Latest in Tag: currency Highlight
Latest in Tag: currency
Bitcoin: ‘Islamic State’s online currency venture
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?
Ruble follows oil price down
Russia’s currency has dropped considerably along with the price of crude oil. It’s a reminder of the Russian economy’s extraordinary level of dependency on fossil fuel exports, pundits says. Foreign exchange traders in Moscow on Monday saw the ruble sink 2.3 percent to a new low for the year. At one point during the day’s …
Finance Ministry to issue commemorative currency for New Suez Canal
It will be available to the public by end of August
IMF hesitant to add yuan to its reserve currency basket
The International Monetary Fund has said there will be no quick decision as to whether it may include the Chinese yuan in its strategic basket of reserve currencies. The renminbi struggles to meet key financial norms. The IMF hinted it needed to do “significant work” in reviewing the inclusion of China’s national currency in its …
CBE continues pumping dollar liquidity to cover banks customersâ foreign currency demands
The CBE granted the banks $98.6 in an auction launched Sunday
CBE expected to allow further devaluation of Egyptian pound: HSBC
Investors remain concerned over companiesâ vulnerability to governmental decisions
State of the currency exchange market
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.
Lantern prices increase 20%, Chinese products infiltrate market
Ramadan lantern prices increased this Ramadan over last year due to a price increase in raw materials and exchange rate
Egypt business activity shrinks in May: PMI
Reuters –Â 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 countryâs next president. Egyptâs economy has been hit by more than three years of political and …
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 …
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. …
Planning minister expects 2% growth in second quarter
The government targets 3.5% growth in the current fiscal year, which ends June 2014.
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 …
Central Bank chief: Currency black market won’t last long
The central bank introduced dollar sales last December to help counter a run on the pound.
Egyptian Pound strengthens at Dollar sale
Reuters –Â Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday. The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday. The central bank introduced dollar sales last December to help …
Egypt lost 3,000 of its millionaires under Morsi government: Credit Suisse
A significant drop in the number of Egyptian millionaires echoing the decline of Egyptian wealth level
Turkish lira at record low, threatening growth
The lira touched 2.0839 to the dollar before climbing back to 2.0696, from 2.0580 at Wednesday’s close.
Inflation rate reaches 8.2% in May: CAPMAS
Workers in the retail sector say prices for most products have increased significantly in recent months, due to increases in the price of the US dollar.
Egyptian pound slumps to seven against US dollar
Egyptâs currency continues to devalue despite attempts by Central Bank to slow the decline with foreign currency auctions
Black market currency vendor benefiting from crisis: vendor
Al-Hag Abdel Samea, black market currency vendor: âWe are the biggest benefactors of Egyptâs foreign currency crisisâ
Aviation Ministry spokesman: Cairo Airport will not close over summer
Media reports circulate that Aviation Minister claimed Cairo airport will close runways over summer to save power
CBE gives foreign investors access to US dollars
Move by Central Bank aims to reassure foreign investors
Abdullah Shahata: Government seeking to decrease import bills and rein in currency speculation
Egypt’s government is currently working with the Central Bank to link foreign currency reserves to the country’s fuel and wheat imports for a period of 3 months, while engaging in negotiations with the IMF over the pending $4.8bn loan.
Rebel Economy Wrap
Then & Now: 11 February 2011/2013
Steel prices surge, traders call to remove tariffs
The rise of prices is also reflected in all other products in the Egyptian market, especially imported ones
Rebel Economy Wrap
Two former central bank governors on Egypt currency woes
Egyptian pound turns 114
The pound first came into existence as a result of a Khedival decree in 1834, replacing the piaster
German tourist bookings expected to burgeon
Minister of Tourism Hisham Zaazou met German travel agents to promote Egypt as a tourist destination at a workshop in Al-Gouna resort on Saturday. Zaazou told attendees that tourism is one of the countryâs top priorities and a vital source of foreign currency and employment opportunities. Up to 25 German tourism companies participated in the …
Eurozone analysts see green shoots
Like the eurozone’s political leaders, analysts are also divided
Ministry of Finance issues treasury bills and bonds worth EGP 135 billion
By Islam Serour The Ministry of Finance announced Saturday an issue of treasury bills and bonds with a total value of EGP 135.228 billion, which was auctioned by the Central Bank of Egypt (CBE) between April and June, in the final quarter of the 2011-2012 financial year. According to the statement by the Ministry, the …