Finance News
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International reserves jump to $34.66 billion in May 2023, CBE
Egypt’s net foreign assets (NFAs) deficit jumped to LE 755.68 billion in March 2023, according to a previous report.
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Analysis: Egypt faces external debt reckoning after borrowing spree
Egypt faces an increasingly tough task raising cash for foreign debt repayments after external borrowing quadrupled over the past eight years.
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FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
The Federation’s Board of Directors has 13 members representing all activities operating in the stock market.
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Madbouly witnesses inking MoU to develop small, medium enterprises in East Port Said
The memo aims at providing suitable and sustainable job opportunities via the development and boosting of the sector of SMEs.
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Egypt will not take out new loans except for compelling developmental needs
Egypt will not take out new loans unless they are on soft terms and only for compelling developmental needs, Minister of Planning said.
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Amr Adib addresses speculations on new US dollar saving certificate
During his show “al-Hekaya” (The Story), on MBC Masr on Saturday, Adib said that there must be US dollar vessels to attract Egyptians abroad.
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S&P raises Egypt’s PMI score to 47.8 in May, its highest since Feb 2022
Egypt’s PMI (Purchasing Manager’s Index) witnessed a slight climb in May to reach 47.8 from April’s 47.3.
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Easing inflation slows down decline in Egypt's non-oil economy in May: S&P
The decline in Egypt's non-oil private sector slowed down in May, as demand stabilized and inflation eased, S&P Global Egypt PMI.
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When is Egypt expected to devaluate its currency again?
Currently, the official dollar exchange rate is at around 30 Egyptian pounds, while on the black market, it trades for as high as 38-40 EGP.
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Why are Egyptian expats hesitant to send money back home?
Remittances by Egyptians working abroad plunged by 23 percent during the first half (H1) of the fiscal year 2022/2023, declining to $12 billion.
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CBE pays $7.154 bln in debts for Egypt
The CBE’s statistical bulletin showed that the debt burden service was divided into paid installments of $5.843 billion, and paid interest of $1.311bn
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CBE: Egypt Paid $11.9 Billion in Foreign Debt within 6 Months
CBE paid about $7.154 billion by the end of Q2 2022/23, representing installments and interests for outstanding debts.
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Sovereign Fund of Egypt seeks stronger co-op with private sector in development efforts
Increasing the private sector’s participation is a state priority, the Sovereign Fund of Egypt (TSFE) head was reported by local media as saying.
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Will Egypt Join and Adapt BRICS Currency?
Egypt’s interest in the BRICS alliance has risen over the past two years. This is in part due to the speculations of a new currency.
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Fawry teams up with Infobip to boost electronic payment services
Fawry is an e-payment platform in Egypt, serving the banked and unbanked population.
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Islamic banking accounts for approx. 5% of overall Egyptian banking sector, says EIFA
Egypt's banking market includes 14 banks authorized by the Central Bank of Egypt to offer Islamic products.
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African Economic Outlook: Egypt "Most Attractive" for Short-term Investments in Africa
The report added that recent bank defaults could lead to increased global financial instability and exacerbate capital outflows from the continent.
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Egypt targets $83 billion in foreign currencies for FY 2023/24
The government aims to collect $83 billion in foreign currencies during FY 2023/24 through four streams, according to an official statement.
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Egypt "Largest Recipient" of Official Development Assistance in Africa- AfDB
Egypt leads African countries in terms of obtaining development funds in 2021, at a value of $8.2 billion.
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Deal to make EGP-denominated debt “Eurocleared” close to finalized
Egypt has been working towards meeting clearinghouse Euroclear’s conditions since signing an agreement in 2019.