Tag: Central Bank of Egypt
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Egypt’s foreign reserves hit record high of $50.07 billion in October

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The Central Bank of Egypt (CBE) announced on Sunday that the country’s net international reserves reached a historic 50.07 billion U.S. dollars by the end of October, up from 49.53 billion dollars in September. This marks the highest level of foreign reserves in Egypt’s history, reflecting the impact of ongoing financial reforms and a resurgence […]
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Egypt’s current account deficit narrows amid surge in remittances, tourism revenue

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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 […]
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Egypt’s Central Bank Raises Cash Withdrawal Limit and Extends Bank Hours Amid Telecom Disruptions

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The Central Bank of Egypt (CBE) has temporarily raised the daily cash withdrawal limit for individuals and businesses at bank branches from EGP 250,000 to EGP 500,000. This exceptional measure is intended to cushion the impact of ongoing telecommunications disruptions that have affected regular banking operations across the country. The CBE stated that the adjustment […]
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Egypt’s Central Bank, Vietnam’s SBV ink MoU to boost cooperation

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The Central Bank of Egypt (CBE) has signed a memorandum of understanding (MoU) with the State Bank of Vietnam (SBV) to bolster joint cooperation, the office of Egyptian Prime Minister Mustafa Madbouly said in a statement, on Thursday July 27. Madbouly and his Vietnamese counterpart Tran Lu Quang witnessed the deal signed in the Egyptian […]
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Egypt’s central bank hires Barclays Bank to advise on sale of stakes in United Bank

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The Central Bank of Egypt (CBE) has handpicked Barclays Bank as an international sell-side advisor for the sale of its 99% stake in the state-owned United Bank, Egypt Today reports. Barclays will work alongside local financial advisor, CI Capital, the media also notes. United Bank is one of the 32 state-owned companies the Egyptian government […]
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Egypt’s central bank gets around $5.2bn from local banks to address growing economic pressures

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The Central Bank of Egypt, (CBE) collected around $5.2 billion (EGP 100 billion from local banks in the weekly open market operations (OMO) as the North African country turns to local, regional and international banks for loans to address growing economic pressures. The CBE data indicate that the funds were raised at a fixed rate […]
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Egypt’s Central Bank:The Country’s Economy’s “Sluggish”

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Egypt’s gross domestic product (GDP) growth rate continued to slow down in the first quarter of the 2013/2014 fiscal year to reach slightly more than 1 percent compared to 2.1 percent in 2012/2013, according to the Egypt’s Central Bank. Deputy CBE governor Ranaia al-Mashat said in his statement that economic activity remained sluggish in the […]