Finance News
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Egypt grants Exits MENA securities promotion, underwriting license
Exits MENA, an Egypt-based fintech investment platform, was granted a securities promotion and underwriting license from the FRA.
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Egypt’s NFAs deficit climbs by 7.3 percent in March says CBE
Total foreign assets in Egypt declined to LE 1.439 trillion ($46.5 billion) in March 2023 from LE 1.476 trillion ($47.7 billion) in February 2023.
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Mastercard teams up with Egypt’s CBE, EBC to develop tokenisation in local market
Tokenisation allows for seamless and secure digital transactions for millions of Egyptians, by replacing sensitive customer data with unique ids.
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Chinese Delegation Visit New Beni Suef to Discuss Investment Opportunities
Essam El-Din presented an overview of the city and its distinguished strategic location, only 2 km from the mother governorate.
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S&P downgrades outlooks on 3 Egyptian banks to negative
This follows the agency’s revision of its outlook for Egypt from stable to negative on April 21st.
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Fitch Solutions raises its forecast for Egypt’s inflation by 6.4% in 2023
Fitch Solutions has raised its forecast for Egypt’s inflation in 2023 to 32.3 percent, up from an average of 25.9 percent that it expected a month ago
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Japanese investments in Egypt rises 98.7% to reach $73.7m
Egypt exported goods worth $260.8 million to Japan in 2022, which included fuel, minerals, fruit, iron and steel products, carpets, and animal feed.
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Madbouly Discusses Investment Opportunities with ADQ in Coordination with Egypt's Sovereign Fund
The Prime Minister referred to a number of measures taken by the state within the framework of efforts to improve the investment climate.
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Arab Bank Group profits grow by 30% to $216mln for the first quarter of 2023
The Group maintained its strong capital base with a total equity of $10.4 billion.
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Top10 banks in Egypt
Egypt's banking sector is a diverse mix of state-owned, private, and international institutions.
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Egypt to offer 10 more Armed Forces’ companies on stock exchange
In a press conference, Madbouli said Egypt is continuing its government’s initial offering programme (IPO).
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Egypt considers dollar alternatives for trading commodities
The shift has been driven by Western sanctions on Russia and in countries, such as Egypt, that have a shortage of dollars.
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Egypt able to meet its financial obligations: PM
During his tour, Madbouly said the state has prioritised boosting exports and encouraging investment as part of the country’s national security.
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FRA gives companies listed on EGX until end-May to submit their 1Q financial statements
The decision aims to help companies authorized to engage in non-banking financial activities, and in light of the economic changes,.
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Egypt, Saudi, UAE, Algeria, Bahrain seek to join BRICS bloc
Since its formation in 2006, the BRIC group has added only one new member, South Africa, in 2010.
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Egypt announces bylaws of new minimum wage system for public employees
The monthly minimum wages for general managers and first-category employees were set at EGP 7,000 and EGP 6,500, respectively.
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Egyptian pound price expected to drop by end of 2023
Since the Central Bank adopted a flexible exchange rate that reflects the state of supply and demand in the market.
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Egypt's economy seen growing 4% this fiscal year
Russia's invasion of Ukraine last year, which rocked tourism, raised commodity prices and prompted foreign investors to pull about $20bn.
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Egypt's stalled asset sales will add pressure on currency
Inability to improve the central bank's foreign exchange reserves will weigh on external liquidity.
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CBE auctions EGP 39.5 bln in T-bills to fund budget deficit
The Central Bank of Egypt (CBE) auctioned on Thursday treasury bills (T-bills) worth EGP 39.5 billion ($1.28 billion) on Thursday.