Since the 25 January Revolution in 2011, Egypt’s foreign currency reserves were used to support Egypt’s important imports at a time that witnessed a lack of inflow of foreign currencies. It was also used to support the Egyptian pound against the US dollar to postpone the effect of the low demand on the Egyptian pound. …
Poor financial planning, using loans in the wrong projects are the largest external debt problems
The official price of the US dollar increased from EGP 7.17 in June 2014 to EGP 8.87 in June 2016
The Central Bank of Egypt (CBE) announced that foreign reserves increased by $510m during May, to register the eighth monthly consecutive rise. In a press statement released on Wednesday, the CBE said that foreign exchange reserves rose to $17.520bn in May, compared to $17.01bn in April. The CBE did not reveal the reasons for this …
President Abdel Fattah Al-Sisi made several economic promises to Egyptians prior to his election. Daily News Egypt reviews the goals set and analyses how far along they are from realisation. Prior to election, then-political candidate Al-Sisi cited “national security” concerns for not sharing his detailed vision. Al-Sisi stated that only the broad lines of his …
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
President’s office lists causes and possible solutions for fuel woes amid mounting public frustration
GASC said the shipment contained high levels of ambrosia seeds, violating terms of agreement with the US
Analysts say increase is ‘temporary’
79,285 tonnes of locally-produced wheat distributed so far this year
The president’s trip earlier this month was focused on finding economic opportunities and strengthening bilateral relations between Egypt and Brazil.
Around 150 complaints of sexual harassment against tourists received by Ministry, including three rape cases
Chairman of Suez Canal Authority attends COMESA meeting
Industries no longer considered energy intensive, says government
Cyprus ‘impressed’ with Egypt’s banking sector, says governor of Egypt’s Central Bank on sidelines of spring meetings in Washington
Qatari, Libyan and Turkish loans represent main reasons of foreign debt gap, say experts
Move intended to curb inflation
Qatar’s support is an opportunity to increase foreign reserves, says ratings agency
40% rate applied on goods including sunglasses, watches, nuts, boats and videogames
Private sector key to unlocking Egypt’s ‘long-term economic potential’, says Jin-Yong Cai, International Finance Corporation CEO
By Asmaa Nabil Last July, foreign currency reserves declined by $1.1 billion, reaching $14.44 billion compared to $15.5 billion at the end of June. The Central Bank of Egypt (CBE) attributed the decline to Egypt’s obligation to repay bonds it held, in addition to the repaying of a credit portion to Paris Club countries. This …
Nasser Youssef Mokhtar Youssef, member of the Board of Directors with the United Bank, stated that stabilising Egypt’s foreign currency reserves was a positive sign and that expediting the transitional period is an important factor to regaining economic stability. “The increases witnessed during the previous three months were largely incidental, Youssef explained, noting that ‘yellow …
By Ayat Al-Battawy The political chaos in Egypt that followed the Constitutional Court’s decision to dissolve parliament is being directly reflected in the local exchange market. The pound lost one piaster relative to the dollar as soon as the dissolution of parliament was announced. It approached its highest rate since the revolution and the record …
By Reuters CAIRO: Commercial International Bank and other financials lifted Egypt’s main index to a 1 percent gain, a day after the central bank cut its reserve requirement on local currency deposits, traders said. The central bank said on Tuesday the requirement would be lowered to 12 percent from 14 percent, in a move aimed …
By Patrick Werr / Reuters CAIRO: Egypt’s central bank cut its reserve requirement on local currency deposits to 12 percent from 14 percent on Tuesday, in a move to provide banks with more cash to lend to the government and business. The government has increased its borrowing to finance a burgeoning budget deficit since last year’s …
By Patrick Werr / Reuters CAIRO: A decline in Egypt’s net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country’s currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four months. They now …
