Remittances from Egyptians working abroad increased by 11.9%, during the first 11 months of 2020, i.e. an increase of 2.9 billion dollars to record 27.1 billion dollars (compared to about 24.2 billion dollars during the same period of the previous year).
According to data from the Central Bank of Egypt, remittances from Egyptians working abroad increased during the month of November 2020 compared to the corresponding month (November 2019) by 27.9 percent to reach about $ 2.6 billion.
In contrast, the "HC Securities and Investment" company expected that the Central Bank of Egypt would keep the interest rate unchanged. It also expected that January's inflation would reach 5.2 percent, which is close to the minimum of the new inflation target range for the Central Bank of Egypt at 7 percent (+/- 2 percent) for the last quarter of 2022.
It also revealed that the Egyptian treasury bills are now facing greater competition with Turkey, which raised interest rates by 200 basis points on December 24, bringing the 15-month Treasury bonds up to 15.97 percent, higher than their previous rate of 10.66 percent.
On the other hand, the liquidity of the Egyptian banking sector decreased, to represent 11 percent of total deposits in local currency in November from 13 percent in October.
Source (Asharq Al-Awsat Newspaper, Edited)
