The price of the dollar rose today, Thursday 12-5-2024, in 5 Egyptian banks.
The dollar price was as follows:
International Commercial Bank
Buy: 49.93 pounds
Sale: 50.03 pounds
Bank of Egypt
Buy: 49.93 pounds
Sale: 50.03 pounds
National Bank of Egypt
Buy: 49.93 pounds
Sale: 50.03 pounds
QNB Bank
Buy: 49.94 pounds
Sale: 50.04 pounds
Abu Dhabi Islamic Bank
Buy: 49.97 pounds
Sale: 50.06 pounds
The Monetary Policy Committee of the Central Bank of Egypt, headed by Hassan Abdullah, will meet on December 26 to decide the interest rate at the last meeting in 2024.
At its meeting on Thursday, November 21, 2024, the Central Bank of Egypt decided to maintain the overnight deposit and lending rates and the Central Bank’s main operation rate at 27.25%, 28.25% and 27.75%, respectively. It also decided to keep the credit and discount rates at 27.75%.
Inflation in Egypt
General annual inflation in Egypt remained broadly stable for the third month in a row at 26.5% in October 2024.
General inflation remained the primary driver of general inflation, recording 26.0% in October 2024 compared to 25.5% in September 2024.
Inflation in October 2024 reflects an increase in managed prices (such as liquefied petroleum gas and pharmaceutical products), as well as an increase in prices for services such as rents, and spending on restaurants and cafes.
Meanwhile, annual food price inflation has continued to slow since 2023, reaching 27.3% in October 2024, its lowest level in two years.
The steady decline is mainly due to the gradual mitigation of shocks and the positive base effect from higher food inflation in 2023.
Annual core inflation fell to 24.4% in October 2024 compared to 25.0% in September 2024, while monthly core inflation was 1.3% in October 2024 compared to 1.8% in October 2023, and 1.0% in September 2024.
Monthly fundamental developments reflect rising prices of staple foods, especially poultry, eggs, dairy products and seafood.
Monthly urban inflation was recorded at 1.1% in October 2024, compared to 1.0% in October 2023, and 2.1% in September 2024. The monthly key developments reflect the impact of managed prices on non-food items, rising prices of basic food items, and a seasonal decline in fruit and vegetable prices. Fresh.
General annual inflation in rural areas was 26.1% in October 2024 compared to 25.6% in September 2024. Likewise, general annual inflation in the whole country rose to 26.3% in October 2024, up from 26.0% in September 2024.
In line with their seasonal pattern, fresh fruit and vegetable prices fell by 2.3% and 1.1%, respectively. Together, they contributed a negative 0.11% to overall monthly inflation.
Poultry and egg prices increased by 6.7% and 3.5%, respectively. Together, they contributed 0.42% to overall monthly inflation. Fish and seafood prices rose 1.8%, contributing 0.05% to overall monthly inflation. Dairy prices rose 0.7%, contributing 0.03% to overall monthly inflation.
Prices of other basic food items – including non-subsidized bread, red meat, sugar, pulses, sweets and tea – contributed 0.08% to monthly inflation.
Prices of regulated items rose 1.3%, contributing 0.27% to monthly inflation. This is mainly due to the recent increase in prices of LPG and pharmaceutical products, but does not take into account the recent increase in fuel prices announced on October 18, which will be reflected in November inflation data.
Services prices rose 0.6%, contributing 0.17% to monthly inflation. This increase is mainly due to increased spending on restaurants, cafes, and rents among other services.
Retail commodity prices rose 1.4%, contributing 0.19% to monthly inflation. This was mainly driven by personal care products and household cleaning products, among other retail goods.
Monthly core inflation was affected by price increases in core CPI goods. Basic food goods contributed 0.80% to monthly core inflation, while retail goods contributed 0.27% and services contributed 0.23%.
International Monetary Fund forecasts for the Egyptian economy
Kristalina Georgieva, Executive Director of the International Monetary Fund, predicted a promising path for the Egyptian economy as she expected inflation rates to decline to 17 percent in the coming period, a goal supported by the International Monetary Fund’s support for Egypt’s ongoing economic reforms.
Georgieva expressed the International Monetary Fund’s appreciation for the committed efforts made by Egypt over recent months, noting the effective policies pursued by the government aimed at enhancing economic stability.
She acknowledged Egypt’s resilience, describing the country as a “safer environment” amid global economic turmoil – stability necessary to promote long-term prosperity.
Georgieva praised the progress Egypt has made in implementing reforms, and highlighted the IMF’s focus on strengthening the thriving private sector, which is essential to absorb more than a million young people entering the labor market annually. The IMF views this sector as an essential driver for creating sustainable job opportunities and ensuring inclusion. Economic all over Egypt.
Board of Directors of the Central Bank of Egypt
It is worth noting that President Abdel Fattah El-Sisi issued a decision appointing the Board of Directors of the Central Bank of Egypt, headed by Hassan Abdullah, Acting Governor of the Central Bank, for a period of one year, starting from November 27, 2024.
According to the presidential decision issued in the Official Gazette, the council consists of Rami Ahmed Adel Abu Al-Naga, Deputy Governor of the Central Bank, Tariq Muhammad Badawi Al-Khouli, Deputy Governor of the Central Bank, and Muhammad Farid Saleh, Acting Chairman of the Financial Supervision Authority.
The council also includes Ali Muhammad Ali Al-Faramawi, a technology expert, Naglaa Anwar Al-Ahwani, an economic expert, Sherif Hussein Kamel Muhammad, a financial expert, Muhammad Othman Ibrahim Al-Deeb, a banking expert, Samiha Al-Sayed Fawzi, an economic expert, Issam Muhammad Abdel Hadi Amer, an accounting and financial expert, and Khaled Ibrahim Saqr Ali, an expert. economic.
Earlier in August, Sisi issued a decision to renew Hassan Abdullah’s term as Acting Governor of the Central Bank of Egypt for a third term, and Abdullah was appointed Acting Governor of the Central Bank on August 18, 2022.
