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Debt news from Tatweer Misr + Raya. Plus: Expat car-for-FX initiative registers 100k in first week, Tantawy on trial
The AAIB is extending an EGP 3.5 bn facility to Tatweer Misr
Our FX reserves inched up in October
An additional USD 132 mn was added to our FX stockpiles
Fitch joins Moody’s, S&P in downgrading Egypt’s credit rating
The rating agency lowered its rating one notch to B- due to concerns over the currency and debt sustainability
Central Bank of Egypt holds interest rates steady
This was the last policy meeting before the presidential election in December, after which the CBE is expected to devalue…
CBE expected to hold interest rates when it meets later today.
Six of nine analysts surveyed by Enterprise expect the CBE to leave rates unchanged
Our net foreign assets position deteriorated in September
The country’s net foreign assets positions approached record highs in September
MPs approve fresh borrowing, oil exploration
The government will borrow USD 500 mn from Deutsche Bank and Bank ABC to fund healthcare and education spending
Analysts split on Egypt interest rate path ahead of central bank meeting
Analysts pointed to rate hikes losing their ability as a policy tool to calm inflation as a reason behind their…
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