Finance News
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Sisi says military economy is 1.5% of Egypt’s GDP, but how accurate is this?
Analysts raise concerns over lack of transparency regarding the economic activities of the Armed Forces.
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Egypt stock exchange head says longer suspension of capital gains tax will spur more investment
The decision was a surprise to the market and everyone ... but a pleasant surprise ... The tax had a negative impact, Omran said.
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Asian Diplomats' spouses to hold crafts bazaarin Egypt
As customary, the Asian embassies will sell traditional hand-made products and the food for which their countries are famous.
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Rapid currency slide chokes business in Egypt
Factories are halting production, shops are running low on stocks and a sense of panic is spreading.
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IMF’s Lagarde says there is a ‘crisis’ in Egypt’s currency market
Egypt is turning to the IMF as it seeks to restore investor confidence in an economy that’s been undermined by persistent political unrest.
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A Necessary But Insufficient Devaluation
As previous devaluations show, it is necessary to have a sufficient liquidity shield to maintain control over Forex market.
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Egypt cabinet to cut its spending by 15-20 pct, diplomatic missions personnel in half
The measure comes amid attempts to address Egypt's economic crisis, including an acute dollar shortage and surging inflation.
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NBE reduces foreign exchange cash limit for travelling customers
The bank provides cash for foreign exchange only on condition of reviewing customers' travel documents.
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US working with G7 countries to fund IMF Egypt progra
IMF officials have said that they have held discussions on bilateral financing for Egypt with Saudi Arabia, China, and G7 countries.
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Banque Misr requires customers to provide travel documents to use cards abroad
These new controls are designed to prevent cards abuse, says bank chairperson.
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Cairo maintains 5th place as top tourist destination in Middle East and Africa
Cairo registered a 1.5% growth rate in the number of international overnight visitors in 2015/2016, says MasterCard Global Destinations Cities index.
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Egypt receives $2 billion Saudi deposit in IMF deal financing
The deposit came despite fears that recent tensions between Cairo and Riyadh would see Saudi Arabia back away from supporting Egypt.
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Egypt inches toward IMF bailout as shortages, prices enrage
Egypt still needs $2 billion in foreign reserves to reach a position of strength with the IMF before it starts to gradually float its currency.
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Making currency exchange price more flexible is essential part of government's programme
Chris Jarvis, the International Monetary Fund's (IMF) mission chief for Egypt talked to the daily news Egypt about the new loan.
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Resuming the commodity stock exchange depends on the Supply Ministry's current direction
The draft of the futures stock exchange stipulates that the latter be in the form of a joint stock company operating under the supervision of EFSA.
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Egypt close to securing cash for IMF deal
The IMF's condition was for Egypt to obtain several billion dollars of financing from other sources before a loan deal goes ahead.
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Barclays to sell its Egypt business to Attijariwafa Bank
Barclays is thus ending its 150 years of history in Egypt, where it has around 56 branches and 1,500 employees.
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Egypt to sign $500 million loan with World Bank for Upper Egypt development
The project will support Qena and Sohag, two of the poorest governorates in Egypt.
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Egypt’s Pound Falls to Black Market Record on Devaluation Bets
The currency dropped to 12.99 per dollar, according to the average quote of four dealers surveyed by Bloomberg in Cairo.