Egyptian PM commends IMF loans

STORY: Egyptian PM commends IMF loans SHOOTING TIME: April 28, 2024 DATELINE: April 29, 2024 LENGTH: 00:00:35 LOCATION: Riyadh CATEGORY: ECONOMY SHOTLIST: 1. various of Egyptian Prime Minister Mostafa Madbouly attending a special meeting of the World Economic Forum in Riyadh (Courtesy of the Egyptian Cabinet) STORYLINE: During a meeting with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva in the Saudi capital of Riyadh on Sunday, Egyptian Prime Minister Mostafa Madbouly expressed gratitude for the collaboration between the Egyptian government and the IMF. The two leaders were in Riyadh to attend a special meeting of the World Economic Forum (WEF). Madbouly emphasized that the IMF's approval to increase the value of the financing program provided to Egypt reflects the high level of confidence the international financial institution has in the Egyptian economy. Egypt has met seven commitments out of 15 pledges under its ongoing eight-billion-dollar Extended Fund Facility (EFF)

Egypt's CBE offers short-term T-bills for 35 bln EGP

STORY: Egypt's CBE offers short-term T-bills for 35 bln EGP DATELINE: Jan. 23, 2023 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. exterior shots of the central bank 2. various of an employee counting Egyptian banknotes 3. various of banks STORYLINE: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) with a combined value of 35 billion EGP through two auctions on Sunday. The first offering is valued at 13.5 billion EGP, carrying a 91-day maturity period, according to official data. The second offering is valued at 21.5 billion EGP, with a maturity period of 273 days. On Thursday, the CBE issued T-bills with an aggregated value of 43.5 billion EGP through two auctions. Egypt is set to receive the second tranche of the 3 billion U.S. dollars loan it secured from the International Monetary Fund (IMF), estimated at around 347 million U.S. dollars, by the end of March, following the completion of the first review of the loan program. The IMF approved in December a 46-month lo

Egypt's currency halves in value in 10 months

STORY: Egypt's currency halves in value in 10 months DATELINE: Jan. 12, 2022 LENGTH: 0:01:05 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egyptian pound 2. various of banks in Egypt STORYLINE: The Egyptian pound further declined against the U.S. dollar on Wednesday, plunging to below 31 pounds to the dollar before settling at 29.7 in the afternoon. The Egyptian local currency has lost about half of its value since March 2022, when a dollar was worth about 15.7 pounds. Egypt devalued its local currency twice in 2022, the latest of which was in late October. The devaluation is part of the country's "shift to a durable exchange rate regime" demanded by the International Monetary Fund (IMF), which has recently approved a loan of 3 billion dollars to Egypt to finance its economic and structural reforms. Over the past year, Egypt has been facing soaring inflation driven by the global hike in food and energy prices. Egyptian annual urban consumer inflation rose to 21.3 percent in December compar

Egypt's currency further declines against USD

STORY: Egypt's currency further declines against USD DATELINE: Jan. 5, 2023 LENGTH: 00:01:05 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of national banks in Egypt 2. various of citizens 3. various of banknotes STORYLINE: The Egyptian pound further weakened against the U.S. dollar whose exchange rate jumped Wednesday from about 24.7 to about 26.49 pounds, according to data on the website of the Central Bank of Egypt (CBE). It is the largest single-day decline of the Egyptian pound's value since the CBE allowed it to drop by about 14.5 percent in late October 2022. The country devalued its currency twice in 2022. The move complies with the country's "shift to a durable exchange rate regime" to contain inflation as a key demand of the International Monetary Fund (IMF), which has recently approved a loan of 3 billion dollars to Egypt to support its economic and structural reforms. The IMF's support package also includes measures to be implemented by Egypt to "reduce the state's footprin

Egypt raises key rates amid economic reforms to secure IMF loan

STORY: Egypt raises key rates amid economic reforms to secure IMF loan DATELINE: Oct. 28, 2022 LENGTH: 00:00:57 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of an accountant counting banknotes 3. various of Cairo STORYLINE: The Central Bank of Egypt (CBE) on Thursday raised interest rates by 200 basis points, as part of the country's economic reforms to secure an International Monetary Fund (IMF) loan. Egypt's Monetary Policy Committee has raised the overnight deposit and lending rates, two key interest rates, by 200 basis points to 13.25 percent and 14.25 percent respectively, while the central bank's main operation rate and discount rate are both raised by the same margin to 13.75 percent. The CBE also announced a switch to a more "durably flexible exchange rate regime, leaving the forces of supply and demand (in the international markets) to determine the value of the Egyptian pound against other foreign currencies." According to a CBE statement, the