Citigroup Inc says ‘Egypt bought time to delay the local currency devaluation, haunting market’, reported Bloomberg. Citigroup Inc. predicts Egypt will hold off on devaluing its currency until at least September as the prospect of [ More … ]
According to Bloomberg, the Egyptian ‘pound devaluation bets ease as Citigroup Inc. sees no short-term move’. Traders are pushing back expectations for a devaluation in the Egyptian pound, with Citigroup Inc. predicting that the central [ More … ]
Egypt’s pound currently ranks as the sixth worst performing currency since early January; and it has extended a decline that saw it lose more than half its value during 2022. Egypt’s headline inflation in February [ More … ]
The rising cost of imported feed in Egypt has significantly hurt poultry farmers and led to tripling chicken prices in a year. “Last year, Ihab Gomaa was managing 12 chicken farms in Egypt’s Fayoum, an [ More … ]
Egypt’s economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring, reported Reuters. The national currency lost nearly half its value in less [ More … ]
Egypt is likely to devalue its currency again in the “not-too-distant future,” and the pound may end the quarter 10% below current levels, experts at Societe Generale said. The debt-distressed North African nation will need [ More … ]
Egypt hails $925 million of foreign-exchange inflows as a sign that the local currency devaluation is working In its statement, the Central Bank of Egypt (CBE) said that “the amounts of trading in the interbank [ More … ]
The Egyptian pound tumbled last Wednesday in its largest single-day slide since the cash-strapped government agreed to a $3 billion International Monetary Fund deal in mid-December, reported Associated Press, citing authorities. The Egyptian pound fell [ More … ]
Estimates of the volume of transactions in the informal market in Egypt amount to $8 billion, according to Al-Arabiya, citing a banker. The Egyptian economy went through conditions similar to those we are witnessing nowadays, [ More … ]
The slow-motion of the Egyptian pound (EGP) descent to a record low raises speculation that Egyptian authorities will be obliged to let it weaken far more sharply than anticipated just weeks ago. Gradual declines in [ More … ]
The Egyptian pound needs to weaken about 23% to help the economy adjust and reduce Egypt’s funding gap, according to Bloomberg Economics. The world’s biggest banks say the Egyptian local currency is too expensive, but [ More … ]
Foreign investors fleeing emerging markets following Russia’s invasion of Ukraine have sold around $1.19 billion of Egyptian treasury bonds in just three days, with activity in the secondary market continuing on Tuesday, according to Reuters. [ More … ]
After the Central Bank of Egypt had liberalized the exchange rate of the Egyptian pound, Egyptian debt reached 742.5 billion Egyptian pounds (£38 billion), according to Middle East Monitor, citing Al-Mesryoon, an Egyptian independent news [ More … ]
The Central Bank of Egypt’s Governor Tarek Amer considered the focus on defending the Egyptian pound over the past five years was a “grave mistake,” signaling the possibility of another devaluation after he weakened the [ More … ]
By: Abdel-Hafez El-Sawy* In mid-June 2016, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) made a decision for increasing the interest rates on deposits and loans by 1%. Accordingly, the interest [ More … ]
Copyright © 2016 | Middle East Observer