Finance News
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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%.
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Egyptian pound slips further against US dollar to 30.3 on Thursday
Since March last year, the Egyptian pound lost almost 50 percent of its value against the US dollar.
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Egypt’s Central Bank to issue dollar-denominated T-bills next week
The step reflects the Central Bank of Egypt’s desire to respond to investors’ expectations that interest rates will take an upward curve.
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Remco appoints financial advisor FinBi to assess its investments
Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.
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Discussed: benefits of Egypt's joining BRICS's new development bank
The Parliament approved an agreement that allows Egypt to join BRICS group's New Development Bank.
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Gov’t to announce soon plan of listing 20 companies on Bourse
This came after a cabinet meeting that aimed to review a number of economic files.
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Egyptian PM Madbouly heads to Senegal to participate in Dakar Financing Summit
Madbouly will participate on behalf of Egypt’s President Abdel Fattah Al-Sisi, in the summit which will run on 2 and 3 February.
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High interest rates carry multiple risks to future of investment in Egypt: EJB
The best way to improve the investment climate in the future is by announcing monetary policies that ensure the stability of policies.
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Egypt’s central bank to review key interest rates on Thursday, the first under IMF loan deal
Egypt’s annual urban consumer inflation continued to rise in December, recording 21.3 percent, the highest since the end of 2017.
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Egypt's Parliament endorses pact to join Brics Bank
Egyptian MPs welcomed the agreement, seeing in it a way to help reduce demand for US dollars.
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Egypt's net foreign assets climb by $2 billion in December
NFAs improved to a negative 494.3 billion Egyptian pounds from a negative 541.5 billion in November.
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Egypt central bank forecast to raise interest rates by 150 bps
The central bank raised rates by a larger-than-expected 300 bps at its last meeting on Dec. 22 and by 200 bps at a surprise meeting on Oct. 27.
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What does it mean for an index to “rebalance”?
Last month, the Egyptian Exchange released new criteria for inclusion in the EGX30 in a bid to make the benchmark index more attractive for investors
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Egypt's CIB takes full ownership of Kenyan lender Mayfair
The acquisition has been approved by the central bank and will take effect on Jan. 31.
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Egypt spends LE 42.5B in export support for 2,500 companies
Minister of Finance, Mohamed Maait, stated that these initiatives help provide the necessary cash liquidity to ensure the rotation of the economy.
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Egypt Central Bank: Pound slips to new low against dollar
Many banks within Egypt were trading at 30 Egyptian pounds for $1 earlier this month.
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Egyptian banks' high-yield certificates of deposit pull in EGP 460 billion
Proceeds from the 25 percent and 22.5 percent saving certificates of deposit offered by Banque Misr and the NBE garnered EGP 460 billion in a month.
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IFC, Al Tadamun Microfinance partner to support women’s small projects in Egypt
The foundation will help designing and piloting a programme that targets projects and companies run by women.
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S&P Global Ratings maintains Egypt credit rating at B with stable outlook
Finance Minister Mohamed Maait hailed S&P’s decision, saying it reflects the international institutions' confidence in the Egyptian economy.
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Egypt's parliament approves joining BRICS affiliated bank "NDB"
Egypt aims to benefit from the areas that fall within the various activities of the bank, including supporting sustainable development.