Egypt | - Part 12

Egypt’s Upside-Down Bond Market Vindicates Shock Devaluation

CAIRO (Capital Markets in Africa) – A bond-market quirk is vindicating Egypt’s decision to undertake the world’s biggest currency devaluation in at least two years. The yield on the government’s shortest-maturity treasury bills is higher than the rate on its longest debt for the first time since Bloomberg started tracking the market in 2006. That so-called yield inversion is a welcome signal because it points to slower inflation and lower interest rates in the future, according…

Egypt signs 3-yr 18 bln yuan bilateral currency swap with China

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CAIRO (Capital Markets in Africa) – China and Egypt on Tuesday concluded an 18 billion yuan ($2.62 billion) three-year bilateral currency swap, a move that importers and economists said would facilitate trade and improve foreign currency liquidity in cash-strapped Egypt. Egypt’s central bank, which signed the deal with the People’s Bank of China, said the arrangement could be extended by mutual consent. “This bilateral currency swap is a mutually beneficial arrangement between both countries,” it…

Egypt’s Banque Misr seeks central bank-guaranteed syndicated loan

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biggest lenders by assets, is raising a five-year syndicated loan guaranteed by the country’s central bank, sources close to the situation said. The bank has mandated ADIB Capital and Credit Suisse to arrange the transaction, which was launched to syndication in the second half of November. ADIB Capital is the investment banking arm of Abu Dhabi Islamic Bank’s Egyptian subsidiary. The loan, an amortising facility, is expected to be about $350 million and offers a…

Egypt Market Watch | Nov 23 2016: Egypt’s bourse closes on positive note

Posted on by The Editorial Team

Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) indices moved higher collectively to close on a positive note on Wednesday, while the market capitalization added EGP 4.8 billion amid buying activity by foreign investors. The benchmark index EGX30 added 0.26% or 30.51 points to close at 11,550.1 points. The small and medium caps index EGX70 went up 1.71% to close at 445.9 points, while the broader index EGX100 added 1.71% to close at…

Egyptian pound remained stable against the US dollar …

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CAIRO (Capital Markets in Africa) – The Egyptian pound remained stable against the US dollar early Wednesday with sale prices ranging between EGP 17 and EGP 17.45 and buy prices ranging from EGP 17.5 to EGP 17.95. At the Société Arabe Internationale de Banque (SAIB), the dollar stood at EGP 17.45 and EGP 17.75 for buy and sell, respectively. The Egyptian Gulf Bank sold the USD-EGP at EGP17.95 and recorded EGP 17 for buying. Meanwhile, purchasing at…

Egyptian Exchange gains EGP 13.7bn on foreign buying

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CAIRO (Capital Markets in Africa) – The Egyptian Exchange finished Monday on a stronger note amid foreign buying appetite for blue-chip stocks. The main index EGX30 hit the highest mark since 8 May 2008 after adding 265.6 points or 2.36% to close at 11,543.07 points. CIB, Talaat Moustafa, SODIC, Edita, Hermes, Qalaa, Amer Group, Orascom Telecom, Ezz Steel, Domty, GB Auto, Elsewedy, Global Telecom, Pioneers, and Egyptian Resorts saw a 1.3-10% rise. Meanwhile, Kuwait…

Egypt Central Bank keeps key interest rates unchanged at MPC meeting

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CAIRO (Capital Markets in Africa) – Egypt’s central bank kept its key interest rates unchanged on Thursday in a meeting of its Monetary Policy Committee, it said in a statement, two weeks after it surprised markets with a 3 percent hike in its key rates. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent, it said in a statement, meeting expectations of all 15 respondents in a…

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