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Egypt: Central Bank paves the way for turmoil in the currency market

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Egypt's EGX rises 1.6 billion pounds

Thursday, 1440/5/25 corresponding to 2019/01/31 SPA
 

Cairo, 25 Jumada I 1440H (31 January 2019) 
The Egyptian Stock Exchange witnessed mixed performance on the day's close, amid strong buying of institutions, local investment funds and Arab investors in return for sales to foreign investors, as many traders moved to settle their positions by the end of the day. January. 
The index of the stock market "EGX 30" rose by 0.24% to finish the week at the level of 68,14126 points, while the index of small and medium shares, "EGX70" by 0.49% to close at the level of 683.84 points, The broader EGX 100 index fell 0.35% to 1722.82 points.
The market capitalization of shares listed on the stock exchange achieved limited gains of LE 1.6 billion to reach LE 793.4 billion after total trading of LE 1.8 billion, of which LE 1.434 billion was trading in the stock market. 
Arab investors and Egyptian and Arab institutions tended towards buying with a net value of LE 10.3 million, EGP 139.4 million and EGP 2.9 million respectively. Meanwhile, Egyptian and foreign investors tended towards selling with a net value of LE 27.1 million and EGP 126.9 million respectively. 
The Egyptian Stock Exchange (EGX) today announced that it will launch a new weight index starting next Sunday under the name EGX30 CAPPED, which will include the most active 30 companies in terms of liquidity and activity, with the aim of limiting the control of a limited number of companies. Traffic Indicator. 
// // ended 
17:40 ITM 

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 Arab and international


Economy News _ Baghdad

Egypt has managed to cut its short-term dollar debt by 3.25 billion dollars by the end of 2018 to 14 billion dollars, Egypt's deputy finance minister said on Sunday. 
"The ministry has successfully managed long-term borrowing from international markets and used part of these funds to repay short-term foreign debt, which is denominated in dollar-denominated treasury bills and foreign currencies issued to local banks," he said in a press release. 
The Ministry of Finance has managed to reduce the outstanding US dollar reserve in 2018 by $ 3.25 billion, bringing the balance by the end of December 2018 to about $ 14 billion. 
Egypt's funding needs in the 2018-2019 budget amount to LE 714.637 billion, of which 511.208 billion are in the form of domestic debt instruments and the rest are external financing from the issuance of bonds and the IMF loan.
Egypt faces a difficult repayment schedule for next two years, trying to expand its investor base, extend its debt maturity and borrow less. 
Egypt's foreign debt stood at 92.64 billion dollars at the end of June, up 17.2 percent year-on-year.


Number of Views 8   Date Added 03/02/2019

 
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The Central Bank of Egypt receives two billion dollars from the IMF loan

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  • (Reuters)
History: 06 February 2019

The Central Bank of Egypt (CBE) received the fifth tranche of the International Monetary Fund (IMF) loan on Tuesday evening, amounting to 2 billion dollars, the Middle East News Agency reported on Wednesday.

On Monday, the IMF approved the disbursement of the fifth tranche of the $ 12 billion three-year loan program. Egypt signed the loan agreement with the IMF in 2016 after it approved a package of reforms, including the liberalization of the pound exchange rate, the reduction of energy subsidies and the introduction of VAT.

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Egypt issues new currencies with 16 new images

Thursday, 03 January 2019 - 18:15

Egypt issues new currencies with 16 new images

 Cairo - Conscious follow-up

Egyptian Prime Minister Mustapha Medbouli issued a decree authorizing the Minister of Finance to issue commemorative commemorative coins from the two pound categories .

The decision is a document of the achievements made during the last period, including: the capital Egypt, the solar power plants in Aswan, the national network of roads, power plants, the new city of Elamein, the new Egyptian countryside, the field of back gas, Determination and the numbers and specifications provided for in the resolution .

The resolution also stipulates that the sale price within the Arab Republic of Egypt for one piece of currency shall be determined by the denomination of one pound, and for each piece of the currency of the denomination of 50 piasters, with the nominal value of the currency in circulation.

 

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Egypt plans to sell $ 5 billion in international bonds

01:59 - 19/02/2019

 
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 Follow - up to the balance News 
reported Egyptian Stock Exchange reported Tuesday that Egypt is preparing to issue international bonds worth up to $ 5 billion this week to the Luxembourg Stock Exchange. 
In April last year, Egypt raised $ 2.46 billion from the sale of eight- and 12-year euro-denominated bonds at 4.75 percent and 5.625 percent respectively. 
"Egypt is not going to launch a promotional round, especially since the last period has witnessed meetings of investors and a survey of views on the expected interest rates," Reuters quoted the newspaper as saying. 
Egyptian Finance Minister Mohamed Maith told Reuters in January that his country planned to launch the international bond program between February and March in various currencies, raising between $ 3 billion and $ 7 billion.
Egypt has selected Goldman Sachs, HSBC, JP Morgan and Citibank to manage the dollar-denominated bond issue. BNP Paribas, Standard Chartered, Bank of Alexandria and Natixis have chosen to manage the euro-denominated bond issue. 
Egypt's funding needs in the 2018-2019 budget are about 714.637 billion pounds ($ 40.72 billion), of which 511.208 billion are in the form of local debt instruments, and the rest are external financing from the issuance of bonds and the IMF loan. 
Egypt has paid $ 200 million of the arrears of international oil companies to reduce debt to $ 1 billion by Dec. 15, the bourse newspaper said. 
The foreign oil companies' debts to Egypt amounted to $ 1.2 billion on June 30, and the country is seeking to complete the repayment of these debts by the end of 2019. Ended 29 / s

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How many banks have lost interest rates after the flotation?

Last Updated: Monday , 14 Jumada II 1440 - February 18 2019 KSA 09:13 - GMT 06:13 
Tark Published: Monday 14 Jumada II 1440 - February 18 2019 KSA 08:58 - GMT 05:58

Source: Cairo - Khaled Hosny
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  • Printfont sizeThe decision to liberalize the exchange market and float the Egyptian pound against the dollar has causedmany repercussions. The most prominent of these were the high inflation rates, in addition to the trend of the Egyptian banks' financial surpluses in the form of deposits or investment certificates with a high return of 20%.

The central bank's monetary policy committee decided on Thursday to cut interest rates by about 100 basis points, or about 1 percent, as banks begin to push for a cut in interest rates. The monetary policy committee of the Central Bank of Egypt (CBE) decided to cut the overnight deposit and lending rates by 100 basis points to 15.75% and 16.75% respectively.

 

It was also decided to reduce the price of the main operation by 1% to 16.25% and the price of credit and discount the same amount to 16.25%.

But the question arises: How much did the Egyptians profit and the banks lost because of high-yielding certificates put forward by the Egyptian banks during the last period? 
Tariq Amel, governor of the Central Bank of Egypt, said that more than 28 million citizens benefited from the 20% certificates offered by banks following the exchange rate liberalization in November 2016.

In contrast, the banks' proceeds from these certificates amounted to about 800 billion pounds.

The Governor of the Central Bank of Egypt that the certificates of 20% was intended to provide savings to citizens to address the rise in prices resulting from the decision to liberalize the exchange rate. 
He pointed out that the banks lost to the citizens more than 350 billion pounds in two years, as a result of the issuance of these certificates, but the social dimension was more important than the profits of banks, which is to help citizens to cope with any repercussions of rising prices.

He added that some objected to the policy of raising the interest rate taken by the Central Bank during the previous periods, although it was not at the levels of some other countries similar in their circumstances to Egypt if offered money supply, which Egypt obtained.

He stressed that if the money injected into the markets to bring inflation to levels that are difficult to control, it would not hurt the economy significantly.

Earlier in January, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced an increase in the bank deposits of the family sector to LE 2370.8 billion, an increase of 22.3% over the previous year. Natural persons contributed 95.1% of the total deposits of the household sector. Of the total bank deposits.

He pointed out that the bank deposits for the public services sector increased by 405.1 billion pounds, an increase of 5.4% over the previous year. Bank deposits rose by the end of 2018 to reach LE 3553.6 billion, an increase of 17.4% over 2017.

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