Latest in Tag: US dollar Highlight
Latest in Tag: US dollar
US dollar exchange rate against Egyptian pound continues to rise at banks, CBE on Thursday
Prior to the CBE’s decision to float the currency on 3 November, the price of the dollar was set at EGP 8.83
Government should improve, otherwise it should quit: Free Egyptians Party head
The Free Egyptians Party supported the government’s decision to float the Egyptian pound and increase fuel prices in order to bolster the Egyptian economy, says Abed
Dollar records its highest level against Egyptian pound this week
The official rate for the dollar at the CBE on Thursday registered EGP 15.5422 to buy and EGP 16.1351 to sell
US dollar price varies at banks, CBE on Tuesday
Bankers expect the greenback to change hands at EGP 15-16 for three months
US dollar continues to fall on Monday, recording EGP 15.25-15.32 in official market
The price of the US dollar against the Egyptian pound continued to decline on Monday, recording EGP 15.25-15.32 for buying and EGP 15.75-15.85 for selling at several banks in the Egyptian market. The US dollar exchange rate against the pound recorded EGP 15.25 for buying and EGP 15.75 for selling at the Commercial International Bank …
US dollar at customs repriced daily according to average bank rates on day before: ECA
The Central Bank of Egypt (CBE) sets the US dollar price for customs tariffs on a daily basis at 3pm, based on the average exchange rates at banks, according to the head of the Central Administration of Customs at the Egyptian Customs Authority Mahmoud Issa.
Pound flotation attracts foreign investors to EGX
Heads of financial institutions contend that these funds are high-risk
US dollar at customs repriced daily according to average bank rates on day before: ECA
The official price at customs on Tuesday registered EGP 17.26, hitting EGP 17.84 on Wednesday
Egyptian Automotive Dealers Association halts imports for November
The Egyptian Automotive Dealers Association held a meeting for leading car importers in which the association announced it would halt the import of cars during November in support of Egypt’s economy. The association met recently, prior to the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate of the Egyptian pound against the …
US dollar exchange rate stable on 1st day of Egyptian pound’s complete flotation
Sunday marks the first day of the Egyptian pound’s complete flotation in the top five banks operating in the market, following the Central Bank of Egypt’s (CBE) decision to liberalise the exchange rate on Thursday.
Electricity Ministry may cease negotiations for new equipment purchases following pound flotation
Offers and prices of companies changed after the US dollar exchange rate appreciated, say sources
Increased cash support for subsidy cardholders is not enough: expert
Egypt floated its currency on Thursday, allowing it to fall from its previous peg of EGP 8.88 to the US dollar to between EGP 13 and EGP 16. This is the final push to secure the three-year International Monetary Fund (IMF) programme within days. In another step toward securing $12bn from the IMF, the government …
30% hike in inflation rate in short term: Beltone Financial
The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …
Banks confused over US dollar pricing during first 3 days after flotation
Chaos is normal since this is the first time for Egypt, but it will end soon, says banker
Bank are free to price the US dollar: CBE
This comes after the CBE fully floated the exchange rate on Thursday morning
US dollar registers EGP 14.3 for sale at private banks
The price of the euro against the national currency reached EGP 14.66 for buying and EGP 15.91 for selling
Informal US dollar rate expected to drop if banks refrain from accepting foreign exchange
Current procedures by government, CBE target to reduce demands for US dollar, and we should work on increasing supply, says analyst
CBE consideres obliging banks to not accept foreign currency from anonymous sources
The move aims to lay siege to the informal market and crack down on traders, says senior banker
Impeachment of current cabinet to be settled next week
Government will send a report to parliament on its performance over the past 6 months, says MP
CBE stabilises Egyptian pound’s price against US dollar, ignores market’s expectations again
Analysts ruled out Egyptian pound’s devaluation before 11 November
Economic challenges push for failed attempt to impeach cabinet
Dozens of MPs passed and signed a petition demanding the impeachment of the cabinet, amid defence from the Prime Minister
Government to determine commodity profit margins with FEDCOC, FEI next week: Prime Minister
Government in full coordination with CBE to overcome the US dollar crisis
CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78
The Central Bank of Egypt (CBE) launched on Tuesday its regular weekly auction to sell US dollars to banks with the value of $120m. The auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. According to Osama El-Menilawy, the assistant general manager of the …
High US dollar exchange rate, import restrictions lift computer prices in 2016
PC prices increased by 60% while demand fell by 50%
Car market has no spare parts
70% deficiency in the market; spare parts for Korean, Chinese, Japanese, European models are absent
Bayt El Khebra Consultancy aims to attract investments to Egypt worth $2.6bn in 3 years: CEO
Bayt El Khebra for Investment and Financial Consultancy is currently considering a project to operate and manage container ships in the Suez Canal worth $600m in initial costs
Looking for investment safe havens, Egyptians turn away from the US dollar
For more than five years, Egyptians have been looking for a safe and profitable haven for their savings and for a long time the US dollar was seen as the safest bet. However, as Egypt currently faces huge shortages in foreign currencies, the price of the US dollar, which did not record more than EGP …
US dollar shortage negatively affects banks financing import operations, lending to projects with a foreign component
The US dollar shortage has negatively affected banks’ activities that are related to financing imports and lending to projects that include a foreign component, according to Amr Tantawy, managing director of Misr Iran Development Bank (MIDB) and board member of the Federation of Egyptian Banks’ (FEB) board of directors. Tantawy told Daily News Egypt that banks’ activities are divided between local and foreign trading …
Egypt’s unpaved road to austerity
“Just as we should never balance the budget on the backs of the poor, it’s an economic delusion to think you can balance it only on the wallets of the rich.” This seemed to be the beautified confession that the then UK chancellor of the exchequer and austerity guru George Osborne made to the Conservative …
CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78
The Central Bank of Egypt (CBE) launched Tuesday its regular weekly auction to sell US dollars to banks, asserting that it is not intending to launch any exceptional auctions. With a value of $120m, the auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. …