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Mixed Performance on the EGX Amid Stable Exchange Rates and Increased Bank Growth

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Salman Akhtar
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Mixed Performance on the EGX Amid Stable Exchange Rates and Increased Bank Growth

The Egyptian Exchange (EGX) began the week with a varied performance, reflecting the dynamic nature of global markets. The EGX30 index saw a decline of 0.66 percent, settling at 24,572 points. In contrast, gold prices saw an upswing in the midday trading session, with the gold pound coin gaining EGP 120 in value.

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Exchange Rate Stability Amid Market Volatility

The official EGP/USD exchange rate remains stable amidst the market fluctuations, with a buy rate of EGP 30.8277 and a sell rate of EGP 30.9586. The exchange rate for 1 USD stood at 30.9 EGP. Historical rates and exchange rate forecasts for the USD/EGP are readily available on financial websites, offering valuable insights for potential investors and market analysts.

Financial Position of Banks Shows Positive Growth

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The total financial position of banks operating in Egypt reached EGP 14.473trn by the end of August 2023, marking an increase of EGP 323bn. This growth demonstrates the resilience and strength of the Egyptian banking sector, with detailed information about the financial position of banks and the local liquidity of the banking sector readily available in financial reports.

Egypt's External Debt and IMF Loan Programme

Egypt's external debt registered at $164.7bn at the end of June 2023, indicating an increase of 5.8% year over year. The debt breakdown by maturity, type, currency, creditor, and debtor sector is meticulously documented in financial reports, offering a comprehensive view of the country's financial health. The International Monetary Fund (IMF) is on the brink of progressing with the next steps in Egypt's $3 billion loan programme. Key commitments for Egypt under this programme include implementing flexible interest and exchange rate regimes, promoting private sector participation, and reducing debt and inflation levels to pre-pandemic figures by the programme's end.

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