Latest in Tag: US dollar Highlight
Latest in Tag: US dollar
Reducing price of products depends on stability of US dollar
After the Ministry of Finance reduced the price of the US dollar used for customs to EGP16, down from EGP18.5 on 16 February, media outlets stated that the prices of a lot of products will decrease soon. The prices of almost all products have hiked during the previous months after the Central Bank of Egypt …
Will commodity prices go down as pound strengthens?
Companies pledge to bring prices down; others refuse due to inventory input
Pound continues strengthening against USD, expected to settle below EGP 17 to the dollar within days
Significant increase in hard cash supply as foreigners invest in government debt instruments
Dollar falls to its lowest level in two months, settles below EGP 18
Banks see clients disposing USD, further decline in the pipeline, says chairperson of Banque Misr
Weakened purchasing power decreased economic growth to 3.4% during Q1 of FY 2016/17
Large projects and the improved climate for investment will increase economic growth, exports, and foreign trade growth, says Minister of Planning
No one can say for certain at what value the Egyptian pound will stabilise against the US dollar: El-Araby
Subsidies will continue to be provided even after the economic reform programme has been completed
US dollar supply at banks increase, demand cools
Banks operating in the local market are experiencing a US dollar supply increase while demand has cooled in recent days, according to Tamer Youssef, head of treasury at a bank operating in the domestic market. Banks have seen significant demand for the dollar during December and the first days of January because foreign companies operating …
92% of offers on US dollar-denominated bonds came from investment funds or banks: Kojak
High demand on US dollar-denominated bonds caused rise in issuance value, says Minister of Finance
Arabian Cement to repay US dollar loans to avoid high cost
The company aims to shrink loans to EGP 40m compared to $65m in 2016
Automotive sector welcomes fixed price of customs US dollar
The decision enables working in accordance with clear plans without surprises, says Saad
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. …
IMF financing alone will not be sufficient to stabilise US dollar: BOFAML
The report issued by BOFAML said that it expects the CBE to consider further rate hikes if US dollar neared EGP 20
US dollar price to remain between EGP 16-20 in 2017
The government is to lead the demand for the US dollar in 2017; EGP 12 is a fair price to the dollar, says Hassanein
After full flotation of Egyptian pound, US dollar price targets cannot be specified: Aboul Fotouh
US dollar not expected to make large gains against the pound in 2017
Finance Ministry fixes value of customs US dollar at EGP 18.5 until end of February
The Ministry of Finance decided to maintain the price of the US dollar used at customs at EGP 18.5 until the end of February, applicable to all imports. Magdy Abdel Aziz, head of the Egyptian Customs Authority, said that the new price will be effective on Tuesday at all ports. He pointed out that the …
EGX named one of highest US dollar revenue-achieving emerging stock markets in 2017
The initial indicators recorded by the Egyptian Exchange (EGX) during the first two weeks, as well as international reports’ expectations of a relative increase of the Egyptian pound have confirmed that the EGX came amongst the list of stock exchanges achieving the highest US dollar revenues in 2017. There are three factors which put the …
20% increase in prices of motorcycles over 2 months
The customs exchange rate and foreign currency shortage has led to a decline in imports by 60%
US dollar prices at banks vary considerably on Wednesday, official price drops by EGP 0.06
The dollar value is expected to drop as companies finalise their budgets
World Bank approves second tranche as Egyptian pound falls, US dollar nears EGP 20
EGX hits record high on expense of the Egyptian pound
US dollar surpasses EGP 19 at CBE to hit highest rates since flotation
The US dollar price at the Central Bank of Egypt (CBE) and banks operating in Egypt surpassed EGP 19, registering its highest level since the flotation of the Egyptian pound on 3 November. The price at the CBE on Monday recorded EGP 18.8088 for buying and EGP 19.1157 for selling, up from EGP 18.3246 and …
When will the Egyptian market stablise?
What we see happening now is normal, but we’re not used to it due to the fixed price of the Egyptian pound, say analysts
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 chairperson
US dollar slips more than EGP 0.22 at CBE on Thursday
In private banks, dollar prices ranged between EGP 18.20 and EGP 18.50 for buying and EGP 18.50 and EGP 18.95 for selling
US dollar registers new peak, jumps to EGP 19 at HSBC
The US dollar price jumped against the Egyptian pound to register its highest level ever at the Central Bank of Egypt (CBE) and banks operating in the domestic market on Wednesday. The official price of the US dollar against the Egyptian pound, according to the CBE’s transactions on Wednesday, registered EGP 18.4507 for buying and …
US dollar exceeds EGP 18 at CBE for first time since flotation
Analysts play down impact of recent terrorist events on future of the exchange rate
Repatriating profits of foreign companies pushes Egyptian pound down against US dollar
The price of the national currency saw devaluation on Wednesday, reaching EGP 17.8201 for buying and EGP 18.1659 for selling against the US dollar. The price on Tuesday stood at EGP 17.6749 for buying and EGP 18.0619 for selling. The price of the greenback has been increasing since Sunday, winning about EGP 0.13 since. The …
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 …
US dollar exchange records EGP 18.25 at banks on Thursday
The US dollar exchange rate against the Egyptian pound witnessed huge fluctuations during this week
Egyptian pound continues to decline against US dollar at banks
The currency exchange is governed by supply and demand, says CBE and banks
CBE allows banks to direct part of US dollar-denominated proceeds to cover temporary overdrafts on customer accounts
The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …