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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 …

Ahmed Dawoud

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 …

Hisham Salah

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 …

Hisham Salah

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 …

Hossam Mounir

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 …

Hussein Keshk