CBE keeps interest rates unchanged
Monetary Policy Committee keeps interest rates the same for the ninth time since February last year
Mohamed Salah
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Latest by Mohamed Salah
Exchange companies accuse CBE of raising dollar price
Head of exchange companies section at the ECC accuses the CBE of being the real reason behind the dollar shortage in the market
Egypt’s drop in gas supplies renews concerns in Jordan
There has been no indication from the Egyptian government when gas supplies will return to normal levels
Market indices dip as political instability continues
The index started the day at 5.688 down one point from Sunday; it rose to 5.702 points before starting the downward trend to close the day at 5.608 points, failing to stay above the 5.700 points level.
Google: Digital GDP has reached EGP 15.6bn in 2011
In 2012 the number of Egyptians online reached 31 million, or 38 per cent of the population. 45 per cent of those were connected through portable devices.
Galal: Economic situation severe but not beyond cure
Ahmed Galal, the managing director of the Economic Research Forum (ERF), gives his diagnosis of the Egyptian economy based on his field expertise.
Egypt updates its economic plan to obtain IMF loan
The government is in the process of updating the economic plan it presented to the International Monetary Fund (IMF) in an attempt to secure the $4.8 billion loan desperately sought by Egypt. “One part is to see, go back and revisit those measures that they had put on hold, which they need to reinstate” and …
Amin: “IMF may have required Islamic Sukuk”
Prominent economists gave their diagnosis of Egyptian economy and cast their predictions for 2013 at a media roundtable at the AUC
NREA: Dab’a nuclear project awaits political green light
The energy issue is of major importance for the Egyptian economy and while a potential source of crises it also offers a lot of opportunities.
World Bank Egypt director: ‘WB contributed $5 billion to MENA in 2012’
The strategy of the World Bank in the region consists of strengthening governance, creating jobs especially for women and youth, accelerating sustainable growth and ensuring economic and social inclusion.
New finance minister to review sukuk law
The sovereign sukuk law is intended to organise the financing of the government, state budget, national projects and public institutions. It was released by the government but opposed by Al-Azhar and Islamic parties.
EGX ignores economic malaise over last week
The benchmark index, EGX 30, started the week at 5.734 points to reach a two month high of 5.867 points, before falling to 5.755 points at the end of the week.
Cityscape: Real-estate leads Egypt’s growth in the coming period
Governor of Cairo outlined the city’s investment potential in tourism and industry, highlighting a number of projects available with land secured for use under Build Operate Transfer (BOT) and Public Private Partnership (PPP) models
IMF remains committed to supporting Egypt
During his recent visit to Cairo, the director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), Masood Ahmed, held meetings with numerous political figures
Sukuk draft law released
The sovereign sukuk law released by the government is intended to organise the financing of the government, state budget, national projects and public institutions.
USD exchange rate continues to rise as foreign reserves falls
The recurrent rise in the dollar’s exchange rate reflected on the price of imported goods such as steel, sugar and wheat and risks of triggering an inflationary wave
IMF loan talks to resume
This loan will be a certificate of trust for the Egyptian economy, it proves that Egypt can repay its loans, so they can seek more loans
Dollar rises first day of FX auction
Last week, the market suffered dollar scarcity which handicapped importation, and frustrated dollar-seeking clients
CBE launches a new mechanism to avoid FX reserves depletion
The Central Bank reaffirmed its commitment to pay the instalments and interest of foreign debts
CBE governor denies resignation
The governor of the Central Bank of Egypt (CBE) Farouk Al-Oqda denied tendering his resignation after attending the cabinet’s economic committee meeting Sunday. Rumours concerning the resignation of Al-Oqda spread after President Morsy’s meeting with Hisham Ramez, deputy governor of the CBE. State TV reported Saturday that Al-Oqda resigned and that he will be replaced …
ENBD to acquire BNP Paribas Egypt for $500 million
Gulf investors show interest in the Egyptian market despite political turmoil
Consumer confidence down by 4.1 per cent
Report shows a drop in confidence in economic policies
FDA lends €430mn to Egypt during 2012
French Development Agency seeks to support the sectors of employment and the private sector in Egypt
EGX upward trend cut short
Analysts say that a “Yes” vote on the constitutional referendum would positively influence the Egyptian stock market
Centamin to resume operations shortly
The company’s gold shipment to the Netherlands has cleared customs
Traders differ on impact of EGP devaluation
Exporters see an opportunity while importers see disaster in devaluation of currency
SCAF-instated CBE law modifications to be confirmed by Morsy
President Morsy will issue a declaration in a few days to amend 2 articles of the presidential decree number 64 for 2004 governing the Central Bank of Egypt, according to state-owned Al-Ahram. The cabinet has already approved the modification to the law that was issued by the Supreme Council of Armed Forces (SCAF) last year. …
IMF deal approval delayed
The International Monetary Fund said that Egypt had asked to delay its request for a $4.8 billion loan agreed in November as violent protests mount in Cairo ahead of a referendum on the constitution
US Dollar breaks EGP 6.15 level
Raise reportedly due mainly to political tension
November inflation rate lowest in seven years
Economic slowdown and low purchasing power curbed price increase