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The CBE directed banks to allocate foreign currency for imports of medication
The group is targeting to export 150 hybrid buses to London this year
The government should set a special US dollar price for car imports, says EAMA executive director
Informal market started lowering the selling prices of the US dollar after news of the IMF’s $12bn loan to Egypt
The National Company for Maize Products (NCMP) is considering temporarily suspending its expansion plans worth EGP 1.2bn due to lower production volumes of the company. The lowering production rate is driven by recession in global markets as well as the ongoing US dollar price hikes in the Egyptian market. A senior source at NCMP, who …
The US dollar is likely to see more depreciation in the coming period, says El-Etreby
Manufacturers rely on the informal market for US dollars, and securing 25% of industrial sector needs would stabilise US dollar exchange rates
Head of the industrial committee in the Nation’s Future Party Mohamed Garhi said that factories in Egypt are about to close due to the aggravating US dollar crisis.
Pound sterling jumps to EGP 16 and euro to EGP 13, while Arab currencies see the heaviest trading
The CBE held 462 regular auctions to sell $19.382bn as well as nine exceptional auctions worth $7.397bn in less than four years
Stability of the foreign exchange market requires the government and the CBE to take unconventional and bolder measures, says Abdel Aal
There is no intention to float the pound for now; Amer did not discuss borrowing from IMF, say sources
The CBE sold roughly $118.6bn to the banks through its tender.
Most real estate stocks have been on the rise over the past four months, recording various high rates. This rise came as a result of the recent economic developments that affected investors and their savings instruments, especially real estate, after the Central Bank of Egypt (CBE) devalued the Egyptian pound from EGP 7.73 to EGP …
Poor financial planning, using loans in the wrong projects are the largest external debt problems
On 3 July, governor of the CBE Tarek Amer alluded to a further depreciation of the Egyptian pound against the US dollar.
Increase in US dollar exchange rate led to 22% rise in construction costs, directly affects residential unit prices, says expert
The market awaits the launch of the first post-Eid dollar tender to learn the CBE’s direction
El-Menilawy added that the CBE on Tuesday morning had asked the departments responsible for issuing letters of credit in banks to submit reports of the requests of customers whose intermediate goods are stuck in customs.
The bank auctioned $700m that will mature in one year’s time on 31 June 2017.
Egypt’s economy is standing on shaky ground, says FocusEconomics
Grand Cherokee comes at the forefront selling 356 cars, followed by Renegade
The decision includes increasing prices of 70% of local and imported medicines
Increase in gas, US dollar prices pushes up production costs and decreases exports by 50%
The Central Bank of Egypt (CBE) devaluated the pound by 13% in March 2016, which hints at further devaluations, according to Standard & Poor’s.
The CBE sold US dollars at a fixed price of EGP 9.78. Banks have been directed to sell the US currency to their customers at a price of EGP 8.88
Moody’s forecast of Egypt’s economic growth is lower than the government’s predictions
While the dollar is scarce, trader’s speculation has also driven inflation, says banker
The CBE provides the US dollar to banks in the local market at a rate of EGP 8.78, while it is sold to individuals at commercial banks at EGP 8.88
EGX-30 jumps by 6.7%, amid renewed hopes for FDIs and major concerns over inflation and budget deficit