March 30, 2020

Egypt Could Deepen Rate Cuts to Combat Virus, Central Bank Governor Says
(Bloomberg) -- Egypt has scope to further cut interest rates to combat the impact of the coronavirus on an economy that’s in good shape after sweeping reforms, the central bank governor said.Tarek Amer’s comments came after the central bank on Sunday introduced temporary cash withdrawal restrictions, a step he said was necessary after customers took 30 billion pounds ($1.9 billion) from banks in the past three weeks. The measure, which could be revisited soon, seeks to encourage people to use bank transfers and e-payments.“We want to stop putting cash under the mattress,” Amer said in an interview aired on local TV.The Arab world’s most populous nation, which has reported 609 cases of the virus and 40 deaths, has enacted other measures to support the economy, including deferring credit repayments for six months. The central bank is due to make its next rate decision Thursday.Amer said late Sunday that the economic program launched in 2016, which sharply devalued the currency and cut spending, has put Egypt in a position to withstand the crisis.While other economies could fall into recession in the second and third quarter of the year, Egypt will see only a dip in growth, he said. Also providing a cushion is the drop in global oil prices and an expected decline in the import bill, he said, adding that Egyptians typically spend $3.5 billion while traveling abroad -- cash that will now be saved.Egypt Makes Largest-Ever Rate Cut to Tackle Fallout of OutbreakWhile foreigners have withdrawn about $500 million from the stock market in the recent period, that will be more than offset by 20 billion pounds of central bank support for the bourse, Amer said.Other tools available include more rate cuts, Amer said. The monetary policy committee reduced key rates by 3 percentage points after an emergency meeting earlier this month, although that still left Egypt with one of the world’s highest real rates.Indicators such as inflation “are good,” Amer said.Other takeaways from the interview:Debt-installment payments that are being deferred for six months total around 1.8 trillion poundsEgypt has paid all obligations to foreign investors who sold off treasuriesExpects import bill to drop from slightly over $11.8 billion to $7 billionEgyptians traveling abroad spend around $3.5 billion; that money will now be saved, given travel restrictionsExpects government to cut fuel prices given the crash in global crudeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Siegfried Fischbacher of Siegfried and Roy dead at 81 | Page Six Celebrity News
January 14, 2021
X6Ji2soRfFA
Kelly Clarkson slashes price of Tennessee mansion amid divorce | Page Six Celebrity News
January 14, 2021
fzpBd1CK50A
‘No Fun’ Angie Jakusz, ‘Survivor’ star, dead at 40 | Page Six Celebrity News
January 14, 2021
GPB3ZtYRIEs
Pregnant Influencer Emily Mitchell's Cause of Death Revealed | E! News
January 14, 2021
U8urSyGmk6Q
Riz Ahmed Reveals Wife's Identity After Secret Wedding | E! News
January 14, 2021
yGDuNHPt3AU
Why Carson Daly Told Gwen Stefani Not to Date Blake Shelton | E! News
January 14, 2021
6wKU6UB4NS8
'WandaVision' Cast Reveals the Sitcom They'd Pick To Be Trapped-In Forever
January 14, 2021
DdTGaR2vUDk
‘MLK/FBI’ Director Sam Pollard on the ‘Need to Have a Reckoning About Race’
January 12, 2021
Zd7Sx_LVmC0
Matt James Talks About The Pressure of Being the First Black ‘Bachelor’
January 04, 2021
ygzXIXcNtbg
L.A. County Supervisor Enraged Clinics Throw Unused Vaccines in the Trash | TMZ
January 14, 2021
Upzfh-nEbq0
Drake Returns To Working Out, Looks Great! | TMZ TV
January 14, 2021
JlKeaD2mjoA
Kardashians Give 'KUWTK' Crew Rolex Watches After Final Episode | TMZ TV
January 14, 2021
_9CxQG4PwQI
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
14
Jan
ENGLAND: Premier League
Arsenal - Crystal Palace
13
Jan
ENGLAND: Premier League
Manchester City - Brighton
13
Jan
ENGLAND: Premier League
Tottenham Hotspur - Fulham
13
Jan
GERMANY: National cup
Holstein Kiel - Bayern Munich
12
Jan
ENGLAND: Premier League
Burnley - Manchester United
12
Jan
SPAIN: La Liga
Atletico Madrid - Sevilla
12
Jan
ENGLAND: Championship
Luton - QPR
12
Jan
ENGLAND: Championship
Bournemouth - Millwall
12
Jan
ENGLAND: Premier League
Wolves - Everton
12
Jan
ENGLAND: Premier League
Sheffield United - Newcastle United
12
Jan
SPAIN: La Liga
Granada CF - Osasuna
11
Jan
ITALY: Serie A
Spezia - Sampdoria
11
Jan
SPAIN: La Liga
Huesca - Real Betis
11
Jan
SPAIN: La Liga
Elche - Getafe
10
Jan
ITALY: Serie A
Roma - Inter Milan
10
Jan
ITALY: Serie A
Juventus - Sassuolo
10
Jan
ITALY: Serie A
Udinese - Napoli
10
Jan
GERMANY: Bundesliga
Arminia Bielefeld - Hertha Berlin
10
Jan
SPAIN: La Liga
Real Valladolid - Valencia
10
Jan
ITALY: Serie A
Fiorentina - Cagliari
09
Jan
GERMANY: Bundesliga
RB Leipzig - Borussia Dortmund
09
Jan
SPAIN: La Liga
Osasuna - Real Madrid
09
Jan
ITALY: Serie A
AC Milan - Torino
09
Jan
SPAIN: La Liga
Granada CF - Barcelona
08
Jan
GERMANY: Bundesliga
Borussia Monchengladbach - Bayern Munich
06
Jan
SPAIN: La Liga
Athletic Bilbao - Barcelona
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.