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-- cash that will now be saved.Egypt Makes Largest-Ever Rate Cut to Tackle Fallout of OutbreakWhile foreigners have withdrawn about $500 million from the stock market in the recent period, that will be more than offset by 20 billion pounds of central bank support for the bourse, Amer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.
Latest News
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
Affion Crockett Says Rihanna's Booty-Out PJs Perfect for Winter Nights
November 29, 2021
k0C357_Zung
BTS Puts On Traffic-Stopping 'Butter' Show with James Corden | TMZ TV
November 29, 2021
NgIQ_t9wmjU
SpaceX Blasts Off to Crash Into an Asteroid | TMZ TV
November 29, 2021
tjOaq4mQ51A
"90 Day" Cats, Nicki's "RHOP" Drama & "12 Dates of Xmas"
November 29, 2021
jxHbrbZa6q0
Rihanna's Butt Cleavage, Taylor's Fans & Chanel Twerks
November 29, 2021
iA5tG7kJCWw
Prince Charles' Rep Slams Skin Color Question Claim | E! News
November 29, 2021
QXpgF5bIk9A
Peter Jackson Reveals How He Convinced Beatles Paul and Ringo To Let Him Make 'Get Back'
November 24, 2021
K95MIzDth_A
Kevin Hart, Wesley Snipes, and Eric Newman Talk 'True Story' and Kevin's Acting Skills
November 23, 2021
PuTxxFD4tHM
Adam Driver, Jared Leto, and Jeremy Irons Talk 'House of Gucci'
November 22, 2021
u5QhOKbdsoA
Bethenny Frankel and Jason Hoppy are still battling over daughter Bryn | Page Six Celebrity News
November 30, 2021
Bia5SQYW2Bg
Porsha Williams’ fiancé Simon Guobadia’s grandfather had 25 wives | Page Six Celebrity News
November 29, 2021
vBIetem7S_A
Vanderpump Rules star Scheana Shay feels sexy after struggling with post-baby body image | Page Six
November 29, 2021
ES2NkW-DbGY
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
19
Nov
ASIAN CHAMPIONS LEAGUE: Group H
Sydney FC - Shanghai SIPG
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ENGLAND: Premier League
West Bromwich Albion - Tottenham Hotspur
08
Nov
ITALY: Serie A
Bologna - Napoli
08
Nov
ITALY: Serie A
Genoa - Roma
08
Nov
ITALY: Serie A
Atalanta - Inter Milan
08
Nov
ITALY: Serie A
Lazio - Juventus
08
Nov
GERMANY: Bundesliga
Bayer Leverkusen - Borussia Monchengladbach
08
Nov
ENGLAND: Premier League
Leicester City - Wolves
08
Nov
GERMANY: Bundesliga
Wolfsburg - Hoffenheim
08
Nov
SPAIN: La Liga
Real Valladolid - Athletic Bilbao
08
Nov
SPAIN: La Liga
Levante - Alaves
08
Nov
SPAIN: La Liga
Real Sociedad - Granada CF
08
Nov
ITALY: Serie A
Torino - Crotone
08
Nov
SPAIN: La Liga
Getafe - Villarreal
07
Nov
GERMANY: Bundesliga
Borussia Dortmund - Bayern Munich
07
Nov
ENGLAND: Premier League
Everton - Manchester United
07
Nov
ENGLAND: Premier League
Chelsea - Sheffield United
07
Nov
SPAIN: La Liga
Atletico Madrid - Cadiz
07
Nov
SPAIN: La Liga
Barcelona - Real Betis
07
Nov
GERMANY: Bundesliga
Augsburg - Hertha Berlin
07
Nov
GERMANY: Bundesliga
Stuttgart - Eintracht Frankfurt
07
Nov
GERMANY: Bundesliga
RB Leipzig - SC Freiburg
07
Nov
ENGLAND: Championship
Rotherham - Preston NE
07
Nov
ITALY: Serie A
Parma - Fiorentina
07
Nov
ENGLAND: Championship
Watford - Coventry
07
Nov
ENGLAND: Championship
Norwich City - Swansea City
07
Nov
ENGLAND: Championship
Blackburn - QPR
07
Nov
ENGLAND: Championship
Derby County - Barnsley
07
Nov
ENGLAND: Championship
Huddersfield - Luton
07
Nov
ENGLAND: Championship
Nottingham Forest - Wycombe Wanderers
07
Nov
ENGLAND: Premier League
West Ham United - Fulham
07
Nov
ENGLAND: Championship
Sheffield Wednesday - Millwall
07
Nov
ENGLAND: Championship
Brentford - Middlesbrough
07
Nov
ENGLAND: Championship
Birmingham - Bournemouth
07
Nov
SPAIN: La Liga
Sevilla - Osasuna
07
Nov
ITALY: Serie A
Benevento - Spezia
07
Nov
ENGLAND: Premier League
Crystal Palace - Leeds
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Ferencvaros - Juventus
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Dynamo K.
03
Nov
CHAMPIONS LEAGUE: Group stage, Group A
Salzburg - Bayern Munich
03
Nov
CHAMPIONS LEAGUE: Group stage, Group D
Atalanta - Liverpool
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.