The Latest Breaking News from Central Bank of Egypt

Egypt's Net Foreign Assets Drop by $1.3 Bln in February

Egypt's net foreign assets (NFAs) declined by 49.8 billion Egyptian pounds in February as pressure on the currency continued to build. The second drop in as many months took NFAs to a negative 704.23 billion Egyptian pounds from minus 654.43 billion at the end of January, the Central Bank of…

Asharq Al-Awsat · Apr 3, 2023

Egyptian Financial Market Officials Meet with 20 Investment Firms in Saudi Arabia, UAE

An Egyptian delegation including senior executives from the Financial Regulatory Authority, Central Bank of Egypt (CBE) and Egyptian Exchange (EGX), have met with 20 investment institutions with large solvencies in Riyadh, Dubai, and Abu Dhabi. The delegation is spearheading a Gulf tour aimed at attracting new investments after the Egyptian…

Asharq Al-Awsat · Feb 21, 2023

Egypt’s Central Bank Monitors Return of Foreign Investors to Local Market

The Central Bank of Egypt said on Monday it was monitoring inflows from foreign investors that exceeded $925 million since Jan. 11. In a statement, the central bank said Egypt has received $925 million in indirect investments in local debt instruments since Wednesday, noting a significant increase in the country’s…

Asharq Al-Awsat · Jan 17, 2023

Egypt Central Bank Denies Resignation of its Governor

The Central Bank of Egypt denied on Saturday reports of the resignation of its governor, Tarek Amer, following rumors that he would be part of a government reshuffle. Gamal Negm, the first deputy governor of the Central Bank, dismissed the reports about the resignation, stressing that Amer’s term ends in…

Asharq Al-Awsat · Aug 14, 2022

Egypt's Annual Inflation Climbs to 12%, Exceeding Central Bank's Target

Egypt's annual inflation rate jumped to 12.1 percent in March 2022, compared to 4.8 percent in the same month in 2021, according to the latest data by the Central Agency for Public Mobilization and Statistics (CAPMAS). On a monthly basis, the country's Consumer Price Index (CPI) increased 2.4 percent from…

Asharq Al-Awsat · Apr 11, 2022

Saudi Deposit Promotes Stability of Egypt’s Foreign Exchange Market

With Saudi Arabia’s announcement of a $5 billion deposit with the Central Bank of Egypt on Wednesday, sources told Asharq Al-Awsat that this move would enhance the stability of the foreign exchange market and consolidate the Egyptian economy amid severe pressure on the Egyptian pound. In a statement published by…

Asharq Al-Awsat · Mar 31, 2022

Egyptian Pound Slides Further After Central Bank’s Moves

The Egyptian pound slipped further against the dollar on Wednesday, after Egypt’s Central Bank raised its main interest rate and devalued the local currency by 14%. The moves by the Central Bank of Egypt came to face inflationary pressures triggered by the coronavirus pandemic and Russia’s war in Ukraine, which…

Asharq Al-Awsat · Mar 23, 2022

Egypt's central bank raises interest rates, cites Ukraine

The Central Bank of Egypt has raised its key interest rate for the first time since 2017, citing inflationary pressures triggered by the coronavirus pandemic and Russia's war in Ukraine, which hiked oil prices to new records

The Independent UK · Mar 21, 2022