The CBE decided to raise overnight deposit rate, overnight lending rate, and main operation rate by 200bps to 21.25%, 22.25%, and 21.75%, respectively, citing sustained inflationary pressures and geopolitical uncertainty.
An IMF mission team visited Cairo during January 17-February 1, to conduct discussions toward the completion of the first and second reviews of Egypt’s reform program supported by the IMF’s Extended Fund Facility (EFF). There is no consensus on how big the loan will be, with local and international outlets putting the figure between USD6-10 bn.
Ministry of Finance wants to change the way businesses calculate their foreign exchange costs to determine their tax base.
Suez Canal receipts fell 47% YoY to USD428 mn in January.
The Foreign Ministry said that the European Union approved additional financial allocations to neighboring countries, including Egypt.
Officials are putting the final touches on the Grand Egyptian Museum with the aim of having the museum ready by the end of this month and officially open its door to visitors shortly after that.
The Director of the African Development Bank’s office in Egypt revealed that the bank’s investments in Egypt during 2023 amounted to USD665 million.
The Director of the Middle East, North Africa, Eastern Europe, and Central Asia region at the OPEC Fund for Development, said that the fund has allocated more than USD1.3 billion to Egypt in more than 85 different economic projects.
Sherif El Zayat stepped down as CEO of EKHO on 1 February 2024. The new managing director is Jon Rokk.
ABUK released 2Q23/24 financial indicators. Net profit declined by 53% YoY (-1% QoQ) to EGP2.00 billion in 2Q23/24. During 1H23/24, net profit declined by 43% YoY to EGP4.01 billion.. ABUK is currently trading at FY23/24e PE of 8.6x and EV/EBITDA of 6.8x.
Egypt’s net foreign asset deficit hit a new record high in December as it inched up to over USD27.2 bn.
Savers have so far put away EGP565 bn into the high-yield certificates of deposit (CDs) introduced last month by the National Bank of Egypt (NBE) and Banque Misr.
HRHO will reportedly shutter its frontier operations, close its Singapore office, and fully exit Pakistan.
CNFN is considering entering the UAE market during the current year through obtaining a license to finance small and medium enterprises.