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Central Bank: Egypt To Issue $ 1 Billion Dollar Notes On Monday

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Last Updated: Sunday, 16 Rajab 1439 H - April 1, 2018
 
Sunday, 16 Rajab 1439 - April 1, 2018
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Cairo - Fahima Ahmed

Fought # Alpennek_antrza_almbar tough match all standards with # inflation since the pound float in November 2016 , forcing him to resort to raising interest rates 7% since the decision to float, and faced accusations of negative economic impact on the investment.

The central bank has started the # interest-rate trip since last February's meeting by 1%, then last Thursday's meeting by another 1%, with analysts expecting another cut of 2% this year. Has the Egyptian central game ended with inflation or will there be an additional time that could change inflation as a result of the game, especially since the difficult times for the Egyptians are not over yet?

Risk

In its latest report on this question, the Central Bank of Egypt (CBE) said that there were risks regarding the future outlook for inflation in the timing and magnitude of possible actions to reform the subsidy system, as well as the demand-side pressures. The risks posed by the global economy are the rise in crude oil prices, as well as the pace of tightening global monetary conditions.

The statement confirmed the continuation of the monetary policy committee to follow closely economic developments, and will not hesitate to adjust its policy to achieve the goal of price stability in the medium term.

The central bank has decided to reduce the rate of interest rate per night on deposit and lending by 100 points, "1%" basis, to 16.75% and 17.25%, respectively.

The credit and discount rate was cut by 100 basis points to 17.25 percent, the bank said.

The central bank also said that the annual rate of general and basic inflation continued to decline in February 2018, to 14.4% and 11.9%, after peaking in July 2017 at 33.0% and 35.3%, respectively.

The general and basic inflation rate in February is the lowest since October and April 2016, respectively. Real GDP growth continued to rise for the fifth consecutive quarter to 5.3% in December 2017 and an average of 5.0% in 2017, the highest since 2010.

Target rates

He stressed that the decision of the Commission to reduce the basic rate of return of the Central Bank by 100 basis points, consistent with the achievement of inflation rates targeted by the Central Bank of 13% (± 3%) in the fourth quarter of 2018, and monochromatic rates thereafter. 

Analysts believe that the central bank's decision to cut interest rates means that inflation rates will not return to the upside , despite the anticipation of decisions to increase the prices of fuel, electricity and some means of transport at the beginning of the new fiscal year, expecting the central bank to gradually cut rates by another 2% in 2018.

The decision of the Central Bank of Egypt to cut the interest rate by 1% means that it is sure to reach its target for inflation rates at 13% in June next year, noting that raising the prices of fuel and electricity in the next fiscal year could affect In monthly inflation rates, but will not have a significant impact on annual inflation rates as we saw last year.

She expected the central bank to gradually reduce interest rates, so as not to shock the market, to be the expected reduction of about 4% in 2018.

She stressed that the central bank's decision to cut rates sends a message to everyone that the economic crisis is over and that he is not afraid of the exit of foreigners from the treasury bills that preceded the step of reducing interest rates, and the revenues have finally fallen, but they are still attractive to foreign investment.

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Latest Update: Thursday, 26 Rajab 1439 AH - 12 April 2018
 
Thursday, 26 Rajab 1439 H - 12 April 2018
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Cairo - Arabic.Net

Egyptian Finance Minister Amr Al-Jarhi expected to launch international and dollar bonds worth between 6 and 7 dollars at the end of this year or early next year.

Al-Jarhi said in a press conference today that the Egyptian government aims to reduce the budget deficit to 4% of GDP by 2022, compared to 9.7% this year and to reduce unemployment to 8% within 3 years.

He said that the Egyptian Ministry of Finance is collecting a significant part of the revenues of customs and taxes in electronic form and will be the completion of the dissemination of this electronic system in all interest departments in the coming period.

He added that the bill for fuel subsidies during the current fiscal year ranged between 110 to 115 billion pounds, noting that the consumption of gasoline and diesel fell by 3% compared with previous years, which saw an increase of 4% and 5%.

The minister added that this is due to the rationalization of consumption, which has accompanied the pricing of fuel better than in previous years.

The minister pointed out that the price of a barrel of oil expected in the next budget is $ 67, explaining that this price is the average price of oil during the year, regardless of the current high price.

Al-Jarhi explained that the savings associated with the reduction in subsidies through the economic reform program allow the government to adopt social bonds that contribute to improving the quality of life of citizens.

He stressed that the government is currently considering the reasons for the high rate of inflation during March, especially since the period from December 2017 to February 2018 witnessed a decline in the rate of inflation.

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34 minutes ago

Egypt: New record high for foreign reserves

2018-05-03T10: 40: 43Z

Side of the Central Bank of Egypt

Si
Abu Dhabi - Sky News ArabCentral Bank of Egypt announced Thursday its net foreign reserves to US $ 44.030 billion at the end of April.

The new rise came in at 1.5 billion dollars, from 42.611 billion at the end of March.

This is the highest level of the country's hard currency reserves since the beginning of the recording of reserve data in the early 1990s.

Egypt's reserves were about $ 19 billion before it signed a $ 12 billion three-year loan agreement with the IMF in 2016, liberalizing the local currency exchange rate and lifting capital restrictions to attract investors.

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CAIRO, May 3, SPA - 
The Central Bank of Egypt (CBE) has announced the renewal of $ 1.1 billion in treasury bills to local banks and international institutions for 364 days it bought in early May last year. 
The Central Bank said in a statement on its website today that the date of issuance of those permits on May 8, the date of maturity on the seventh of May next year 2019, and allows banks and international financial institutions to submit their applications until the seventh of May. 
Mk / end of 
18: 17T 

 
 
 
 
 
 
 
 
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International Monetary Fund calls on Egypt to benefit from global growth

   
 

 
 


07/5/2018 12:00 am 

CAIRO (Reuters)

Egypt will have to boost its fund-backed reforms and encourage more private sector growth if it wants to capitalize on a global growth spurt that may soon end, an IMF official said.

Speaking to government officials as part of an IMF visit to review Egypt's reform program, David Lipton, Senior Deputy Director-General of IFAD, praised the country's progress, but said that "expanding and strengthening the reform agenda" is essential to benefit from favorable global conditions. 
"It is time to benefit from the difficult macroeconomic stability, push for job creation and raise living standards through sustained growth," he said in a statement. 
He described strong global growth, which is expected to reach 3.9 percent in 2018 and 2019, and low interest rates that are likely to rise as "a good opportunity for Egypt to undertake reforms that may not be available for a long time." 
Cairo's harsh measures included a liberalization of the exchange rate that led to the pound losing half of its value, a significant reduction in fuel and electricity subsidies and a new value-added tax.
The measures helped lift inflation in the country, which relies on imports, to 33 percent last year. But rising prices have since ebbed, with core inflation hitting 13.3 percent in March, the lowest level since May 2016, opening up further cuts in subsidies and interest rates.

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GMT 9:26 2018 Saturday, May 12 : Last Updated
 
 

NEW YORK (Reuters) - Standard & Poor's raised Friday's rating of Egypt one-way amid stronger economic outlook and falling inflation.

The agency raised Egypt's sovereign debt rating from minus B to B, still lower than the investment grade but positive.

The agency attributed its decision to an improvement in the economy and expected growth to reach 5.4 percent in the next four years, reflecting a "broader recovery and a slight shift away from consumption" towards more investment and net exports.

Inflation in consumer goods fell to 13.3 percent year-on-year in March, the lowest in nearly two years, the agency said.

However, Egypt's credit rating is still constrained by huge external and fiscal deficits, high public debt and low incomes.

Egypt's rating could improve if growth exceeded expectations, the need for external financing was eroded and the reforms reduced debt, the agency said.

But negative pressure on ratings could come from an unexpected surge in debt or "a deterioration of the security situation, hampering the recovery of investment and tourism," the agency said.

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GMT 10:03 2018 Thursday, June 7 : Last Updated

Due to increased investment, exports and stable exchange rate

The World Bank expects the growth rate of the Egyptian economy to rise

Sabri Abdel Hafeez

  • egy0110019.jpg
    World Bank Building
 
 
World Bank Building
 

The World Bank expects Egypt to achieve economic growth of 5.3% during the current fiscal year 2017-2018.

Elaf from Cairo: liftingWorld Bank forecast forrategrowthEgyptian economy duringcurrent fiscal year; up to 5.3%, instead of 4.9% bank had expected during January.

According to the World Economic Outlook report, the Egyptian economy is expected to grow further in the next fiscal year 2018-2019 to 5.7%, compared with 5.6% in January.

The bank raised its forecast for the fiscal year 2019-2020 by 5.8%. He attributed these expectations to the improvement in the rate of growth of the Egyptian economy to increase investment and net exports, supported by the stability of the exchange rate and increase domestic demand. He pointed out that Egypt is currently the largest importer of oil in the East Average.

The Egyptian government aims to achieve a rate of economic growth during the next fiscal year 5.8%, compared with 5.5% expected in 2017-2018.

The report added that capital inflows contributed to the increase in the foreign exchange reserves of the Central Bank of Egypt, noting that the foreign exchange reserves at the Central Bank of Egypt increased by 109 million dollars to reach 44.138 billion dollars by the end of May, compared to 44.029 billion dollars at the end of Last April.

The report pointed out that the rate of inflation fell significantly during the current year, to reach the limits of 13% last April, which allowed the Central Bank to apply two rate cuts this year to support the activity, according to the report, noting that the annual inflation rate continued to decline in April , Fell for the ninth month in a row, falling to 12.9% compared to 13.1%, while the monthly rate increased by 1.5% in April compared to March last.

"The Egyptian economy is moving in the right direction. The measures taken by the government have reduced the budget deficit, narrowed the gap between imports and exports, attracted new investments and created job opportunities for youth to eliminate unemployment," said economist Mohamed Samir.

He added that Egypt is implementing an ambitious development plan that works on several axes: reducing the budget deficit by imposing new taxes and raising the prices of services and facilities while implementing a social protection plan for the poor. It will also attract investments, increase exports and stimulate the movement. tourism.

He pointed out that this plan is bearing fruit quickly, but it increases the burden of living Egyptians, but the delay in it would lead to the collapse of the economy, and the inability of the government to meet its obligations internally and externally.

He pointed out that the rate of inflation resulting from the increase in fuel prices and the liberalization of the exchange rate of the pound against the US dollar fell to 12.9% in April, compared to 32.9% in April 2017, and is expected to fall to 10.5% by the end of the next fiscal year 2018 - 2019.

Global growth is expected to stabilize at 3.1% in 2018, with global growth slowing in 2019 and 2020, the report predicted.

It is the third time the World Bank has raised its forecast for the Egyptian economy in the last six months from January 2018, with the January report forecasting growth to rise to 4.5 percent in fiscal year 2018.

The Egyptian government began harsh measures of economic reform since November 2016, liberalizing the exchange rate 2016, and raised the price of fuel, electricity and interest several times, causing a severe inflation and rising prices of all goods, especially food and essential goods.

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GMT 11:08 2018 Sunday, July 1st : Last Updated
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    The IMF had agreed to give Egypt a loan in batches of a total value of 12 billion dollars over the years provided extensive economic reforms were carried out.
  • _102271426_gettyimages-1318078.jpg
    The IMF had agreed to give Egypt a loan in batches of a total value of 12 billion dollars over the years provided extensive economic reforms were carried out.

 

The International Monetary Fund has approved the disbursement of the fourth tranche of a $ 12 billion loan over three years to Egypt as part of an economic reform program.

The total value of this tranche is $ 2.2 billion, bringing the total amount received by the Egyptian government to about $ 8 billion. You will get the rest of the loan on two payments.

The Executive Board's approval of the fourth tranche came after the third review of the economic reform program carried out by the IMF mission during its visit to Egypt in May.

The Egyptian Minister of Finance, Mohammad Maait, said in a statement that the disbursement of the fourth tranche comes in the light of what he described as positive economic developments in Egypt, and "the success of the government in implementing the economic and social reform program and its strong results, especially in terms of restoring financial stability , Improving growth rates and liberating the underlying economic forces. "

The IMF praised the reforms implemented by the Egyptian government, but many Egyptians complain about the collapse of their purchasing power after the depreciation of the currency, and high prices of electricity, fuel and transportation.

Gas station in Egypt

AFP

The successive increases in fuel prices reflected negatively on inflation and the lives of Egyptians

The Egyptian economic reform program included harsh measures, notably the liberalization of the Egyptian pound against the dollar "float" in late 2016, which resulted in the loss of the pound about half of its value, as well as significant increases in prices of fuel, electricity, water and services.

The balance of payments continued to generate a financial surplus of $ 10.9 billion in the first nine months of fiscal year 2017/2018, and the balance of the current balance improved, said Ahmed Kogak, deputy finance minister for fiscal policy. He said that the improvement was reflected in the decline of the deficit in this balance by 57.5 percent, recording a deficit of about 5.2 billion dollars, according to the central bank announced recently.

Economic analysts have praised measures to reduce Egypt's fiscal spending, which includes cutting fuel and electricity subsidies, and see it as helping the Egyptian economy, which has been struggling to get back on track, after years of instability. Others warn that many of these measures could be implemented at the same time. Lead to a slowdown in their desired results, high inflation significantly, curb consumption, and repel potential investors.

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CBE: Foreign exchange reserves rise to 44.88 billion US dollars

Thursday, 1439/10/21 H corresponding to 2018/07/05 SPA
 

 

 

 

 


Cairo, July 21, SPA - 
The Central Bank of Egypt (CBE) announced its net foreign exchange reserves at the end of last June by US $ 120 million to US $ 44.258 billion. 
Egyptian bankers said in a press statement today that the continued destruction of the cash reserves of previous record numbers and achieving a rise of 32 month during the past 33 months, represents the largest consecutive series of consecutive gains in the history of the Central Bank of Egypt. 
He attributed the banking experts, the rise in foreign exchange reserves to the good management of officials of the Central Bank of Egypt for the file of monetary policy and cash reserve, while committing to pay all external obligations. 
// // ended 
16:20 ITM 

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What are Egypt's promises to the International Monetary Fund in the reform program?

The International Monetary Fund has approved the disbursement of $ 2 billion in loans to Egypt, raising the country's $ 8 billion from the $ 12 billion it is seeking to support the Egyptian economy. In its report, the IMF revealed a number of promises made by the Egyptian economic reform program Coming.

Spread Sunday , 15 July 2018
 
 
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Egypt ups prices of cigarettes as part of economic reforms

  • By THE ASSOCIATED PRESS
CAIRO — Jul 12, 2018, 6:29 AM ET
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Egypt hiked the prices of cigarettes on Thursday, the latest measure amid reforms designed to overhaul the country's troubled economy still reeling from a costly 2011 uprising.

The announcement was made by the chairman of Egypt's top cigarette manufacturer in a televised interview late Wednesday. Mohamed Haroun, Eastern Tobacco Company chairman, said his company will impose an increase of 1.5-3 Egyptian pounds, or about 8-17 cents, per pack of smokes.

The increase would, among other things, help fund a new health services system by over 3 billion Egyptian pounds annually, or $168 million, he said.

Egyptians consume about 83 billion cigarettes each year, according to Haroun. He noted that process of cigarettes had gone up about five times between 2014 and 2017.

Egypt recently introduced a new wave of price hikes for fuel, drinking water and electricity, as well as for new cellular phone lines and monthly cellular phone bills. Prices for issuing passports and car licenses also went up steeply.

Poor and middle-class Egyptians have suffered the hardest the adverse effects of reforms, which began after President Abdel-Fattah el-Sissi took office in 2014.

Price hikes and subsidy cuts have been accelerated after the floatation of the national currency in 2016 as part of measures taken to qualify for a three-year $12-billion bailout loan from the International Monetary Fund to support the government's reform program.

Other austerity measures, including a value-added tax, were also imposed.

El-Sissi recently said the reforms have put Egypt on "the right track" and urged patience as they take effect. In a July address in parliament, Prime Minister Mustafa Madbouly said the people should start benefiting from the reform program within two years.

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Egyptian Finance Minister Mohamed Maait
  

 Arab and international


Economy News Baghdad

Egypt's foreign investment in government debt instruments has reached $ 17.5 billion since the exchange rate was released until the end of June 2018, Finance Minister Mohamed Maait said on Thursday.

Less than the $ 23.1 billion recorded at the end of March 2018.

"We are beginning to see the return of foreign investments in government debt instruments over the past two weeks," said Ahmed Kajuk, deputy finance minister for fiscal policy.

The central bank's decision to liberalize the local currency exchange rate in November 2016, which resulted in the pound losing half of its value, helped revive foreign flows on Egyptian government bonds and treasury bills.


Views 57   Date Added 07/26/2018

 
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World Bank grants Egypt $ 300 million loan

02:33 - 22/09/2018

 
image
 
 

Continue - Mawazine News 
The World Bank has granted Egypt a $ 300 million loan to complete the Sustainable Rural Sanitation Services Program in support of the Cairo government's efforts to improve health conditions in the country's poorest provinces. 
"Ensuring equal access to basic services for all is required for overall growth and shared prosperity, especially for services that have an impact on the health and well-being of citizens," Acting Director-General of Egypt, Yemen and Djibouti, Samia Mossadegh, said in a statement today. 
"The Bank of Egypt is proud to support these efforts in the belief that investment in human capital, in people's health and education, is the most important long-term investment a country can make," the official said.
Egypt's Minister of Investment and International Cooperation, Sahar Nasr, who represents Cairo on the World Bank's Board of Directors, stressed that the Egyptian government sees its priority in ensuring the provision of good sanitation services to all Egyptians, citing "vital support" by the World Bank in this regard. the field. 
The Sustainable Rural Sanitation Services Program was launched in 2015 with an estimated funding of US $ 550 million to support the national program adopted by the Egyptian government for sanitation in villages to provide good sanitation services to some 50 million Egyptian citizens. 
The program focuses on providing improved sanitation services to resident families close to canals and important waterways, and decentralizing sanitation services to raise their quality by increasing their accountability to citizens.
The program has made significant progress towards achieving the primary objective of ensuring sanitation services for 167,000 rural residents, ie, 833,000 people.

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Egypt is preparing to issue a new quality of money by 2020

03:57 - 04/12/2018

 
image
 
 

 

Follow - Mawazine News

Egypt's central bank will start issuing some of the Egyptian currency categories "the plastic pound" in 2020, the Egyptian newspaper Al-Youm Al-Sabe reported today.

The Egyptian newspaper quoted sources as saying that the money will be printed at the new Central Bank of Egypt press in the new administrative capital. 
The sources added that the production of the new Egyptian cash categories will be carried out by the most modern production lines in the world. 
The plastic is flexible, strong and thin, and 5 times more cotton-based, waterproof, less dust-resistant, environmentally friendly, hard to counterfeit and counterfeit.

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Egypt .. New rise of foreign reserves
l 33 minutes ago
  Egyptian Central Bank

Abu Dhabi - Sky News Arabia 's
net foreign reserves in Egypt amounted to 44.513 billion dollars in the end of November , up slightly from the previous month, as he announced the Central Bank of Egypt, Tuesday.
The cash reserve was $ 44.501 billion in October 2018.

Egypt's foreign reserves have been steadily increasing for nearly three years, and have fallen only twice in July 2016 and October 2016.

Egypt's foreign debt stood at 92.64 billion dollars at the end of June, up 17.2 percent year-on-year.

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Who is the first Arab country to launch plastic coins?

Who is the first Arab country to launch plastic coins?


 Twilight News    
 6 hours ago

An Arab country announced on Tuesday its production of plastic money in preparation for its circulation among the public in 2020.

The governor of the Central Bank of Egypt, Tariq Amer, announced the start of production of plastic money from some categories of Egyptian currency, "the Egyptian pound," in the printing press of the Central Bank of Egypt in the new administrative capital, according to his comments to the newspaper "Al Watan" Egyptian.

He added that the production of the new Egyptian cash categories will be carried out with the latest production lines in the world, adding that the decision was aimed at reducing the falsification of paper money and reducing the cost of printing.

Egypt is the first Arab country to produce polymer plastic, now popular in more than 20 different countries, notably Australia, Canada, Fiji, Mauritius, New Zealand, Papua New Guinea, Romania, Vietnam, India and Britain.

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