Latest in Tag: Foreign currency Highlight
Latest in Tag: Foreign currency
How can futures eliminate parallel market of foreign currency in Egypt?
Creating liquidity on futures contracts is guarantee of new mechanism
Household sector accounts for 80.4% of total bank deposits
It accounts for 83.6% of total deposits in local currency, 68.7% in foreign currency
Unifying foreign currency rate is a positive step: Tawfik
Car prices will not be affected by “liberalisation of customs exchange rate,” says Aboul Magd
Foreign currency deposits up $1.3bn in 1Q 2019 to $42.81bn
Local currency deposits up by EGP 88.1bn to EGP 2.531tn at end of March 2019
Egypt pound under fire as CBE shifts to remove limits on foreign currency transfers
Companies getting ready to transfer their profits could weigh on the weak pound
Central Bank of Egypt removes foreign currency transfer limits
The move could spur foreign investments to Egypt, says Tarek Amer
Borrowing rate will not slow down as debt is set to increase
The finance ministry sold new bonds on international markets worth $3bn
World’s deepest devaluation tempts foreigners back to Egyptian markets
Renaissance Capital calls Egypt “haventrade”
CBE resolves issue of temporary facilities obtained in foreign currency: Negm
Companies that owe more than $5m to banks will pay a 3.62% return on the value of debt and a 13.75% return on the local liquidity which will cover their indebtedness
CBE forces banks to notify it before providing foreign currency to government institutions
Banks are obliged to notify the CBE before providing foreign exchange for any governmental entity
Strong fluctuations of pound against the dollar over the upcoming period
The dollar’s rate ranging between EGP 14 and EGP 15.5 achieves the required balance, further decline will not serve the state’s interests, says Abdel Aal
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
Egypt launches initiative encouraging citizens abroad to increase remittances
Egypt’s ambassador to Riyadh announced the initiative during a celebration to commemorate the sixth anniversary of the 25 January Revolution
Economic professors, experts criticise government’s reform programme
IMF loan will not encourage Egyptian economy, says former finance minister
Sugar, foreign currency shortages to push prices up in coming weeks
For more than a month, Egypt has been facing a crisis in supplying sugar, and for more than five years, the country had been facing problems due to a shortage in foreign currencies. The two problems are not easily solved, leading to doubts as to when the government will be able to fix them. One …
More liberalised exchange rate regime is one of the tools to solve foreign currency shortage: Amr El-Ganainy
Proper legislation has to be issued to incorporate the informal economy into the official one, says president of global customer relations at CIB
What are the challenges facing the Egyptian economy in the eyes of dealers?
Chief financial officers and heads of treasury sectors at banks (dealers) are facing the economic crisis more than anyone else. Thanks to the nature of their work, they realise what is happening in the global economies and the challenges facing them. In Egypt particularly, dealers play an important role in employing banks’ liquidity in local …
Crédit Agricole resumes use of prepaid, credit cards for online purchases
The bank noted that if a client uses different cards, the spending limit will not be the total spending limit of all cards, but of that with the highest spending limit
Loans granted by banks see EGP 60bn increase in May
The total loans granted by banks to their clients, aside from the Central Bank of Egypt (CBE), increased by EGP 60bn to register EGP 920.7bn in May, compared to EGP 860.7bn recorded in April. A CBE bulletin on the performance of banks over May stated that the size of loans granted to the government registered …
Government policies increase poverty, future for the poor seems bleak: expert
Poverty in Egypt will increase throughout the year, as the government did not use the incoming foreign currency to create jobs, according to Aliaa Mamdouh, a former economist at CI Capital Investment Bank. The current economic and social conditions in Egypt are projected to increase the poverty rate in the coming years. The government appears …
CBE denies any amendments to maximum foreign currency amount allowed to exit Egypt
The recent regulations did not include the foreign exchange, the CBE said in a statement on Monday.
CBE to hold exceptional $1.5bn auction
CBE sold $200m to banks operating in the local market at rate of EGP 8.85 per dollar, through an exceptional tender, to cover the demand of food commodities importers
CBE removes limits on foreign currency deposits and withdrawals for companies importing goods and basic products
CBE’s new decision was put into practice on Wednesday 9 March
CBE removes caps on foreign currency deposits, withdrawals for individuals
The central bank has issued new regulations to fund acquisitions
CBE decides to raise maximum foreign currency deposit cap to $250,000 monthly
Decision applies only to companies to facilitate import operations of main and basic commodities
Trade balance deficit increases by 38.8% YoY in July: CAPMAS
Egypt’s trade balance continues to face a deficit, despite the state announcements on attempts to counter this recurring problem
CBE orders banks to accept cash deposits in foreign currency: Industry minister
Accepting cash deposits is a step to restore growth rates in Egyptian exports in various markets and sectors, says Qabil
Mobinil plans to increase capital next year: CEO
In an interview with Daily News Egypt, Mobinil CEO Yves Gauthier discussed the latest developments regarding the company’s debt restructuring process. Gauthier also tackled the status of and challenges facing the telecom market in Egypt. How does Orange International evaluate the telecom market in Egypt? It’s a big market, the country has around 90 million …
Mobinil plans to increase capital next year: CEO
TE has monopoly on Egypt’s internet market where they can fix the price they want, says Gauthier
Egyptian foreign reserves down more than $1.5bn, at $18.5bn
Government has to pay $250m in September as dues of bonds issued in international market