Latest in Tag: Pound Highlight
Latest in Tag: Pound
Geopolitical events cast shadow over expectations of pound’s interest, reserve, inflation
I expect a rate cut from 2% to 3%, exchange rate to EGP 14-15: Abdel Aal
Economy Plus poll forecasts currency appreciation, lower interest rates, price cuts across consumer goods
Appreciation of currency, lower interest rates, price cuts across consumer goods, and stability of fuel costs
Egyptians to witness first real salary increase since pound flotation: Logic Polls
Egypt is projected to be a top country for the highest salary increase
Three-year anniversary of Egypt’s free floating exchange
FX reserves up by $25.618bn, exchange rate and inflation fall, and public debt rises
US dollar value continues decline against EGP in banks on Monday
The US dollar lost two piasters in the Egyptian National Bank and the Suez Canal Bank, recording EGP 16.71 for buying and EGP 16.81 for sale
Pound appreciated 84 piasters since beginning of 2019: CBE
US currency is approaching EGP 17 against pound, as foreign exchange flows increase in Egypt
Governmental banks offer sterling pound savings certificates
The National Bank of Egypt (NBE), Banque Misr, and Banque du Caire will offer savings certificates to Egyptians in pounds sterling under the name “Belady Certificate” within days. During 2016, the three governmental banks offered Belady Certificates in both euros and US dollars in order to attract remittances from Egyptians abroad. The certificates are to …
Pound sets for modest depreciation in 2018/19: Capital Economics
The currency has weakened by 50% against the dollar since it was floated last November
Pound strengthens due to market supply and demand mechanism: Amer
The CBE governor told the president that the bank didn’t intervene to support the local currency
Egypt foreign reserves reaches $31.305 billion in June; Pound steady
The reserves records 29% increase since the beginning of 2017
Egyptian pound shows signs of correction: Beltone
Total outstanding liability to register at $7.6bn and $12.2bn in FY 2017/18 and FY 2018/19 respectively
Banking system receives $54bn since pound flotation in November 2016
Proceeds are distributed as $25bn funding, $9bn government debt instruments investments, $20bn concessions and remittances from Egyptians abroad
Foreigners’ investments in Egyptian treasury bills reach EGP 145.8bn following pound’s flotation
Foreign investors’ bids for treasury bills registered EGP 2.8bn on Tuesday, while the interest rate continues to decline
Britain’s new 1-pound coin goes into circulation
Just before officially triggering the Brexit process, Britain is marking the launch of a new 1-pound coin with a 12-sided shape. It’s believed to be one of the most beautiful and most secure coins in the world.Britain’s new 1-pound coin with the symbols of England, Scotland, Wales and Northern Ireland goes into circulation as of …
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
The reason behind the rise of Egypt’s foreign currency reserves remains unknown
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. …
Brexit: Pound recovering before Supreme Court ruling
On Tuesday, the British Supreme Court will decide whether Parliament should vote to commence divorce proceedings from the European Union. Investors are welcoming this because above all they need one thing: certainty.A day before the Supreme Court’s decision of whether British Prime Minister Theresa May can start Brexit without a Parliament vote or not, the …
Banks, pharmaceutical shares expected to attract investors in 2017
The flotation of the Egyptian pound will play an influential role in determining the attractiveness of shares for investors during 2017, especially after the price of the US dollar increased to more than EGP 19, which will affect companies’ activities and their ability to make a profit. Financial and technical analysts expect that the most …
Companies face fluctuations of pound with ‘various scenarios’ strategy in 2017
Two scenarios to deal with the increase and decrease of the US dollar and the effect on cost and pricing
I expect pound’s price against the dollar to improve in H2 2017: El-Menilawy
The price of the dollar is expected to range between EGP 15 -18 if foreign exchange reserves improve
Pound’s rate against dollar to go through 3 stages in 2017, to reach EGP 14-15.5 by end of Q4: Abdel Aal
Over 12 elements support the local currency against the US currency this year
Business volume for construction companies affiliated to HCC declines after pound’s flotation
Roland Construction demands 50% price difference from the value of remaining worksÂ
Parliament to discuss law for compensating contractors following pound’s flotation
The formation of a supreme committee for compensations will be headed by the housing minister
Elsewedy Electric’s revenue predicted to increase by 39% annually from 2017-2020 following pound’s flotation: Mubasher
“Turnkey Project” is the most profitable sector at Elsewedy after the flotation of the pound, because its projects’ revenues are in foreign currency
Ezz Steel expects to reduce its losses gradually due to pound’s flotation
The flotation and the increase in steel prices globally are pushing the company to take advantage of its improved performance, said the company’s chairpersonÂ
Pound recovers from its lowest level against the US dollar since flotation
The Egyptian pound has regained some of its strength against the US dollar at banks and the Central Bank of Egypt (CBE), recovering from its lowest level since the decision to float the currency on 3 November. The price of the dollar at the CBE on Sunday registered EGP 17.5995 for buying and EGP 18.0354 …
Dollar climbs to EGP 18 at banks on Monday
The US dollar climbed to EGP 18 on Monday at banks operating in Egypt. The average rate for the dollar at most banks on Monday registered EGP 17.55 to buy and EGP 17.95 to sell. HSBC Bank was offering to sell US dollars at EGP 18. The dollar has been gaining ground against the Egyptian …
Flotation and increased fuel prices raise ceramic prices, increase market slump
Ceramic production companies have deemed it necessary to raise their prices in the coming period following the flotation of the Egyptian pound and its devaluation, besides the increased cost of production inputs, including gas, electricity, and fuel. During the eighth International Ceramic and Sanitaryware Exhibition (ICS), held between 9 and 12 November, surveyed ceramic manufacturers …
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 …
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 …