URGENT: Egypt’s net FX reserves hit $46.942b in August – CBE

Egypt’s net foreign exchange reserves rose to $46.942 billion by the end of October, compared to $46.737 billion by the end of September, according to a Central Bank of Egypt (CBE) provisional data on Wednesday.

This marks about $205 million month-on-month increase.

Attribution: CBE data

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EGP nudges up vs. USD on Sunday – CBE

The Central Bank of Egypt (CBE) reported the average closing exchange rates for the US dollar (USD) against the Egyptian pound (EGP) on Sunday, February 2, 2025.

According to the CBE’s website, the USD buying rate stood at EGP 50.1789, while the selling rate was EGP 50.2789 per dollar, compared to EGP 50.1883 for buying and EGP 50.2883 for selling on Thursday.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

Egypt’s CBE offers EGP 65b in T-bills

The Central Bank of Egypt (CBE), in coordination with the Ministry of Finance, will offer 65 billion Egyptian pounds in treasury bills (T-bills) on Sunday.

The auction is in two tranches: 91-day T-bills worth 25 billion pounds to mature on 06/05/2025 and 273-day T-bills worth 40 billion pounds to mature on 04/11/2025, as per the statement.

Treasury bills are short-term government debt instruments with maturities ranging from three months to a year.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

Morgan Stanley forecasts Egypt inflation to drop to 15%, interest rate cuts on horizon

Morgan Stanley has projected that Egypt’s inflation rate will fall to between 14 per cent and 15 per cent by the end of the current year, with expectations of interest rate cuts beginning as early as February.

In a recent research note released after a recent visit, the US bank acknowledged the significant improvement in Egypt’s macroeconomic picture since March, but noted that local market participants remain cautious. The report cited concerns about the potential impact of additional fiscal measures, particularly anticipated energy price hikes, on inflation. While local consensus puts year-end inflation between 16 per cent and18 per cent, Morgan Stanley’s forecast is more optimistic. The bank anticipates a cautious interest rate cut cycle by the Central Bank of Egypt (CBE), starting with a 100-200 basis point reduction on February 20th. Looking ahead to 2025, Morgan Stanley projects a total interest rate reduction of 10 percentage points, while local experts predict a less aggressive easing cycle of 6 percentage points.

Attribution: Amwal Al Ghad Arabic

Egypt’s c. bank issues EGP 80b in T-bills

The Central Bank of Egypt (CBE), in coordination with the Ministry of Finance, will offer 80 billion Egyptian pounds in treasury bills (T-bills) on Thursday.

The auction is in two tranches: 181-day T-bills worth 35 billion pounds to mature on 05/08/2025 and 273-day T-bills worth 45 billion pounds to mature on 30/02/2026, as per the statement.

Treasury bills are short-term government debt instruments with maturities ranging from three months to a year.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

EGP down vs. USD at Wednesday’s close

The Central Bank of Egypt (CBE) reported the average closing exchange rates for the US dollar (USD) against the Egyptian pound (EGP) on Wednesday, January 29, 2025.

According to the CBE’s website, the USD buying rate stood at EGP 50.1817, while the selling rate was EGP 50.2814 per dollar, compared to EGP 50.1551 for buying and EGP50.2551 for selling on Tuesday.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama