By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    German ambassador to Cairo calls for more privatisation of public companies
    German ambassador to Cairo calls for more privatisation of public companies
    June 7, 2023
    $513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023
    $513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023
    June 7, 2023
    Qatar Investment Authority wants to fully acquire Telecom Egypt’s stake in Vodafone Egypt via subsidiary: Sources
    Qatar Investment Authority wants to fully acquire Telecom Egypt’s stake in Vodafone Egypt via subsidiary: Sources
    June 7, 2023
    7th annual Capital Markets Summit to be launched on 20 June
    7th annual Capital Markets Summit to be launched on 20 June
    June 7, 2023
    CBE receives 21 offers worth $644.1m to cover dollar-denominated T-bill issuance
    CBE receives 21 offers worth $644.1m to cover dollar-denominated T-bill issuance
    June 7, 2023
  • Politics
    PoliticsShow More
    Egypt’s Al-Sisi starts African tour to Angola, Zambia, and Mozambique
    Egypt’s Al-Sisi starts African tour to Angola, Zambia, and Mozambique
    June 7, 2023
    Egypt, Serbia hold round of consultations to discuss strengthening bilateral relations
    Egypt, Serbia hold round of consultations to discuss strengthening bilateral relations
    June 7, 2023
    All civilians in Sudan are in danger: UN High Commissioner for Refugees
    All civilians in Sudan are in danger: UN High Commissioner for Refugees
    June 7, 2023
    Arab League calls on Security Council to shoulder its responsibilities, oblige Israel to end occupation
    Arab League calls on Security Council to shoulder its responsibilities, oblige Israel to end occupation
    June 5, 2023
    Institute of Diplomatic Studies holds training course for diplomats from South Sudan
    Institute of Diplomatic Studies holds training course for diplomats from South Sudan
    June 5, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Pound flotation, increase in energy prices to revive Egypt’s economy: World Bank
Share
Notification
Latest News
Chimpanzees' communication development echoes human infants
Chimpanzees’ communication development echoes human infants
Science
Does multimorbidity impact chronic disease treatment?
Does multimorbidity impact chronic disease treatment?
Science
German ambassador to Cairo calls for more privatisation of public companies
German ambassador to Cairo calls for more privatisation of public companies
Business
$513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023
$513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023
Business
Egypt’s Al-Sisi starts African tour to Angola, Zambia, and Mozambique
Egypt’s Al-Sisi starts African tour to Angola, Zambia, and Mozambique
Egypt Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Pound flotation, increase in energy prices to revive Egypt’s economy: World Bank
Business

Pound flotation, increase in energy prices to revive Egypt’s economy: World Bank

Daily News Egypt
Last updated: 2016/11/05 at 3:51 PM
By Daily News Egypt 2 Min Read
Share
The funding, provided by the SFD, will supporting the conversion of 2,000 new cars to run on natural gas (DNE PhotoHassan Ibrahim)
SHARE

The World Bank said on Saturday that the liberalisation of the Egyptian pound and an increase in energy prices will help Egypt create jobs and revive the economy.

The Central Bank of Egypt (CBE) decided on Thursday to liberalise the national currency’s exchange rate and leave its value to the mechanisms of supply and demand. The CBE also raised the basic interest rate to 3%.

On Friday morning, the government raised the prices of petroleum products at rates ranging between 7.1% and 87.5%, including gasoline, diesel, natural gas for both cars and homes, as well as the prices of liquefied petroleum gas cylinders and fuel oil for factories.

The World Bank praised, in a statement, the economic and social reform measures recently taken by the Egyptian government, especially the flotation of the Egyptian pound, the promotion of investment, particularly in Upper Egypt, the adjustment of energy prices to reflect market conditions, and the strengthening of social safety nets.

Moreover, the World Bank said that the package of reforms announced by the government would help create jobs and revitalise the economy. They would boost the competitiveness of Egyptian businesses, support export growth, attract new foreign investment, free public resources for priority growth and social programmes, and support incomes for the poor and the vulnerable.

Asad Alam, World Bank country director for Egypt, described Egypt’s latest decisions as an ambitious programme of reforms with a strong focus on job creation and social measures to support the incomes of the poor and the vulnerable.

“We are pleased to support the government’s social protection efforts, especially in the expansion of the Takaful programme which already reaches about 4.5 million people in extreme poverty, new investments for job creation in Upper Egypt, as well as through labour-intensive works for youth and women,” he added.

 

You Might Also Like

German ambassador to Cairo calls for more privatisation of public companies

$513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023

Qatar Investment Authority wants to fully acquire Telecom Egypt’s stake in Vodafone Egypt via subsidiary: Sources

7th annual Capital Markets Summit to be launched on 20 June

CBE receives 21 offers worth $644.1m to cover dollar-denominated T-bill issuance

TAGGED: energy prices, Pound flotation, World Bank
Share this Article
Facebook Twitter Email Print
Previous Article 3 factors determine effectiveness of flotation in boosting acquisition assessments, offerings to foreign investors
Next Article Some banks raise interest on savings vessels after CBE decision, public banks to follow suit
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Chimpanzees' communication development echoes human infants
Chimpanzees’ communication development echoes human infants
Science
Does multimorbidity impact chronic disease treatment?
Does multimorbidity impact chronic disease treatment?
Science
German ambassador to Cairo calls for more privatisation of public companies
German ambassador to Cairo calls for more privatisation of public companies
Business
$513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023
$513m increase in Egypt’s foreign-exchange reserves to $26.686bn in May 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?