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Issued currency up EGP 17bn

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 …

Daily News Egypt

Egyptian businesses feel squeeze after currency flotation: report

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 …

Daily News Egypt

Egypt business activity shrinks in May: PMI

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 …

Daily News Egypt

China to further ease currency controls for multi-nationals in pilot

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 …

Daily News Egypt

Egyptian pound inches up on official, steady on black market

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. …

Daily News Egypt

Egyptian Pound steady on official market

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 …

Daily News Egypt