Egypt’s weekly economic indicators
The Central Bank of Egypt announced the acceptable bids for its 182-day T-Bill auction, from which 49 out of 60 bids were accepted with a total face value of LE508.175 million. The annual interest rate ranged between 9.000 percent and 9.125 percent with an average of 9.120 percent.
The Ministry of Finance announced a 91-day T-Bill auction with a total face value of LE400 million. The issuance date was February 8 and the maturity date is May 10. The final date for bids was February 7. The Central Bank of Egypt announced the accept-able bids for its 91-day T-Bill auction, from which 41 out of 47 bids were accepted with a total face value of LE404.700 million. The annual interest rate ranged between 9.023 percent and 9.132 percent with an average of 9.095 percent.
The Ministry of Finance announced a 182-day T-bill auction with a total face value of LE400 million. The issue date is February 13 and the maturity date is August 14. The final date for bids is February 12.
Egypt and Scotland signed two agreements on February on February 4 to promote bilateral investment opportunities. British Foreign Commonwealth Officer Minister Brian Wilson signed the first cooperation agreement with Minister of Economy and Foreign Trade Youssef Boutros Ghali and the second agreement with General Authority for Free Zones and Investment Chair-man Mohammed El Ghamrawi. It is worth noting that Britain is the largest non-Arab investor in Egypt with bilateral trade topping 1 billion British pounds annually.
In an effort to assist banks in abiding by the new forex system, the Central Bank of Egypt –CBE has injected $700 million into the market. Consequently, the interbank rate surged to 11.5 percent on February 5 from last week’s 10 percent. Moreover, the CBE announced its intention to provide banks with more domestic liquidity via overnight repos.
Prime Securities S.A.E.
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