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Remittances from Egyptians abroad surge 51.3% in 2024
Inflows from Egyptians abroad inched up as they started sending more of their remittances through official channels following the EGP…
Moody’s affirms Egypt’s rating, outlook
The agency sees subsidy reforms and tax reforms helping the government reach a primarily surplus of 3.5% of GDP this…
Gov’t to issue bookkeeping scheme to account for FX price difference prior to the EGP float
The accounting scheme will augment FX costs booked by companies throughout 1Q 2024 by a rate of up to 60%
Egypt’s net foreign assets dropped 12% to USD 5.2 bn in December
The decline was driven by a widening deficit in the net foreign assets of commercial banks
Remittances rise 65.4% y-o-y to USD 2.6 bn in November
Remittances are also up up 47.1% y-o-y in the first 11 months of 2024 to USD 26.3 bn
Net foreign assets dropped 35% to USD 6.0 bn in November
Driven by a sharp decline in foreign assets in commercial bank
Gov’t imposes new personal car import rules to curb USD outflows + Car dealers to import USD 1.8 bn worth of cars next year
The Investment Ministry now limits personal car imports to one every five years to save USD and boost auto localization
USD breaks the EGP 51 barrier
Good morning, all. It’s another calm morning in local and international business news as we inch closer to the new…
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