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Net foreign liabilities narrow by USD 7.1 bn in February as Ras El Hekma funds start to reflect in banks’ sheets
It could be a matter of time before we see a larger improvement
Gov’t greenlights EGP 120 bn subsidized loan program to support industry and agriculture
The 15% interest rate charged is nearly half the central bank's post-float 28.25% lending rate
CBE auctions off more EGP t-bills, this time at a much lower yield
The one-year bills received offers over 4x its original ask and six-month bills 2x its ask
Industry players are hoping for a fresh gov’t support package after the EGP float
Any fresh financing initiative for industry would likely see interest rates 20% higher than the last 11% package
Banks’ capital adequacy ratio saw a minor decline in 2023
Non-performing loans to total loans edged down to 3% at the end of 2023 from 3.4% a year earlier
THIS EVENING: Valu plans to IPO within a year + CBE cancels its MPC meeting
Good afternoon, folks, and happy almost-THURSDAY, which can’t come fast enough when it’s Ramadan. THE BIG STORY TODAY #1- Valu…
S&P upgrades Egypt’s credit outlook to positive
S&P also affirmed its B-/B rating for Egypt’s long- and short-term foreign and local currency sovereign credit.
Foreign investors are loving Egypt post float
The CBE raised EGP 217.9 bn-worth of one-year t-bills and EGP 46.8 bn-worth of six-month t-bills on Thursday
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