Finance News
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Bond market offering 21% yields finally turns Egypt into a buy
The Egyptian Treasury bill market attracted more than $9 billion since the central bank allowed the currency to trade more freely in November.
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Egypt selects CI Capital-led group to lead IPO of ENPPI
The chosen consortium includes Jefferies International Limited and Emirates NBD Capital Limited.
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Egypt’s foreign reserves continue to rise registering $31.3 bln in June
Egypt's foreign reserves continued to climb registering $31.305 billion at the end of June and edging closer to pre-2011 levels of $36 billion.
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US dollar exchange rate’s decline continues for third consecutive day
The purchasing rate at National Bank of Egypt reached LE17.84, while the selling rate reached LE17.94.
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Are Egypt’s IMF-imposed reforms working for people?
With the increasing strain on the people, more are wondering whether IMF straitjacket is too restrictive for Egypt’s ordinary citizens.
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Investment Should Be The Growth-Driver For Egypt’s Economy
Egypt’s economic structure is changing in the face a number of challenges. Private consumption is slowing and unemployment is dropping among others.
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Egypt seeks FDI boost as its economy struggles
The government is hoping a $12bn International Monetary Fund lending programme signed last year will put it on the road to recovery.
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Egypt ranks 4th among African countries in FDI during 2016
Foreign direct investment is one of Egypt's primary sources of foreign currency, along with Suez Canal revenues and the tourism industry.
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Egypt central bank removes foreign currency transfer limit
The central bank statement did not comment on the status of the $50,000 deposit cap for some importers.
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Factors to watch in Egypt’s stock market in week ahead
Egypt’s stock market starts trading on 11 June, with some companies holding their ordinary general meeting to discuss their financials for 2017 Q1.
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Egypt keeps customs exchange rate at 16.5 pounds/dlr in June
The exchange rate in Egyptian banks is around 18.12 pounds per dollar.
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Egypt cabinet approves raising minimum income tax threshold to LE 7,200
The amount is up from EGP 6,500 but the decision has yet to be approved by parliament.
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Egypt’s Cabinet approves $2.48 billion social aid program
The government plans to spend EGP45bn on income tax discounts, bonuses for public employees, increased pension payments and cash subsidies.
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Egypt's economy trapped in vicious cycle of IMF debts
Egypt expecting a new rise of prices due to the IMF loan requirements, while the country has not yet recovered from previous economic decisions.
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Banks offering e-services have best retail banking
CIB) topped the Business News index for best retail bank for the 2nd year in a row followed by NBE that has the most widespread ATMs.
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Raising interest rates shakes markets, disturbs business community
Businesspeople outraged amid expectations that debt payments will increase by EGP 30bn.
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Egypt’s Central Bank raises interest rate by 2 pct
The statement added that the credit rate was also raised by 200 points to 17.25.
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Credit Agricole not considering leaving Egyptian market
We have launched our activities in the Egyptian market 10 years ago and seek to continue and expand it, says Drion.
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Egypt signs deal with Visa to develop infrastructure for financial transactions
Prime Minister Sherif Ismail attended the signing of the agreement at the cabinet headquarters in Cairo.
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Egypt to issue $1.5-$2 bln Eurobond within one week
Egypt sold $4 billion of Eurobonds in three tranches in January, raising twice as much as targeted and at lower yields than expected.