Egypt’s business digest Nov. 21: Egyptian banks attract $3 bln after currency float -cbank sub-governor
United States one dollar bills are put in packaging bands during production at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron

By Reuters

CAIRO: No more browsing from site to site, view the top business news stories on Nov. 21 here:

Egyptian banks attract $3 bln after currency float -cbank sub-governor

Egyptian banks have attracted some $3 billion since Egypt floated its pound earlier this month, central bank sub-governor Tarek Fayed said at a conference on Monday.

The central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar on Nov. 3 in a move it hopes will unlock foreign currency inflows and end a black market for dollars.

Egypt’s currency peg and a decline in foreign investment after the 2011 uprising had drained the central bank’s foreign reserves and forced it to ration dollars before the flotation.

Central Bank Governor Tarek Amer said in comments published in a local newspaper last week that Egypt’s banks had attracted about $1.4 billion in the first week after the float.


Italy’s Eni says Egypt Nooros gas field producing 900mln cubic feet per day

Italian oil major Eni said its Egypt Nooros field is a producing almost 900 million cubic feet of gas per day and will top 1 billion cubic feet per day in the first quarter of 2017, Egypt’s state news agency MENA reported.

Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.

It is racing to reverse that trend, speeding up the development of major gas discoveries with a stated goal of achieving energy self-sufficiency by 2020.

Eni began production at its Nile Delta offshore field Nooros in September 2015.

It said previously that it expected peak production capacity of about 160,000 barrels of oil equivalent (928 million cubic feet) per day in the spring of 2017.

Egypt’s domestic gas production is currently about 4.35 billion cubic feet per day compared with consumption of around 5.2 billion, oil minister Tarek El Molla said last month.

Eni’s giant Mediterranean gas field Zohr, discovered in August 2015 with an estimated 30 trillion cubic feet of gas, is expected to come online next year and produce about 1 billion cubic feet of gas per day in 2017.


Egypt’s NBE says new high-yield deposit certificates raise 85 bln pounds

National Bank of Egypt’s (NBE) high-yielding certificates of deposit, launched when the central bank floated the pound this month, have raised 85 billion pounds ($5 billion), NBE chairman Hisham Okasha said on the sidelines of a conference on Monday.

NBE and Banque Misr, Egypt’s largest two state banks, said on Nov. 3 they would offer 18-month CDs at 20 percent and three-year CDs at 16 percent.

The CDs are part of efforts to stabilize the Egyptian pound after the central bank ditched its U.S. dollar peg and raised benchmark interest rates by 300 basis points to try to unlock inflows and curtail the currency black market. ($1 = 17.0000 Egyptian pounds).


Egypt sells $1.696 bln in treasury bills at average yield of 3.749 pct

Egypt sold $1.696 billion in one-year treasury bills at a weighted average yield of 3.749 percent, the central bank said on Monday.

It said the submitted amount for the dollar-denominated issue was $1.841 billion. The maximum yield was 3.75 percent and the minimum yield was 3.72 percent.


Yields fall at Egypt T-bond auction on Monday data

Yields fell at Egypt’s five-year and ten-year treasury bond auctions on Monday, data from the central bank showed.

The average yield on the five-year bond fell to 16.814 percent from an average of 20.548 percent at the previous auction on Nov. 7.

The average yield on the 10-year bond also fell, to 16.952 percent from 20.582 percent at the last auction.

Recommend to friends

Leave a comment