Episode Details

The two exchange companies affiliated with the National Bank of Egypt and Banque Misr attracted more than EGP2 billion in proceeds from concessions on foreign and Arab currencies in favor of the EGP, since the CBE's decision to liberalize the FX rate on 6 March.

The Prime Minister said that the demand for the USD, as confirmed by the Governor of the CBE, has begun to decline in light of the wide availability made by the bank and the speedy release of goods from customs in recent days.

A delegation led by European Commission President will be in town today. A package worth EUR5 billion through 2027 is expected, with as much as EUR1 billion of that fast-tracked for disbursal 1-2 weeks down the road a senior EU diplomat told press.

Foreign investors have poured over USD3 billion into Egypt since the CBE floated the EGP, a government source said. The number is expected to jump to USD30 billion before the end of the year, they added.

The CBE raised EGP217.9 billion-worth of one-year t-bills and EGP46.8 billion-worth of six-month t-bills on Thursday. The bank’s one-year bills received offers over 13x its original ask and its six-month bills 4x its ask. The average yield for the one-year bills dropped down to 30.14% from 32.30% the week before, while the six-month bills’ average yield dropped to 29.91% from 31.84% the week before.

Egypt's blockbuster cash infusions, currency devaluation, and interest rate hike are not quite enough for Fitch to adjust the country's credit rating, the agency's head of Middle East and Africa sovereigns said.

US energy company Chevron plans to start drilling the first extraction well in its Nargis 2 gas field in the eastern Mediterranean by 4Q24, with initial investments amounting to USD60 million. 

Chemicals and fertilizers exports council targets increasing the sector's exports by 30% to USD9 billion in 2024 from USD7 billion in 2023.

Raya Information Technology, a subsidiary of RAYA, is in advanced stages to acquire a local BPO outsourcing player, according to local press.

The total insurance premiums increased by 30.4% to reach EGP74.1 billion, compared to EGP56.8 billion during 2022.