Among Egyptians, 53% have faced at least one electronic scam, surpassing the global average of 52%, according to the “Visa’s 2023 Stay Secure Study” conducted by Wakefield Research in collaboration with Visa. Additionally, 14% of those affected reported experiencing multiple instances of deception, which is just slightly below the global average of 15%. The study focused on countries within the Central and Eastern Europe, the Middle East, and Africa (CEMEA) region and is part of Visa’s annual Stay Secure Campaign, which aims to enhance consumer awareness about online threats while advocating for secure and seamless digital payment experiences. The study…
Author: Doaa A.Moneim
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) announced Thursday to keep key interest rates unchanged at 19.25%, 20.25%, 19.75%, and 19.75% for overnight deposit rate, overnight lending rate, main operation rate, and discount rate, respectively. In a statement, the MPC noted that while annual food inflation continues to rise, it is primarily driven by volatile items rather than core food products, as seen in previous months. Consequently, inflation trends in July and August 2023 are mainly attributed to the combined impact of disruptions in supply chains and adverse weather conditions, leading to seasonal price increases…
The International Monetary Fund (IMF) is set to conclude its second review of Egypt’s Extended Fund Facility (EFF) loan program this week. However, uncertainties surround its successful completion, reminiscent of the situation during the first review, which was not finalized as initially scheduled. Egypt’s economic stability relies heavily on the outcome of this assessment, as the EFF loan program plays a pivotal role in addressing the nation’s economic difficulties and bolstering its financial resilience. According to the program’s original timeline, the IMF was expected to finalize the first review of the program by March 15. However, this review did not…
In July, the Central Bank of Egypt (CBE) took a significant step by issuing comprehensive regulations for licensing, registering, governing, and monitoring digital banks within the local market. Since then, Egypt has witnessed a flurry of announcements from various banks and e-payment service providers, all geared up to launch digital banking services that promise end-to-end financial solutions without the need for physical branches. The regulations for digital banks by the CBE require an issued and paid-up capital of $ 64.7 million (EGP 2 billion) for offering all banking services except for large-scale business financing. If they want to provide services…
Hitting a new record, Egypt’s annual headline inflation accelerated in August to 39.7% compared to 38.2% recorded in July, according to figures released by the Central Agency for Public Mobilization and Statistics (CAPMAS) in September. In August, Egypt’s headline monthly inflation rose by 1.6% compared to the level reached in July, CAPMAS data showed. On the other hand, Egypt’s core inflation –calculated by the Central Bank of Egypt (CBE)– slightly decelerated in August to 40.4% versus 40.7% seen a month earlier. “The August inflation reading came slightly higher than S&P Global Market Intelligence’s forecast of 37.1%, up from 36.5% in…
The entrepreneurship landscape in Egypt has been significantly impacted by ongoing economic challenges, exacerbated by European geopolitical tensions, which have adversely affected the country’s economy for over a year and a half. Entrepreneurs in Egypt have been facing numerous challenges, including high-interest rates and the devaluation of the Egyptian pound, which has lost over 75% of its value against the US dollar since the war in Ukraine began in March 2022. Business Monthly met with a group of Egyptian entrepreneurs who were competing in Africa’s Business Heroes (ABH) Prize Competition, which was held over two days in the Rwandan capital…
Egypt has approved the issuance of $500 million in Samurai bonds as part of its efforts to address a severe economic crisis caused by a US dollar liquidity shortage lasting for more than 18 months. These yen-denominated bonds, with a five-year maturity, will be issued by the Ministry of Finance in the Japanese market to attract Asian investors. This marks Egypt’s second issuance of Samurai bonds, following a similar issuance in April last year. Egypt was the first Middle Eastern country to issue such bonds, with the initial issuance aimed at mitigating the economic impacts of the Russian-Ukrainian conflict that…
As Egypt prepares to unveil its monumental Grand Egyptian Museum (GEM) later this year, the country’s tourism sector stands on the cusp of a transformative moment. The GEM, with a construction cost exceeding $1 billion, represents a significant milestone in Egypt’s efforts to reinvigorate its tourism industry, which has faced a myriad of challenges in recent years. This world-class museum, set to open in November, is just one facet of Egypt’s broader strategy to breathe new life into its tourism sector—a key pillar of its economy, contributing 15% of the country’s Gross Domestic Product (GDP) and serving as a vital…
The Egyptian government approved in August a regulation requiring foreigners applying for residency or visa to pay the fees in hard currency, in line with the government’s plan to tackle the US dollar shortage the country is grappling with. According to the regulation, foreigners applying for residency, whether for tourism or other purposes, must convert the fees from Egyptian pounds to US dollars through either a local bank or an authorized foreign exchange company. They are also required to provide an invoice for the transaction. The regulation also includes a three-month grace period for foreigners without valid residencies to regularize…
The Egyptian government has announced its plan to generate $5 billion by selling stakes in state-run companies and various projects by the end of the fiscal year 2023/2024, concluding in June 2024. This plan demonstrates the progress made in Egypt’s privatization program, a key commitment under the International Monetary Fund (IMF) Extended Fund Facility (EFF) program. Over the course of 16 months, from March 2022 to July 2023, Egypt has successfully raised $5 billion by selling stakes in 13 state-owned companies. However, the completion of the first review of the IMF program has been delayed twice due to the slow…