Egypt’s Central Bank Offers US$ 800 Mln At Exceptional FX Auction
Published 2013-05-22 08:25:00| Mohamed Hamdy
The Central Bank of Egypt (CBE) Offers US$ 800 million on Wednesday at an exceptional auction so as to address the needs of local banks to finance the import of basic goods. Egypt needs to import some essential commodities such as tea, meat, poultry, fish, wheat, cooking oil and other goods. Banks shall submit their bids to this auction from 11:00 to 12:00. This is the second exceptional auction conducted by the central bank after it earlier offered US$ 600 million at the end of last April. The Governor of the central bank, Hisham Ramez, has announced that CBE will adopt a policy to conduct unexpected auctions so as to combat the dollar black market.
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Egypt's low level of foreign exchange reserves is a key issue for its rating, which is on negative outlook, a senior Fitch ratings analyst said on Tuesday. "The key thing is ... the reserves chart," Paul Gamble, director, sovereigns at Fitch, told a briefing in answer to a question on risks to the rating. "If we don't see sufficient inflows coming in, if we see reserves falling over a sustained period and we don't have visibility on inflows, we would look at the rating again." Fitch cut Egypt's rating to B with a negative outlook in January. It has the country on a higher rating level than other ratings agencies, though its rating is still below investment grade. Standard & Poor's cut Egypt to CCC+ earlier this month, while Moody's also has Egypt on a Caa1 rating, deep in junk territory.
RE/MAX Egypt Real Estate Marketing Company has finalized the training of 18 agents belonging to real estate marketing firms as a prelude to work under REMAX ‘s umbrella within the coming period. Karim Moustafa, The Commercial Director at RE/MAX, has revealed that the termination of his company for the first session around marketing mortgage in Egypt with the attend of 30 representatives of mortgage sectors and firms to many banks, explaining that the main target is to provide all the information for the companies. Moustafa has emphasized that negotiations are still ongoing around choosing one of three offices which are competing to work under the umbrella of REMAX in Alexandria, explaining that the winner bureau will be selected within the next few days. It is worth mentioning that RE/MAX works in the local market through 3 main axes, the first is the entity emerging in Egypt which is RE/MAX Egypt that is aiming to create any market for the communication between all workers in real estate marketing sector whether inside or outside the country via developed electronic system on its website. This electronic system allows the broker to add any residential unit easily after it will be offered on REMAX official website, which its role to register it on the company’s global website ‘RE/MAX Mother’ and this will increase and improve the marketing sector.
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