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CBE directs banks to allocate USD for non-essential import LCs

The Central Bank of Egypt (CBE) has instructed banks for the first time in two months to allocate dollars for letters of credit (LC) concerned with importing non-essential goods that require pre-approval.

Updated 11/3/2024 8:07:00 AM
EGP experiences volatility following CBE's decisions

In the wake of the Central Bank of Egypt's (CBE) decision to increase interest rates and devalue the Egyptian pound, the local currency has faced heightened volatility against major foreign currencies.

Updated 3/6/2024 3:15:00 AM
IMF collaborates with central banks worldwide to develop CDBCs

The International Monetary Fund (IMF) is developing a platform for central bank digital currencies (CDBCs) to enable international transactions.

Updated 6/20/2023 7:58:00 AM