Day: January 2, 2024

The Central Bank of Egypt (CBE) is auctioned USD 850 million (EGP 26.2 billion) worth of one-year USD-denominated treasury bills on Sunday, 31 December, in an effort to refinance existing debt. The auction recorded an average yield of 5.149 percent for these bills. Responding to a global interest rate hike…

Egypt’s Ministry of Electricity announced a 16% to 26% increase in electricity tariffs starting January 2nd, marking the latest step in the government’s gradual removal of power subsidies. The move, reflected in February’s electricity bills, comes after a three-year delay in the government’s initial plan to fully eliminate subsidies by…

The Central Bank of Egypt (CBE) received 31 bids worth $1.02bn for the auction of local treasury bills (T-bill) denominated in US dollars. This exceeded the initial offer of $830m scheduled to mature on 31 December 2024. The proceeds from this auction will be used to repay a previous auction…

The Iranian Deputy Foreign Minister Ali Bagheri Kayani, has confirmed that Iran is planning to abolish the use of the dollar in commercial transactions like other BRICS members. Economic and financial developments within BRICS have already begun to move in this direction. During an interview with a Russian “Novosti” correspondent…