Latest in Tag: currency Highlight
Latest in Tag: currency
Total currency issued by the Central Bank of Egypt (CBE) amounted to EGP 462.855bn by the end of August 2017, compared to about EGP 445.898bn in July 2017, an increase of about EGP 17bn. According to the CBE, the issued currency to gross domestic product (GDP) ratio was 11.36% in August, compared to 10.95% in …
EGX30 sours 63% in a year as cheap stocks attract attention from foreign funds
The Egyptian private sector is feeling the squeeze after the currency flotation on higher inflation rates and a 700 bps interest rate hike, according to a recent report published by The Financial Times newspaper. “Despite making Egypt an attractive destination to some foreign investors, the combination of the float, inflation, and the hikes have driven …
Importers of medicines and commodities priced upon the US dollar’s official rate are the most affected; the government is facing the same problem
Social protection is a cornerstone of the IMF programme, any cuts in food subsidies are not advised
This move would aim to enhance the flexibility of collection
EFG Hermes One on One aims to provide a suitable platform to review the most promising investment opportunities and developments in the economic markets in the Middle East and North Africa, representing one of the largest investment events of its kind in the region
To reduce dollar shortage crisis at banks, the foreign currency deposit cap was raised to $250,000 a month for companies importing basic goods, according to Ghorab
The CBE decision included high-priority products, such as pharmaceuticals, production inputs, raw materials, food, and industrial machinery, excluding other luxury goods.
Around $26bn of Egyptian imports are categorised as “essential”
Political and economic turbulences in some export countries reduced exports’ revenues, company expands in new markets
Banks offered to invest EGP 252bn in CBE deposits for one day and employ dozens of billions in corridor
International reserves record lowest level in 1.5 years
Between Bitcoin and gold, the “Islamic State” is experimenting with currency, marking a new step in its state crafting ambitions. But will the latest move further embed it amid international efforts to uproot the group?
It will be available to the public by end of August
The CBE granted the banks $98.6 in an auction launched Sunday
Investors remain concerned over companies’ vulnerability to governmental decisions
On the black market, the lowest selling price for the US dollar was EGP 7.15 while the highest prices ranged between EGP 7.57 to EGP 7.59.
Ramadan lantern prices increased this Ramadan over last year due to a price increase in raw materials and exchange rate
Reuters – Business activity in Egypt shrank for the third month in a row in May, a poll showed on Tuesday, in a sign the economy remains fragile as former army chief Abdel Fattah Al-Sisi is set to become the country’s next president. Egypt’s economy has been hit by more than three years of political and …
Reuters – China will expand a trial programme to make it simpler for multi-national firms to transfer funds within and outside the country, in a move that will further open its tightly controlled capital account. The experiment, which began in 2012 in Beijing and Shanghai, came in response to growing demand from international companies operating …
Reuters – The Egyptian pound was up slightly at a central bank foreign currency sale on Thursday and traded within its recent range on the black market. The central bank sold $39.6m to banks with a cut-off price of 6.9511 pounds to the dollar, fractionally stronger than the cut-off price of 6.9512 from Wednesday’s auction. …
The government targets 3.5% growth in the current fiscal year, which ends June 2014.
Reuters – The Egyptian pound was steady at official rates on Thursday, the central bank said, and slightly stronger in the black market, two sources said – a day after the bank’s governor said that parallel market for dollars would “not last long”. The central bank sold $38.4 million at its regular foreign exchange auction …
The central bank introduced dollar sales last December to help counter a run on the pound.