CBE

Egypt to Repay $850M to IOCs

Egypt will repay $850 million in arrears to international oil companies (IOCs) operating in Egypt.

Monday Minute: Economic Snapshot

A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.

Net FDI in the Oil Sector Rises 135%

Net foreign direct investment (FDI) in the oil sector rose by 135% in fiscal year (FY) 2016/2017, according to the Central Bank of Egypt (CBE).

Egypt to Issue New Draft Banking Law

Egypt will issue a new banking law to regulate the Egyptian banking sector and the work of the Central Bank of Egypt (CBE).

Egypt Pays $750m to IOCs

Egypt paid total $1.5b in arrears to international oil companies (IOCs) in May and June.

Amer: CBE to Pay $750m to IOCs by June

Tarek Amer, said that the CBE will pay $750m of arrears to International Oil Companies( IOCs) by June 2017.

Banks Issued $6.34b Letters of Credit to Petroleum Imports

The Central Bank of Egypt (CBE) stated that the banks operating in the country issued letters of credit worth $6.34b for oil and gas imports during the period from January 2016 to December 2016.

Egypt to Import 1.4bcf/d of Gas

The Ministry of Petroleum and Mineral Resources asked the Central Bank of Egypt (CBE) to provide $270m per month to import 1.4bcf/d of gas starting from June.

Egypt, China Signed $2.6b Currency Swap Deal

Egypt and China signed a currency swap deal for $2.6b. This enables Egypt to increase foreign reserves after the EGP devaluation.

Banks to Loan $200m to EGPC

The Egyptian General Petroleum Corporation (EGPC) will sign a $200m loan agreement during with a banking consortium.

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