Mirette Magdy

Cairo

Middle East and North Africa Reporter at Bloomberg News

Bloomberg reporter in Egypt

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Articles

Egypt Inflation Quickens Just as Central Bank Weighs Cuts

3 weeks ago | bloomberg.com | Mirette Magdy

Shoppers in Old Cairo. (Bloomberg) -- Egyptian inflation accelerated for a third month, exceeding estimates and potentially making the central bank more cautious in extending a monetary-easing cycle. Consumer prices in urban areas grew an annual 16.8% in May versus 13.9% the month before, Egypt’s main statistics body said Wednesday. On a monthly basis, inflation was 1.9% versus 1.3% in April.
Egypt Makes Second Rate Cut in a Row Before Summer of Reforms

1 month ago | bloomberg.com | Mirette Magdy |Tarek El-Tablawy

The Central Bank of Egypt in Cairo. (Bloomberg) -- Egypt cut interest rates for the second time in as many months, seeking to boost economic growth before a likely fresh round of fiscal reforms this summer spurs renewed caution. The central bank reduced the benchmark deposit rate by 100 basis points to 24%, the Monetary Policy Committee said Thursday in a statement. The lending rate was lowered by the same amount to 25%.
Egypt Poised for Another Rate Cut Before Possible ‘Summer Break’

1 month ago | bloomberg.com | Mirette Magdy

(Bloomberg) -- Egypt looks poised to make one more interest-rate cut before the summer, when an anticipated new batch of economic reforms may prompt renewed caution over consumer prices. While inflation has ticked up for two months and April saw the North Africa country’s first monetary easing in five years, the gap between those figures — the so-called real rate — remains one of the world’s highest, at about 11%.
Saudi Berries Among Egyptian Private Equity Fund’s Investments

1 month ago | bloomberg.com | Mirette Magdy

Saudi Arabia aims to localize 85% of its food industry by 2030. (Bloomberg) -- Growing berries in Saudi Arabia and a farming project by the Nile are among the first investments of a new private equity firm co-founded by the former chief of Egypt’s sovereign wealth fund.
Egyptian Inflation Little Changed With More Rate Cuts on Horizon

1 month ago | financialpost.com | Mirette Magdy |Tarek El-Tablawy

Article content(Bloomberg) — Egyptian inflation slightly accelerated for a second month, an anticipated quickening driven by a cut in fuel subsidies that’s unlikely to put the brakes on a long-awaited monetary-easing cycle. Sign In or Create an AccountArticle contentWe apologize, but this video has failed to load. Try refreshing your browser, ortap here to see other videos from our team.
Egyptian Inflation Little Changed With More Rate Cuts on Horizon

1 month ago | bloomberg.com | Mirette Magdy |Tarek El-Tablawy

Food and beverage prices, the largest single component of the inflation basket, climbed 6% year-on-year, compared with 6.6% in March. (Bloomberg) -- Egyptian inflation slightly accelerated for a second month, an anticipated quickening driven by a cut in fuel subsidies that’s unlikely to put the brakes on a long-awaited monetary-easing cycle. Consumer prices in urban areas grew an annual 13.9% in April versus 13.6% the month before, Egypt’s main statistics body said Saturday.
IMF Cuts Growth Outlook for Gulf Oil Producers After Price Slump

1 month ago | financialpost.com | Mirette Magdy

Advertisement 1The International Monetary Fund downgraded its growth forecasts for oil exporting countries in the Middle East and North Africa, including Saudi Arabia and Iraq, citing escalating global trade tensions and lower energy prices. Article content(Bloomberg) — Subscribe to Economics Daily for the latest news and analysis. Sign In or Create an AccountArticle contentWe apologize, but this video has failed to load. Try refreshing your browser, ortap here to see other videos from our team.
IMF Cuts Growth Outlook for Gulf Oil Producers After Price Slump

1 month ago | bloomberg.com | Mirette Magdy

An oil export terminal in Saudi Arabia. (Bloomberg) -- The International Monetary Fund downgraded its growth forecasts for oil exporting countries in the Middle East and North Africa, including Saudi Arabia and Iraq, citing escalating global trade tensions and lower energy prices. The IMF cut the 2025 outlook for oil exporters in the region to 2.3%, 1.7 percentage points lower than the fund’s forecast from October.
IMF Says Egypt Should Be Vigilant in Easing Interest Rates

1 month ago | bloomberg.com | Mirette Magdy |Paul Wallace

Shoppers in the Attaba district in Cairo, Egypt. (Bloomberg) -- The International Monetary Fund said Egypt should tread carefully as it lowers interest rates, due to global uncertainty wrought by US President Donald Trump’s tariff raises. The North African country made its first interest-rate cut in almost five years last month, after annual consumer-price growth fell to 13.6%, less than half its September 2023 record.
Angola Explores IMF Financing as Bond Yields Soar on Oil Slump

2 months ago | financialpost.com | Mirette Magdy

Advertisement 1Angola held talks with the International Monetary Fund last week about possible financing packages, its finance minister said, as trade wars and a slump in energy prices effectively shut the oil producer out of international bond markets.