Latest in Tag: flotation Highlight
Latest in Tag: flotation
Will Egypt follow the example of Brazil or Argentina in dealing with the IMF?
Following the implementation of all of the International Monetary Fund’s (IMF) preconditions for the three-year, $12bn loan Egypt is bent on receiving, the government submitted a letter of intent to the IMF executive board two days ago. A letter of intent outlines one or more agreements between the two parties before the conclusive agreement is …
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 …
CBE raises price of US dollar to EGP 17.41 for buying, EGP 17.84 for selling
The US dollar exchange rate rose at the Central Bank of Egypt (CBE) on Tuesday—the sixth day following the Egyptian pound’s flotation—to EGP 17.417 for buying and EGP 17.8427 for selling. The new rates are up from the Monday amounts of EGP 16.3895 for buying and EGP 17.2308 for selling, with an increase of EGP …
Pound flotation raises mobile, computer prices and slows down sales
The Central Bank of Egypt (CBE) announced their decision to float the Egyptian pound last week, which has raised the US dollar price in the official market. This decision also caused an increase in the prices of imported electronics, as the higher dollar exchange rate also raised the cost of imports after custom fees increased …
Automotive sector at risk of drowning following pound’s flotation: EAMA
The future of Egypt’s automotive industry is now at the mercy of the national currency’s flotation and is subject to importers’ provision of foreign currency, Hassan Soliman, head of the Egyptian Automobile Manufacturers Association (EAMA), said following the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound. Soliman explained that the auto industry …
Will pound’s flotation smooth the path for cars or take them in opposite direction?
In the wake of the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate, opinions of workers in the automotive sector are varied as the impact of this decision on the sector is yet to be seen. Some believe that this decision was long awaited and will eliminate the recent overpricing phenomenon on …
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 …
Car companies halt sales to reprice in wake of CBE decision
Car companies halted their sales processes to review prices after the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. Some companies plan to reprice their cars, while others await the stabilisation of the US dollar rates against the pound and the end of the turmoil and confusion that currently prevails …
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 …
Customs on imported cars increase by 66% after flotation
Customs charges on imported cars increased by 66% on Friday following the flotation of the Egyptian pound. This decision was made on Thursday when customs recorded a 52% increase calculated according to the price of the US dollar against the Egyptian pound in the free market, which will be reviewed on a daily basis. The …
Steel prices jump to register EGP 9,250 per local tonne after flotation of pound
It is expected that steel prices will decrease to EGP 5,200 per local tonne and EGP 5,800 per imported tonne once US dollar rate stabilises, says head of Real Estate Investment Division
Construction companies threaten to halt work on social housing projects due to flotation
Housing Ministry considers increase in value of social housing units by EGP 20,000, says source at ministry
Real estate developers await stability in prices of construction material following pound’s flotation
The CBE’s decision to float the Egyptian pound is viewed as a positive step for the real estate sector and is expected to promote market stability, say developers
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 …
Fuel subsidy cost to increase to EGP 64bn following pound’s flotation: Petroleum Minister
The cost of the petroleum product subsidies will increase to EGP 64bn in the current fiscal year (FY) of 2016/2017 in the wake of the Egyptian pound flotation and global oil price hikes, Minister of Petroleum Tarek El-Molla said. The government estimated the value of petroleum products for the current fiscal year’s budget at roughly …
Flotation prompts Cartel Capital to activate $50m acquisitions plan
The US company targets to seize opportunities worth $10-20m in many financial services, pharmaceutical, and food industry sectors
Profit-taking process permeates EGX’s performance
Index targets 8,500-9,200 points, say analysts
Long-awaited pound flotation ends market’s long-standing state of suffocation: bank exchange market officials
While this decision has its advantages and disadvantages, it is the only solution for ending many problems and the government should support it
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
Banks looking forward to returns on debt instruments following Egyptian pound’s flotation, raising interest by 3%
The average return on initial treasury bills increased by 3.6% and exceeded 20% following the CBE’s decision
Banks confused over US dollar pricing during first 3 days after flotation
Chaos is normal since this is the first time for Egypt, but it will end soon, says banker
Pound’s flotation on the table since December 2015 as part of an integrated economic reform programme: CBE governor
Amer reveals preparations behind 3 November decisions, saying they were supported by political leadership
Impact of the Egyptian pound’s flotation will be measured in the coming days: experts
The CBE announced on Thursday that it would float the Egyptian pound, setting an initial guidance rate of EGP 13 to the US dollar
Car prices to see new increase when Egyptian pound is floated or devalued: GB Auto
Fluctuations in exchange rates have pushed tyre manufacturers to monitor situation before concluding partnership to establish the factory