Latest in Tag: dollar Highlight
Latest in Tag: dollar
Dollar crisis threatens Eastern Tobacco Company’s production
The Eastern Tobacco Company is facing a hard time obtaining foreign currency from banks to open letters of credit to purchase raw materials
In Cartoon: The Egyptian pound will no longer be recognised as a valuable currency
Decision to relieve expatriates from car customs for a dollar deposit is under study: customs
The Ministry of Expatriate Affairs and a number of Egyptian expatriates submitted a recommendation to exempt returning cars belonging to expatriates from customs fees, in return for a deposit at the Central Bank of Egypt worth $10,000-20,000 to be allocated to the government. This deposit would have no interest, and after a five-year period, the …
Egypt accuses Islamist youth group of destroying economy
Police propaganda newsletters recently announced the arrest of individuals accused of collecting foreign currency and trading in the informal market, following a steep increase in the US dollar exchange rate
IMF Reaches Staff-Level Agreement with Egypt on a Three-Year US$12 Billion Extended Fund Facility
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare …
IMF deal would be credit positive for Egypt: Fitch Ratings
Government is explaining the importance of the loan to parliament, not concerned about high US dollar exchange rate, says finance minister
No increases in ticket prices in the coming period: EgyptAir chairperson
First instalment of operating lease for new Boeing aeroplanes will be paid after first aircraft arrives on15 December, says Mosallam
CBE stabilises US dollar exchange rate, further confuses market
The Central Bank of Egypt (CBE) stabilised the US dollar exchange rate against the Egyptian pound at EGP 8.78 in its tender on Tuesday. The market is still waiting for any hint from the CBE to predict whether it will devalue the pound again or not. The banks will sell US dollars to their customers …
Did Al-Sisi reject the EGP devaluation during his last meeting with Amer?
Unofficial market and analysts increase pressure on CBE’s governor
Foreign investors conclude project agreements on EGP 12-13 dollar rate
Foreign companies seeking to invest in Egypt traded based on prices that reflect their vision of the pound; these estimations are met with acceptance by local partners, say investment managers and research departments
CBE considers 4 scenarios for future of the Egyptian pound against the dollar
The CBE is awaiting the entrance of US dollar flows estimated at $5.5bn over the upcoming months in order to enhance the bank’s ability to manage the exchange rate and support the foreign exchange reserves.
CBE stabilises US dollar exchange rate causing confusion in market
The higher inflation rate caused the CBE to postpone another devaluation of the pound until the end of this year, says analyst
From Press Syndicate storming to Red Sea islands: Al-Sisi’s controversial moves as president
Al-Sisi’s term has witnessed several unprecedented developments, but not all of them are impressive
Medicines price increase does not commensurate with devaluation of Egyptian pound against US dollar
The decision includes increasing prices of 70% of local and imported medicines
Allocation for CBE’s dollar tender reaches 22.99% on Tuesday
The CBE sold $118.7m US dollars at a fixed price of EGP 8.78
CBE fixes dollar price in Tuesday auction, dollar remains stable in informal market
Through its weekly auction, the CBE sells dollars to banks working in the local market. On Tuesday, banks were auctioned$118.7m, and sold to their clients at a rate ofEGP 8.88 to the dollar
Stronger dollar pushes foreign companies away from trading their shares in EGP on EGX
The EGX issued this new rule to allow companies to avoid the poor trading on the dollar due to the erosion of foreign currency reserves
Negligence of foreign currency resources aggravates ballooning dollar crisis
A decline in revenues from tourism, FDI, the Suez Canal and Egyptian exports continues to burden Egypt’s foreign reserves
Egypt attempts to contain repercussions of pound’s devaluation on food commodities
Armed forces will secure commodities for citizens at prices 50% less than their market counterparts
Dollar crisis pushes Renault sales down by 73% in January, February 2016
If the currency crisis was controlled, sales would be better, says EIM Renault general manager
CBE revises mechanism of US dollar allocation
The CBE allocated $120m to banks on Tuesday to finance the import of food commodities at a price of EGP 8.78
Analysts expect further EGP devaluation against dollar
Analysts cannot predict the timing and percentage of devaluation
Dollar shortage most pressing issue in Automech closure
Jeep, BMW, and Suzuki announce the closure of reservations for their vehicles
Dollar deposits jump 2130% following pound devaluation: Amer
Depreciating the pound is a corrective measure in response to currency market mismanagement, says Farid
Economists deem plan to attract $30bn in FDI by 2030 a ‘difficult venture’
Serious institutional, administrative, and legislative reform required to raise foreign investment, entrance to operation, growth, says economic expert
EGX considers allowing Egyptian investors to obtain sale proceeds of GDR in dollar: chairman
We understand investors’ demands, coordinating with EFSA to abolish restrictions on international transfers of GDR, says Omran
CBE provides banks with $104.5m, sets US dollar price at EGP 8.78
On Tuesday, the official dollar price in banks was EGP 8.83 for purchasing and EGP 8.88 for selling
Djibouti ensures investors profit in dollar: central bank governor
Djibouti’s economy grew by 5% in 2013, by 5.9% in 2015, and it is expected to reach 6% in 2016, says OBG report
Fitch forecasts dollar to reach EGP 9 before year-end
Egypt could reach an IMF agreement if required by authorities, Fitch says
Egyptian pound devaluation negatively impacts Nissan Motor Egypt: Sekiguchi
Nissan Motors Egypt CEO demands that companies do not rush to increasing prices because of the devaluation