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Egypt’s net international reserves (NIR) jumped to $40.361 billion at the end of March, the Central Bank of Egypt (CBE) stated.
Updated 4/4/2024 4:37:00 AM
Strategists at Deutsche Bank forecast a 20% devaluation to the Egyptian pound in the short term.
Updated 2/4/2024 12:00:00 PM
Egypt has no plans to peg its pound to a basket of currencies, an official told Asharq Business.
Updated 10/11/2023 1:42:00 AM
Egypt has started trading with other countries using their own currencies instead of the USD dollar. This comes as the country has agreed to import products from Russia and India using the Russian ruble and the Indian rupee. Accordingly, Egypt will no longer need to secure USD in order to import goods from both countries. Since 2018, the local currency settlement (LCS) mechanism has been implemented and embraced by a number of countries, including Malaysia, Japan, Thailand, and China. This helped maintain a positive LCS growth trend within the financial markets, recording $868 million in the first quarter (Q1) of 2022, according to the Bank of Indonesia. Experts believe that adopting this LCS mechanism in international trade will help Egypt’s economic recovery.
Updated 4/12/2023 1:24:00 AM