Latest in Tag: Pound Highlight
Latest in Tag: Pound
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 …
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
US dollar price increases in mid-Sunday trading to EGP 16.5
The price of the US dollar increased in the five major banks operating in the Egyptian market as of 5.30pm on Sunday to register EGP 16.5 for selling, while the price ranged between EGP 15.75 and EGP 15.80 for buying. BANK Buy Sell NBE 15.80 16.50 Banque misr 15.75 16.25 Banque du Caire 15.80 …
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 …
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
Euro and pound jittery as Brexit referendum approaches
The euro and pound have fallen as the Brexit referendum approaches in the UK. With the “remain” and “leave” camps running almost level in the polls the markets are reflecting the uncertainty, as wary voices grow.
Medicines price increase does not commensurate with devaluation of Egyptian pound against US dollar
The decision includes increasing prices of 70% of local and imported medicines
Pound to depreciate to EGP 9.5 to US dollar by end of 2016: Standard & Poor’s
The Central Bank of Egypt (CBE) devaluated the pound by 13% in March 2016, which hints at further devaluations, according to Standard & Poor’s.
CBE poised to lift interest on pound
The Monetary Policy Committee is holding its third meeting this year on Thursday to discuss the future basic interest at CBE
Economists deem plan to attract $30bn in FDI by 2030 a ‘difficult venture’
Serious institutional, administrative, and legislative reform required to raise foreign investment, entrance to operation, growth, says economic expert
CBE governor claims responsibility for reduction of pound’s value against dollar
In a meeting with the CBE deputy governor and various banking officials, Amer reaffirmed the Egyptian central bank’s role in navigating the Egyptian economy
Basic interest rate raised by 1.5%
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided during its meeting Thursday to raise the basic interest rate by 1.5% on deposits and loans. The decision will increase the overnight rate to is 10.75% and the loan rate to 11.75%. The MPC also increased the deposit and discount rate by …
Next fiscal year’s budget returned to government by parliament after partial floating of pound
Finance Ministry targets a deficit of 10.5% for the next fiscal year, compared to a target of 8.9% for this year; CBE’s decision will aggravate the deficit to 11.5%
When can a pound build Egypt?
I listened to President Abdel Fattah Al-Sisi’s speech and I found myself wondering how Egyptians will react to his call to donate a pound every morning to collect a total of EGP 4bn in a year via text messages. I became more concerned with the spread of upbeat emotional statements through various media and social networking …
CBE to consider floating pound when foreign reserves hit $30bn
Actual value of imports amounts to approximately $90bn, in addition to smuggled goods worth approximately $9.6bn, says Amer
Further pound devaluation expected: Investment bank analysts
US dollar projected to strengthen to EGP 9.5, leading formal and informal markets to bond
Manufacturers call for floating pound in exchange for providing dollar
The CBE’s decision will help increase exports and attract investments, says El-Sewedi
Pound lost 9% of its value against dollar in 2015, retreat to contine in 2016
The dollar’s value rose from EGP 7.18 in January to EGP 7.83 at year’s close, exceeding the level of EGP 8 through 2015
CBE intervenes to strengthen pound against dollar
Dollar fell in black market for hours until it suddenly stopped
Pound depreciation has limited impact on budget deficit: Economists
Government forecasts on the deficit will not be achieved and will jump to 10.2%, and debt allocations will increase further, says Farid
Mehleb receives export councils’ memorandum to review CBE’s policies
CBE governor does not accept requests to meet with exporters or importers, says ECBM head
CBE stabilises US dollar against Egyptian pound for 4th consecutive time
Dollar price stabilises between EGP 7.78 and EGP 7.83 at banks, and EGP 7.88 at exchanges
Dollar to reach EGP 8 by the end of June: Emirates NDB
Depreciation can happen at a faster pace, the bank says
Forex policies successful, could eliminate black market: Egypt Central Bank governor
Rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.
Egypt business activity shrinks in May: PMI
Reuters – Business activity in Egypt shrank for the third month in a row in May, a poll showed on Tuesday, in a sign the economy remains fragile as former army chief Abdel Fattah Al-Sisi is set to become the country’s next president. Egypt’s economy has been hit by more than three years of political and …
Egyptian pound strengthens at central bank Forex sale
Reuters – The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week. The central bank sold dollars at a cut-off price of EGP 6.9649, slightly stronger than the EGP 6.9651 at its last auction on Thursday. But the dollar sold on the black market for EGP …
Egyptian pound weakens at Central Bank dollar sale
Dollar shortages have been fuelling a thriving black market.
Egyptian Pound flat in official and black market trade
Reuters – The Egyptian pound was steady at a central bank foreign currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of EGP 6.9508 to the dollar, fractionally stronger than the cut-off price of EGP 6.9509 from Monday’s auction. The bank had …