Egypt | - Part 3

Central Bank of Egypt sells $37.8m in FX auction and autions EGP7bn in T-bills

Cairo, Egypt (Capital Markets in Africa):- The Central Bank of Egypt said it sold $37.8 million to banks in a foreign currency auction held Sunday. The bank had offered $40 million. Cut-off price amounted to EGP 7.53 per dollar, the central bank added. The dollar exchange rate steadied at 7.53 against the Egyptian pound for the first time on 4 February. Futhermore, the Central Bank of Egypt said it will hold a public auction Sunday…

Egypt Central bank sells $37.8m in forex auction

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa)—The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday. The bank had offered $40 million. Cut-off price amounted to EGP 7.53 per dollar. The central bank introduced the dollar sale auctions in December, 2012 to stave off a run on the dollar and avoid a currency crisis.

Egypt gov’t re-setting spending priorities, says FinMin

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — The Egyptian government has set a fiscal programme with the aim of rearranging priorities for public spending, through reforming energy subsidies system and increasing taxes, in addition to more efficient management of public debt, said Finance Minister Hani Kadri Dimian. He added that the government is working on achieving an economic breakthrough that reflects positively on citizens. Early this year, the government prepared a package of fiscal and…

Egypt central bank sells $98.6m in regular auction

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa)–The Central Bank of Egypt (CBE) sold on Sunday $98.6 million in its regular FX auction reaching $100 million. The average selling price reached $7.53 in the auction No. 373, the CBE said on its website.

Egypt’s foreign reserves decline to $19.6bn at May-end

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Egypt’s net foreign reserves slipped to $19.559 billion at May-end, a decline of 4.7% compared to $20.525 billion in April, the Central Bank of Egypt (CBE) said on Sunday. Egypt received $6 billion in subsidies from Saudi Arabia, Kuwait and the UAE, the bank’s governor Hisham Ramez said in April. The country’s foreign reserves stood at nearly $36 billion before the 2011 revolt, but plummeted in the resulting political…

Moody’s assigns Counterparty Risk Assessments to five Egyptian banks

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- Moody’s Investors Service has today assigned Counterparty Risk Assessments (CR Assessments) to five Egyptian banks. It has assigned CR Assessments of B3(cr) to the government-owned National Bank of Egypt SAE, Banque Du Caire SAE, and Banque Misr SAE; B2(cr) to Commercial International Bank (Egypt) SAE (CIB); and B1(cr) to Bank of Alexandria SAE (Alex Bank). Concurrently Not-Prime (cr) short-term CR Assessments have been assigned to all the banks. This…

Egypt central bank sells $37.8m in FX auction

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday, at a cut-off price of EGP 7.53 per dollar. The banks had offered $40 million. The central bank has recently offered $800 million to banks under the interbank mechanism to meet the demand for the hard currency needed for importing goods ahead of the holy month of Ramadan.

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