Egypt’s current account deficit narrows amid surge in remittances, tourism revenue

Egypt’s current account deficit narrowed significantly to $13.2 billion during the first nine months of the 2024/2025 fiscal year, down from $17.1 billion a year earlier, the Central Bank of Egypt announced on Tuesday, July 22. This improvement was driven primarily by an 86.6% surge in remittances from Egyptians abroad, reaching $26.4 billion, and a […]

Credit Agricole to Open Morocco’s First Islamic Bank

Moroccan state-owned bank Credit Agricole (CAM) received the approval of the Ministry of Finance to open an Islamic subsidiary with The Islamic Development Bank (IDB), the Central Bank, Bank Al Maghrib, said in an official bulletin. Bank Al Maghrib added that it is in the final stages of launching Islamic finance industry, which is referred […]

Troops, M23 rebels clash in eastern DRC as East Africa bloc announces peace talks

Congolese troops and M23 rebels traded heavy fire in eastern Democratic Republic of Congo (DRC) on Monday (14 November), just as East African leaders a day earlier announced peace talks in a bid to stabilize the conflict-torn region. Government forces and the M23 militia were fighting in Kibumba, about 20 km north of the strategic […]