Latest in Tag: dollar Highlight
Latest in Tag: dollar
CBE provides $600m to settle dollar debts of about 570 companies
Companies will repay their debts—that resulted from fluctuations of exchange rates after the flotation—at an interest rate of 12% over two years
Dollar continues decline, expected to stand at EGP 16 in short term
The price of the pound against the dollar will reach equilibrium in the fourth quarter of 2017: Youssef
Does EGP improvement reflect real economic recovery?
A strong economy with a weak currency is better than a weak economy with a strong currency, says economist
Banks experiencing significant disposal operations of foreign currency; dollar registers lowest level since November 2016
Significant decline in Arab and foreign currencies traded in domestic market due to decline in dollar prices
Sales of pharmaceutical companies increase by EGP 10bn, growing by 31%
Factories’ revenues amounted to EGP 5bn in November, despite calls for raising prices
Egyptian pound’s value drops by 98% since 1979
According to data collected from the International Monetary Fund (IMF), Bloomberg, and Beltone research, the Egyptian pound lost a lot of its value during the past four decades. Since 1979, the pound has lost approximately 98% of its value. Now, the pound can buy only 2% of what it could back in 1979, and is …
Egypt’s treasury bonds: high interest, but for what?
The government of President Abdel Fattah Al-Sisi promised to carry out a lot of economic reforms in the country, which require excessive effort and financing, as the president had mentioned many times during different speeches. The government has been asking for foreign help since Al-Sisi came to office, from Saudi Arabia, Kuwait, the United Arab …
Banque Misr financed import operations worth $2bn, post-flotation collection of US dollars surpassed $1bn
We aim to increase MSMEs financing to EGP 25-30bn by 2019, branches to 780 in two years, says El-Etreby
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 …
Companies face fluctuations of pound with ‘various scenarios’ strategy in 2017
Two scenarios to deal with the increase and decrease of the US dollar and the effect on cost and pricing
I expect pound’s price against the dollar to improve in H2 2017: El-Menilawy
The price of the dollar is expected to range between EGP 15 -18 if foreign exchange reserves improve
Egyptian pound rate to improve in H2 of 2017: Mehrem
The fair price of the US dollar is EGP 7-9, and it might decline to EGP 4-6 by 2018, if the supporting factors for the local currency continue
Pound’s rate against dollar to go through 3 stages in 2017, to reach EGP 14-15.5 by end of Q4: Abdel Aal
Over 12 elements support the local currency against the US currency this year
Dollar shortage crisis impacts Juhayna’s expansion agreement with Arla Foods
The worsening dollar crisis, which began in 2015 and resulted in the dollar reaching as high as EGP 20, has lead to a reduction of benefits for Juhayna Food Industries from its partnership with European Arla Foods where the latter produces its products in the Egyptian market. According to an official source in Juhayna, the …
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 …
Ministry of Finance discusses stabilising dollar rate at customs
Companies that rely on imported materials have been struggling under increased production costs
I expect stability in the foreign exchange market by early 2017: prominent banker
No state in the world has entirely floated its currency without facing fluctuations, but it then soon returned to stability after a period of three months to a year, says Abdel Aal
US dollar exchange rate movement since flotation of the Egyptian pound until 13 November
Date Buy Sell 13/11/2016 15.5697 16.3122 10/11/2016 16.4224 17.0738 09/11/2016 17.0422 17.6330 08/11/2016 17.4170 17.8427 07/11/2016 16.4111 17.2632 06/11/2016 15.6643 16.2222 03/11/2016 14.6350 14.6550
Egyptians struggle to cope after two uprisings: analysts
Egyptians worried about future given political and economic conditions
Egyptian pound appreciates against dollar in midst of imminent IMF loan signing, Trump elected president
The price of the Egyptian pound significantly increased against the US dollar on Wednesday. The official price at the Central Bank of Egypt (CBE) reached EGP 17.0422 for buying and EGP 17.633 for selling, down from Tuesday’s rates of EGP 17.417 for buying and EGP 17.8427 for selling. The dollar price also dropped at a …
The first tender-less Tuesday in almost 4 years
Since December 2012, the CBE has posed 517 regular tenders and 9 exceptional ones totalling $28.6bn, until last Tuesday
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 …
CBE dollar price rises to EGP 16.38 for buying, EGP 17.23 for selling, jumps to EGP 17.5 in banks on 5th day of pound flotation
The price of the US dollar at the Central Bank of Egypt (CBE) increased on Tuesday, the fifth day after the liberalisation of the exchange rate, to EGP 16.3895 for selling, and EGP 17.2308 for buying, compared to EGP 15.6643 for buying, and EGP 16.2222 for selling on Monday. On Thursday, the first day of …
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 …
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 …
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 …
Egyptian pound flotation is a historic decision: bank leaders
Raising interest was important to protect citizens’ savings and to face expected inflation, say bank leaders
3 factors determine effectiveness of flotation in boosting acquisition assessments, offerings to foreign investors
Egyptian companies’ ability to pass the price increase to consumers and banks’ ability to make the dollar available will determine attractive investment opportunities for Egyptian companies
Economic Affairs Committee to propose exchange bureaux be obliged to deposit US dollars at CBE for 5 years
There are 91 currency exchange companies, some of which own 20 branches, says MP El-Gohary
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