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Governmental banks offer sterling pound savings certificates

The National Bank of Egypt (NBE), Banque Misr, and Banque du Caire will offer savings certificates to Egyptians in pounds sterling under the name “Belady Certificate” within days. During 2016, the three governmental banks offered Belady Certificates in both euros and US dollars in order to attract remittances from Egyptians abroad. The certificates are to …

Daily News Egypt

Banks, pharmaceutical shares expected to attract investors in 2017

The flotation of the Egyptian pound will play an influential role in determining the attractiveness of shares for investors during 2017, especially after the price of the US dollar increased to more than EGP 19, which will affect companies’ activities and their ability to make a profit. Financial and technical analysts expect that the most …

Mohamed Ahmed

Dollar climbs to EGP 18 at banks on Monday

The US dollar climbed to EGP 18 on Monday at banks operating in Egypt. The average rate for the dollar at most banks on Monday registered EGP 17.55 to buy and EGP 17.95 to sell. HSBC Bank was offering to sell US dollars at EGP 18. The dollar has been gaining ground against the Egyptian …

Daily News Egypt

Flotation and increased fuel prices raise ceramic prices, increase market slump

Ceramic production companies have deemed it necessary to raise their prices in the coming period following the flotation of the Egyptian pound and its devaluation, besides the increased cost of production inputs, including gas, electricity, and fuel. During the eighth International Ceramic and Sanitaryware Exhibition (ICS), held between 9 and 12 November, surveyed ceramic manufacturers …

Hisham Salah

Automotive sector at risk of drowning following pound’s flotation: EAMA

The future of Egypt’s automotive industry is now at the mercy of the national currency’s flotation and is subject to importers’ provision of foreign currency, Hassan Soliman, head of the Egyptian Automobile Manufacturers Association (EAMA), said following the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound. Soliman explained that the auto industry …

Ahmed Dawoud

Flotation supports economy, but unfavourable for auto sector: Egyptian Automotive Dealers Association chairperson

Osama Aboul Maged, the chairperson of the Egyptian Automotive Dealers Association, praised the Central Bank of Egypt’s decision to liberalise the exchange on Thursday, setting its value based on supply and demand mechanisms. He said the CBE’s decision will support Egypt’s economy following its successive crises due to the wide gap between the US dollar …

Ahmed Dawoud

Car companies halt sales to reprice in wake of CBE decision

Car companies halted their sales processes to review prices after the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. Some companies plan to reprice their cars, while others await the stabilisation of the US dollar rates against the pound and the end of the turmoil and confusion that currently prevails …

Ahmed Amer

US dollar price increases in mid-Sunday trading to EGP 16.5

The price of the US dollar increased in the five major banks operating in the Egyptian market as of 5.30pm on Sunday to register EGP 16.5 for selling, while the price ranged between EGP 15.75 and EGP 15.80 for buying. BANK Buy Sell   NBE 15.80 16.50 Banque misr 15.75 16.25 Banque du Caire 15.80 …

Daily News Egypt

Minimal trading among banks on first day of inter bank mechanism

The trading of US dollar among banks on the first day of implementing the inter bank mechanism witnessed limited transactions on Sunday. The highest price of the US currency registered EGP 16.55. This is the first time banks are allowed to implement the decision of setting the exchange rate, after the Central Bank of Egypt …

Mohamed Ayyad

Dealers are seen at the Egyptian stock exchange market in Cairo. Only seven stocks rose, 156 fell and nine remained unchanged Photo by Mohamed Omar

EGX jumps by 6.1% during Sunday’s trading

The Egyptian Exchange (EGX) recorded the highest daily rise in trading in three years since 2013. The main index EGX30 recorded growth of 6.1% reaching 9,349 points, its record high since March 2015. The rise occurred on the back of the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. The …

Mohamed Ayyad