from $10.3 billion in September, according to the Central Bank of Egypt (CBE). #ArabFinance #Egypt #Economy #News #Foreign

Egypt’s net foreign assets declined to EGP65.38 billion ($1.36 billion) by the end of March compared to EGP270.65 billion in February, according to the Central Bank of Egypt (CBE), marking its lowest level in over two years. The central bank attributes this decline to key transactions in property development and the implementation of currency reforms. Read more: https://lnkd.in/d8BSduBh #Egypt #CBE #CentralBank #Assets #Economy #ForeignAssets

In its latest meeting, the Central Bank of Egypt (CBE)’s Monetary Policy Committee decided to maintain the current key interest rates. The bank noted that “the current monetary stance is appropriate to support the sustained moderation of inflation.” The overnight deposit rate remained at 27.25%, the overnight lending rate at 28.25%, and the rate of the main operation at 27.75%. The discount rate was also held steady at 27.75%. Read more: https://lnkd.in/dwWWYpAm #Egypt #Inflation #Economy #Deposit #CentralBank

#Infographic | Remittances from Egyptians abroad surged 84.4% year on year (YoY) in the first quarter (Q1) of fiscal year (FY) 2024/25, reaching $8.3 billion, compared to $4.5 billion in the first three months of FY 2023/24, according to the Central Bank of Egypt (CBE). #ArabFinance #Egypt #Economy #News #Remittance

Today, the Central Bank of Egypt maintained the interest rate at 28.25% and 27.25%, in line with Egyptian economists forecasts which see inflation as still high, necessitating no rush in lowering the interest rate currently. Despite agreeing with them that inflation remains high and it's challenging to reach 13% by next year as Goldman Sachs predicts, the issue is that Egypt's national debt is high, and the interest payments are also very high. Therefore, I wish they had lowered the interest rate by 225 points to align with the 25% inflation rate. #egyptianeconomy #economyofegypt #egypt

The Central Bank of Egypt (CBE) announced that remittances from Egyptians working abroad reached $23.7 billion in the first ten months of 2024, reflecting a 45.3% year-on-year (YoY) increase. Read more > https://shorturl.at/HVgoM #ArabFinance #Egypt #Economy #News

#Infographic | Foreign currency deposits in Egyptian banks totaled EGP 2.5 trillion as of May 2024. This included EGP 1.5 trillion from households, EGP 801.7 billion from private businesses, EGP 144.44 billion from public businesses, and EGP 36.2 billion from non-residents, according to the Central Bank of Egypt (CBE). #ArabFinance #Egypt #Economy #News #Currency

#Infographic | Egypt's net foreign assets surplus decreased by 27% in August 2024, falling from $13.3 billion in July to $9.7 billion, according to the Central Bank of Egypt (CBE). #ArabFinance #Egypt #Economy #News #Bank #Finance

As inflation continues to decline, the Central Bank of Egypt will likely begin its monetary easing cycle in September, with interest rate cuts of a cumulative 400 bps by year-end, stated the National Bank of Kuwait in its latest economic brief. The latest data reveals that economic growth is continuing its downward path, slowing for the fifth consecutive quarter to 2.2% in Q3 (January-March 2024) from 2.3% in the previous quarter. NBK expects Q4 growth to reach around 2.5% with the full-year growth at 2.4% versus 3.5% the previous year. Read more: https://lnkd.in/d4ySHQna #Egypt #Economy #Inflation #EconomicOutlook #interestrates