Egypt

Fitch Ratings Assigns Egypt ‘B’ rating for the new US$1.5bn 2025 Bond

Posted on by The Editorial Team
Fitch Ratings Assigns Egypt ‘B’ rating for the new US$1.5bn 2025 Bond

Cairo, Egypt (Capital Markets in Africa):- Fitch Ratings has assigned Egypt’s US$1.5bn global bond maturing 11 June 2025 a ‘B’ rating. The bonds have a coupon rate of 5.875%. The proceeds will be used for the general budgetary purposes of the government. According to Fitch, the rating is in line with Egypt’s Long-term foreign currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook and would be sensitive to changes in Egypt’s Long-term foreign…

Read More

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

Posted on by The Editorial Team
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…

Read More

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.

Read More

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…

Read More

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

Posted on by The Editorial Team
Egypt’s foreign reserves decline to $19.6bn at May-end

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…

Read More

OPEC agrees to keep pumping as fears of a global oil glut persist

Posted on by The Editorial Team
OPEC agrees to keep pumping as fears of a global oil glut persist

Vienna, (Capital Markets in Africa) – Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports. Concluding a meeting with no apparent dissent, Saudi Arabian Oil Minister Ali al-Naimi said the Organization of the Petroleum Exporting Countries had rolled over its current output ceiling, renewing support…

Read More
1 … 31 32 33 34 35 … 44