Finance News
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Central Bank of Egypt to issue EGP 130 bln T-bills this week
The Central Bank of Egypt (CBE) is set to issue EGP 130 billion treasury bills (T-bills) on Tuesday with four different maturities between April 2024
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Sisi announces removal of public benefit status from 13 state-owned buildings
Egypt's President Abdel-Fattah El-Sisi issued a decree on Wednesday revoking the public benefit status previously accorded to 13 state-owned buildings
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Egypt eager to provide for its foreign residents: MP
Egypt has the right to know the number of foreigners residing on its territory and be aware of their activities.
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USD/EGP forward rate hits new all-time high at EGP 54.26
The Egyptian pound’s forward exchange rate against the US dollar for one-year contracts reached a new peak at EGP 54.26 on Tuesday.
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Egypt’s Paymob, Mastercard partner to boost e-payments in MENA
Egypt-based financial services company Paymob has partnered with global e-payment giant Mastercard to expedite the acceptance of digital payment.
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Egypt simplifies taxes for small businesses below EGP 10 mln turnover
The Egyptian government has introduced simplified tax regulations for establishments with an annual turnover not exceeding EGP 10 million.
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Egypt needs $3 bln monthly for basic commodities, fuel, electricity
President El-Sisi said Egypt faces a recurring dollar shortage crisis every few years as gov provides services in LE while buying them in USD.
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Egypt’s tax revenue jumped around 39 percent YoY in July-November 2023
Egypt’s tax revenue jumped 38.7 percent year-on-year (YoY) to record EGP 516.1 billion between July and November 2023.
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Egypt bourse gains LE18 billion
The market capital gained about LE 18 billion to register LE 1.979 trillion at closing, amid transactions that totaled LE 16.6 billion.
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Egypt to offer EGP 1.4 bln in tax relief for producers through 2026
The Egyptian government has pledged to pay EGP 1.4 billion (more than $45 million) annually.
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7 Business Lessons From Egyptian Billionaire Mohamed Mansour
The head of the $6 billion Mansour family empire was once penniless. Now he’s on top of the world.
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Egypt’s CBE secures membership in OIC’s computer emergency team
The Central Bank of Egypt (CBE) has secured membership in the Organization of Islamic Cooperation's Computer Emergency Response Teams.
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Moody's expects IMF loan programme for Egypt to increase to $10 bln
Global credit rating agency Moody's has expected the International Monetary Fund (IMF) to increase its existing $3 billion loan programme for Egypt.
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Egypt provides EGP 2.2B to supports private funds, accounts workers
This support will reach approximately LE 3 billion by the end of FY 2023/2024, compared to EGP 723 million in FY 2017/2018.
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Saudi Al-Rajhi Bank suspends EGP transactions in kingdom
Saudi Islamic Al-Rajhi Bank, one of the biggest banks in the country, suspended transactions in Egyptian pounds across all of its branches.
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Egypt’s budget sees $4.9bn surplus in 6 months
Egypt’s financial year starts in July and concludes in June, meaning these figures cover the first six months of the country’s spending plans.
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Egypt rules out currency devaluation amid IMF delegation’s visit
The IMF visit coincided with a new report by Moody’s, revising its outlook on Egypt from “stable” to "negative."
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Egypt’s CIB introduces new 3-year certificates with up to 22% yield
(CIB) has issued new premium certificates of deposits (CDs) that offer a fixed monthly yield of up to 22 percent.
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Egyptian e-payment Octane facilitates EGP 1 bln fuel sales in one year
Octane, the leading fleet management and digital fuel payments startup, facilitated EGP 1 billion in fuel sales in the first year of operations.
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Moody’s downward revision for Egypt ignores gov’t efforts: Finance minister
Egypt’s Ministry of Finance stressed that the latest decision of global rating agency Moody's that fixed the country’s sovereign’s credit at Caa1.