Finance News
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Egypt to initiate IPO programme under IMF-backed loan deal in March
Egypt intends to initiate the first stage of the IPO programme under its new loan agreement with the IMF in march.
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Government plans tax facilitations for investors
Finance Minister Mohamed Maait and Prime Minister Mostafa Madbouly reviewed draft laws that include tax facilitations for investors in Egypt.
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US dollar price stabilizes in Egypt
The price of the US dollar against the Egyptian pound stabilized in mid-trading, Wednesday, February 8, recording at the Central Bank of Egypt.
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Banks inject EGP 53.2bn in mortgage financing initiative for low-income individuals
This comes within the framework of the mortgage financing initiative for low-income individuals, until the end of January 2023, which is 95.8% of fund
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$1.65bn in transfers done through the company during 2022: IBAG
IBAG, the official and oldest agent of Western Union in Egypt since 1995, revealed that the number of transfers from Egyptians abroad reached 2.8 m.
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Saudi Alinma Investment raises stake in Egypt’s Rekaz Holding to 7.06%
The Riyadh-based firm purchased 412,873 shares in the Egyptian company for EGP 1.30 million, at an average price of EGP 3.17 per share.
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Egypt’s real GDP growth to slow to 3% in 2023 as higher inflation looms
Egypt’s real GDP growth is expected to moderate to 3% in 2023 with a higher inflation anticipated Fitch Solutions said in its MENA Monthly Outlook.
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FRA approves Aman for Financial Services’ EGP 400m bond issuance
The issuance will be completed during the current month, to make new expansions for the company during the first half of this year.
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IBAG records a 7% increase in growth rate in 2022, shares 2023 plans
International Business Associates Group for Money Transfer Services, S.A.E. (IBAG) recorded a total of US$1.65 billion worth of transfers in 2022.
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Egyptian non-oil private sector declines to 2-year low
Egypt's purchasing managers' index (PMI) for the non-oil private sector declined by 1.7 points in January to 45.5, down from 47.2 in December.
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Egypt's foreign reserves increases to $34.224B in January
Egypt's cash reserves had increased to $34.002 billion at the end of December, compared to $33.53 billion at the end of November.
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Could Egypt depend less on 'hot money' as source to bolster its FX reserves in the short term?
Egypt's prime minister and finance minister asserted the government's intention to focus on attracting more direct investments to avoid shocks.
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Analysts name potentially successful areas for government IPOs
At the end of last year, the state adopted the “State Ownership Policy Document” to allow more room for private sector participation in economy.
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3 factors led CBE to fix interest rates: analyst
The Central Bank took advantage of the tools of the monetary policy, and the financial policy to implement and enhance market stability.
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Against all odds CBE maintains interest rates unchanged
In its first meeting in 2023, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to maintain unchanged the current rates.
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Egypt’s balance of payments hits $523.5M surplus by end of September
The CBE attributed the surplus to the growing revenues of tourism, Suez Canal as well as petroleum and non-petroleum exports.
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HoR ratify document of Egypt's accession to Development Bank of "BRICS" Bloc
The BRICS group comprises the major emerging economies, namely Brazil, Russia, India, China, and South Africa. It is headquartered in Shanghai, China.
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Immigration Min. denies preventing Egyptians abroad from withdrawing foreign currency in local banks
Rumors of imposing customs on jewelry, personal jewelry, and personal electronic devices is unfounded: minister.
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Egypt's current account deficit narrows by 20.2 percent in 1Q FY2022/2023
Egypt's balance of payments improved in the first quarter of the fiscal year.
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IMF downgrades forecast for Egypt’s real GDP to 4% in FY 2022/23
The report showed that the country’s real GDP growth for FY 2023/2024 is projected to reach 5.3%.