Central Bank of Egypt cuts interest rates by 100 bps as inflation eases

The Central Bank of Egypt (CBE) cut key interest rates by 100 basis points on Thursday, the bank said in a press release.
The Central Bank of Egypt (CBE) cut key interest rates by 100 basis points on Thursday, the bank said in a press release.
Egypt's ministry of finance successfully issued and priced a three-tranche USD 4 billion Euro bond only few hours in to into its launch, the ministry announced in a statement.According to the ministry's statement issued late on Tuesday, the three tranches are broken down as follows: USD 1.25 billion in five-year notes with a yield of 5.5%, USD 1.25 billion in ten-year notes with a yield of 6.59% and USD 1.5 billion in thirty- year notes with a yield of 7.91%.
The Board of Directors of the African Development Bank has approved a US $500-million loan to finance Egypt’s Economic Governance and Energy Support Program Phase III. This is the last in a series of three annual loans worth a total of US $1.5 billion covering the fiscal years 2015-2016 to 2017-2018 for the Economic Governance and Energy Support Program Based Operation.
Five international banks were chosen to arrange Egypt’s dollar-denominated eurobond issuance on 5 January 2018. The institutions are HSBC, JP Morgan, Morgan Stanley, Citibank and the National Bank of Abu Dhabi (NBAD), Finance Minister Amr El-Garhy announced on Thursday.