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CAIRO, July 17, 2018 (MENA) - The Central Bank of Egypt (CBE) expected on Tuesday remittances of Egyptians abroad to hit a high record of $26 billion by the end of the 2017/2018 fiscal year.

In a statement, the CBE said that the remittances of Egyptians working abroad amounted
to $21.9 billion from July 2017 to April 2018.

WASHINGTON, July 17, 2018 (MENA) - International Monetary Fund (IMF) Mission Chief for Egypt Subir Lall said on Tuesday that the monetary policy adopted by the Central Bank of Egypt (CBE) is good and has helped contain the repercussions of floating the Egyptian pound against the US dollar.

In statements to MENA, he added that the policy of the CBE comes within the framework of a holistic economic policy that seeks to stimulate the national economy.

One of the fruits of this policy is that inflation went down since mid 2017 until May 2018, he said, noting that a recent increase in fuel prices led to a limited increase in inflation rates in June.

He expected that inflation rates will keep going down in the coming period thanks to the viable measures adopted by the Egyptian government.

He confirmed that the IMF will keep supporting the Egyptian economic reform program.

 

CAIRO, July 10, 2018 -- Egypt has taken over the chairmanship of the Association of African Central Banks (AACB) for the first time since its establishment.

The AACB  is affiliated to the African Union and comprises 40 African central banks.

The  41st annual meeting will be held in Sharm El Sheikh from September 5 to 9, coinciding with the 50th anniversary of the AACB. 

The association aims at developing co-operation to achieve financial stability in Africa. It also encourages central banks to exchange expertise in the field of finance.

 

 

CAIRO, July 9, 2018 (MENA) - Money transfers of Egyptians working abroad increased by 41.2 per cent in April of 2017 to hit 2.3 billion dollars compared to 1.7 billion dollars in the corresponding period last year, the Central Bank of Egypt on Monday.

Total money transfers from July till April surged by 48.2 per cent to stand at 26 billion dollars compared to 17.5 billion dollars in the corresponding period last year, the bank said in a statement.

CAIRO, July 5 ,2018 (MENA) – Egypt’s foreign currency reserves spiked by USD 120 million to reach USD 44.258 billion at the end of June, the Central Bank of Egypt (CBE) announced on Thursday.

The nation's foreign currency reserves have been climbing for 32 months in a row, the CBE said. 

The rise in the country's foreign reserves was driven by the CBE's good management of the monetary policies, with a commitment to settle all external obligations, bankers told MENA.

Egypt received on Friday the fourth tranche, valued at $two million, of  a total $12 billion loan from the International Monetary Fund.

CAIRO, June 24, 2018 (MENA) – The Central Bank of Egypt (CBE) said on Sunday that the banking sector loans rose by 27 billion pounds by the end of February 2018, to record about 1.503 trillion pounds, compared to 1.476 trillion pounds in January 2018.

In a report, the bank said that the government sector loans reached 187.6 billion in local currency and 212.4 billion in foreign currency.

It also pointed out that private sector loans in local and foreign currencies increased to reach 1.1 trillion pounds including 776.4 billion in local currency.

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