Latest in Tag: Economy Highlight
Latest in Tag: Economy
Stop the battle cries, people need hope
The gas bill collector cried at my door. He is not a young man but an Egyptian man in his mid-forties, who is a husband and a father. Culturally, men are not supposed to cry, but nevertheless, he did. He fought the tears in his eyes and the lump in his throat and lost. He …
Making the most of Gulf aid to Egypt
By Farah Halime, Rebel Economy We may not like it, but Egypt desperately needs Gulf money. So why not change the way the Gulf lends money to Egypt to make it count. It won’t be just about wasting away cash to address a symptom without resolving the underlying problem. Indeed, without Gulf aid, the government would have …
Egyptian banks register profits despite economic uncertainties
Faisal Islamic Bank of Egypt announced net profits worth EGP 370.816m in the first half of 2013 compared to EGP 283.696m during the same period last year, marking a 31% increase.
Central Bank of Egypt sells $1.3bn in its first exceptional auction
CBE set to hold an exceptional dollar auction of $1.3bn on Wednesday for banks in attempt to cover clien’’s outstanding import needs
Education, the spy-duck and threats to Egypt
“The police had confiscated a spy-duck.” This was how my reporters greeted me five days ago. At first I thought it was another pun by DNE’s wily reporters until they showed me the links in Arabic; the police confiscated a duck carrying a “strange” device. Two days later, after the intervention of animal activists, the …
More than 700 million worth of positive signals in Egypt
The ‘Egypt Support’ Fund, the 306306 account, has exceeded EGP 700m according to Ashraf El-Araby, Minister of Planning and International Cooperation, in the less than two months since its creation. Two other similar funds had been established since the start of the January 25th Revolution in Egypt with comparatively little success in fund raising. I …
Around 5.5m tonnes of wheat to be imported in October
On 30 August, the GASC stated on its official website that its Vice President Mamdouh Abdel Fattah is seeking wheat cargoes from the US, Canada, Australia, France, Germany, Russia, Romania and Ukraine.
Second consecutive year of recession: World Bank
The World Bank has assessed Egypt’s economic growth in the second quarter of the 2012/2013 fiscal year prior to interim prime minister Hazem El-Beblawi assuming office
El-Beblawi meets human rights groups
Several human rights organisations discuss their goals, plans for the economy and tourism
Domestic liquidity surges to EGP 1.268 trillion end of May
The report attributed the expansion in liquidity levels to a rise in the money supply, which grew by 20.9% to EGP 57.2bn, in addition to an increase in net local assets, which registered EGP 3.196bn.
Why Egypt’s pound is not strengthening
By Farah Halime, Rebel Economy Take a look at this chart, which the Central Bank of Egypt has been proudly parading this month: It shows how the pound’s official price, controlled by the central bank, has been appreciating slowly since the overthrow of Islamist president Mohammed Morsi. If we were to take this graph at face value, …
EGP 19bn in remitances from those living abroad
By: Ibrahim al-Masry Kamal Abu Eita, Minister of Manpower and Emigration stated that basic services need to be provided in order to encourage economic growth and benefit the lower classes at a recent conference held for Egyptians living abroad, under the title of “Egypt in the heart” under the auspices of President Adly Mansour. …
What are the EU’s options in Egypt?
EU Foreign Minister’s decisions may be ineffective without US support, says expert
Banks resume working amid unrest
Banks returned to working normally starting Sunday for only three hours a day
El-Beblawi tasks ministers to prepare economic roadmap
The government pledges to pay EGP 2.5bn due to contractors before December 2013
Economy to improve: NBE Chairman
The economy has the potential for growth in the coming months, says NBE chairman
Car market on shaky ground
Car market sales in June registered a 17% rise compared to June 2012.
Central Agency for Public Mobilisation and Statistics: 51.3% of youths live in poverty in 2012
51.3% of youths between the ages of 18 and 29 lived in or near poverty in 2012
Eid Al-Fitr’s weddings and engagements bolster gold market
Local gold market witnessed a surge in sales and prices in Eid el-Fitr as Egyptians seize the vacation to hold their engagements and wedding ceremonies
Smart card project will help fight smuggling: Galal
Minister of Finance presents strategy to automate fuel distribution amid shortages
Abu Eita: the government is working to rescue idle factories
The government is working to address problems faced in a number of idle and shut down factories, according to Kamal Abu Eita, Minister of Manpower and Immigration.
State employees’ wages increase by 10%
The cabinet will raise basic wages of state employees by 10% in an attempt to “allow workers to afford basic life necessities”
Foreign currency reserves surge to $18.9bn in July
The current foreign reserves, necessary to import staples, primarily wheat, registered $14.9bn this June compared to $16.04bn in May.
Finance minister promises no new taxes
Galal announced that no property taxes or income taxes would be modified “in order to not harm the economy.”
Moody’s downgrades Bank of Alexandria’s rating to B3
Moody’s stated the rating action was driven by the firm’s “view that Intesa’s capacity and potentially its willingness to support Bank of Alexandria has been reduced”.
Non-petroleum exports surge in Q2 of 2012/2013
Exports registered EGP 16.3bn in the same period last year.
Economic instability affects construction sector: report
Gleeds Construction Consultancy Egypt says devaluation of the local currency is likely to take its toll on the sector
Finance minister directs Gulf aid to foreign reserves and state budget
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
Industry and foreign trade ministeryto focus on increasing exports
Mounir Fakhry Abdel Nour announced that he is reviewing a plan to increase the industrial exports to EGP 145bn by the end of this year
IMF: No contact yet with interim government
Spokesman says the decision to engage with the interim government depends on shareholders