Latest in Tag: currency Highlight
Latest in Tag: currency
Government postpones costly projects after local currency depreciation
The measures, detailed in the government’s official gazette, include stopping spending on new projects that need US dollars and ordering state entities to get approval from the Finance Ministry and the Central Bank before allocating foreign currency.
Property buyers hedged against inflation, currency devaluation by investing in real estate: JLL
The residential sector witnessed higher levels of sales activity in Q3
CBE to discuss interest rates, local currency exchange on Thursday
US dollar reaches all-time high against Egyptian pound, Fed raises rates by 0.75%
EGP 516.9bn increase in non-governmental bank deposits in local currency within 6 months: CBE
Non-governmental bank deposits in local currency reach EGP 4.986trn in June 2022
Local-currency bank deposits increase EGP 88.589bn in September: CBE
In a recent report, the CBE stated that demand deposits in local currency amounted to about EGP 523.515bn in September, compared to EGP 507.804bn in August, an increase of EGP 15.711bn.
US dollar slips after Fed holds interest rates steady
Euro was up to 1.1764 US dollar from 1.1721 dollars in the previous session, and the British pound increased to 1.2961 dollars from 1.2943 US dollars
Foreign currency deposits account for 21.73% of total bank deposits end-May
Deposit growth fell to 11.34% in May from 11.46% in April
IMF warns that currency devaluations will not fix a country’s economic problems
Monetary easing can help stimulate domestic demand, which in turn benefits other countries by increasing demand for their goods. The concern, however, is that monetary easing also weakens a country’s exchange rate, making exports more competitive and reducing demand for other countries’ imports as they become more expensive—a phenomenon known as expenditure switching
Declining global interest rates to encourage hard currency borrowing in EM: IIF
Notably, China’s share of inbound FDI rose steadily from 5.4% in 2013 to 10.5% in 2017.
Egyptian pound continues value upward trend against US dollar
US currency lost over EGP 1 since beginning of 2019, including 34 piasters in May
EU fines major banks 1 billion euros over 'currency cartels'
Regulators in the European Union have levied a hefty fine on Barclays, Royal Bank of Scotland, Citigroup, JPMorgan and Japan’s MUFG over collusion in currency trading.The Commission fined the banks for taking part in two separate cartels, the "Forex – Three Way Banana Split, and the "Forex-Essex Express" cartels. The cartels involved 11 currencies, including …
There is bullish case for the Egyptian eurobond market, but risks have not gone away
we expect Egypt to continue to tap the eurobond market annually, including in 2019 and again in 2020, along with more infrastructure-linked loans.
Foreign exchange sources remain cornerstone of Egyptian economy in 2019
Attracting more FDIs, boosting exports, main recommendations, say experts
IFC plans to increase local currency financing in Egypt
Corporation aims to invest up to $1bn in FY 2018/19, says Labadi
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 …
One year after Egypt floated its currency, foreign investors are back to local stock market
EGX30 sours 63% in a year as cheap stocks attract attention from foreign funds
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 …
Small currency, big worries: Iceland’s volatile króna
What happens when a small country with its own currency has to navigate economically in a world dominated by huge countries with enormous banking systems and deep-pocketed financial speculators?It turns out that such countries are highly vulnerable to large, erratic swings in currency value – and those swings can cause serious economic damage. Iceland provides …
Egyptian pound devaluation could cause heavy losses for customers with open currency position
Importers of medicines and commodities priced upon the US dollar’s official rate are the most affected; the government is facing the same problem
Egypt’s exchange rate crisis must be addressed: IMF managing director
Social protection is a cornerstone of the IMF programme, any cuts in food subsidies are not advised
In Cartoon: The Egyptian pound will no longer be recognised as a valuable currency
Suez Canal Authority studies collecting fees in yuan after adding it to SDR units
This move would aim to enhance the flexibility of collection
Decline in oil prices, fluctuations in stock market and currency exchange dominate EFG Hermes 12th Annual One on One Conference
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
Banks direct foreign currency to importers as commodities are held at ports due to dollar shortage
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
CBE’s decision to raise cap on dollar deposit will not mitigate liquidity pressures: Moody’s
The CBE decision included high-priority products, such as pharmaceuticals, production inputs, raw materials, food, and industrial machinery, excluding other luxury goods.
Government sought to decrease $60bn bill by ‘banning luxurious products’
Around $26bn of Egyptian imports are categorised as “essential”
Oriental weavers facing challenges of local currency and Euro depreciation: Khamis
Political and economic turbulences in some export countries reduced exports’ revenues, company expands in new markets
Amer’s most prominent challenge is employing liquidity in local currency at banks
Banks offered to invest EGP 252bn in CBE deposits for one day and employ dozens of billions in corridor
US see stronger yuan as ‘key’ to China’s success
The US Treasury has soften its long-time stance that China’s currency is significantly undervalued, but said an appreciation of the yuan was crucial for a successful transition of China’s current economic model. In a semi-annual report to the US Congress released on Monday, the Treasury Department changed its wording on China’s currency, describing the value …
Egypt’s foreign reserves lose $1.76bn in September
International reserves record lowest level in 1.5 years