Finance News
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Egypt to raise banks’ reserve requirement as it battles soaring inflation
The reserve ratio, used to control money supply, will increase to 14 percent from 10 percent from Oct. 10.
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Foreign exchange reserves up by $392m at end of September
The foreign exchange reserves increased by more than $21bn over the past 14 months, where it stood at about $15.5bn in July 2016.
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Egypt's central bank increases reserve requirement on deposits to 14%
The new ratio is effective starting on 10 October, the bank said in a statement.
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Egypt considers bond sale delay as it eyes market conditions
Egypt may delay a planned sale of 1.5 billion in euro-denominated bonds to early 2018.
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Egypt to keep customs exchange rate at 16 pounds in October
The pound has gradually strengthened in recent weeks to about 17.71 to the dollar, up from about 17.75 last month.
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Major European investment funds to inject cash in Egypt as economy recovers
Minster of Finance Amr El-Garhy meets with investors to discuss further opportunities.
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Egypt: The Economy Is Gathering Strength
The first review of Egypt’s economic reform program from IMF is out and it carries good news.
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EIB to loan Egypt's Banque Misr $500 mln to fund SMEs
According to EIB, a total 890 million euros were slated for Egypt in 2016 under the EIB’s commitment to Mediterranean partner countries.
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Egypt's Suez Canal revenues jump to $470.6 million in August
In August, 1,528 ships passed through the Egyptian waterway compared to 1,462 in the same month last year.
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Average yields fall on Egypt’s six-month, one year T-bills
Yields on the 182-day bill dropped to 18.434% from 19.110% at the last sale. Yields on the 357-day bill fell to 17.868% from 18.7%.
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Egypt inflation has peaked, governor says
"We’ve been aggressive in our monetary policy and this has been resisted a bit. But it’s important so we can get our shop fixed very quickly"Amer said
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Egypt plans to plug budget gaps with more foreign debt
Egypt will issue a 1.5 billion euro (USD 1.8 bln) bond by the end of November and another USD 10 billion in Eurobonds next year.
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US dollar exchange rates witness slight decline
A recent report by CNN Arabia revealed that prices of the US dollar are likely to surge to LE 19 by 2018 and EGP 20 by 2019.
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Egypt's net FDI rises 14.5 pct in 2016-2017
FDI rose to $7.9 billion in the 2016-2017 fiscal year that ended on June 30.This is well below Egypt’s target of $10 billion.
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Remittances from expatriate Egyptians at $14.5 bln since currency float
Remittances for the month of July rose to $1.8 billion compared with $1.2 billion during July last year.
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Egypt's new stock exchange chief wants to invigorate markets in 6 months
Mohamed Farid said that the main reform would be reducing trading halt times to 15 minutes, down from 30.
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Egypt's annual urban inflation eases to 31.9% in August
Egypt’s annual urban rate of inflation dipped slightly in August, dropping to 31.9 percent from 33 percent in July.
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Egypt clears multibillion-dollar backlog as FX crisis fades
Egypt has cleared a multibillion-dollar backlog of foreign-currency requests from importers and foreign companies.
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Egypt's non-oil business activity contraction slows slightly
Non-oil private sector business activity shrank in August at the slowest pace since July last year amid a decline in new orders and a jump in exports
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Egypt's M2 money supply up 38.74 pct year-on-year in July
Money supply stood at EGP 2.94 trillion, the central bank said.