Egypt

Egypt Inflation Hits Two-Year Low, Easing Path to Rate Cut

Egyptian inflation slowed to its lowest level in two years, easing the path for the North African nation’s first interest-rate cut since 2020, Bloomberg News reported. Annual consumer prices in urban areas rose 24.1% in December versus 25.5% the month before, the state statistics agency CAPMAS said Thursday, marking a second consecutive month of slowing. It was its lowest since December 2022, according to data compiled by Bloomberg. The monthly inflation rate eased to 0.2% from 0.5% in November.
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Egypt to Offer Stakes in at Least 10 State-Held Firms in 2025

Egypt plans to offer stakes in at least 10 state-held companies next year, including four affiliated with the military, pressing forward with an International Monetary Fund-backed drive to reduce the government’s role in the economy, Bloomberg News reported. The firms, which include AlexBank and Banque du Caire, will either be offered to strategic investors or on the local stock market, Prime Minister Mostafa Madbouly said Wednesday in a televised press conference.
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FlyEgypt Bankruptcy Filing Rejected, Ceases Operations

FlyEgypt (FT) has suspended all flight operations after a failed attempt to file for bankruptcy due to substantial debt accumulation, AirwaysMag.com reported. Egypt's Civil Aviation Authority (ECAA) denied FT's request to close and liquidate the company, stating that the airline must first resolve all outstanding domestic and international obligations under national and international regulations. As a result, the ECAA denied the company's request to surrender its operating license and remove its aircraft from the national register.
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Egypt Keeps Rate at Record High as Subsidy Cuts Spur Caution

Egypt kept interest rates at a record high as it weighs the effects of a new round of subsidy cuts on inflation that’s been slowing for five straight months, Bloomberg News reported. The central bank maintained its deposit rate at 27.25% and the lending rate at 28.25%, its Monetary Policy Committee said Thursday in a statement. The decision was correctly predicted by six of nine economists surveyed by Bloomberg. The others, including Goldman Sachs Group Inc., expected a cut of 100 basis points.
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