Finance News
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7 Business Lessons From Egyptian Billionaire Mohamed Mansour
The head of the $6 billion Mansour family empire was once penniless. Now he’s on top of the world.
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Egypt’s CBE secures membership in OIC’s computer emergency team
The Central Bank of Egypt (CBE) has secured membership in the Organization of Islamic Cooperation's Computer Emergency Response Teams.
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Moody's expects IMF loan programme for Egypt to increase to $10 bln
Global credit rating agency Moody's has expected the International Monetary Fund (IMF) to increase its existing $3 billion loan programme for Egypt.
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Egypt provides EGP 2.2B to supports private funds, accounts workers
This support will reach approximately LE 3 billion by the end of FY 2023/2024, compared to EGP 723 million in FY 2017/2018.
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Saudi Al-Rajhi Bank suspends EGP transactions in kingdom
Saudi Islamic Al-Rajhi Bank, one of the biggest banks in the country, suspended transactions in Egyptian pounds across all of its branches.
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Egypt’s budget sees $4.9bn surplus in 6 months
Egypt’s financial year starts in July and concludes in June, meaning these figures cover the first six months of the country’s spending plans.
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Egypt rules out currency devaluation amid IMF delegation’s visit
The IMF visit coincided with a new report by Moody’s, revising its outlook on Egypt from “stable” to "negative."
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Egypt’s CIB introduces new 3-year certificates with up to 22% yield
(CIB) has issued new premium certificates of deposits (CDs) that offer a fixed monthly yield of up to 22 percent.
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Egyptian e-payment Octane facilitates EGP 1 bln fuel sales in one year
Octane, the leading fleet management and digital fuel payments startup, facilitated EGP 1 billion in fuel sales in the first year of operations.
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Moody’s downward revision for Egypt ignores gov’t efforts: Finance minister
Egypt’s Ministry of Finance stressed that the latest decision of global rating agency Moody's that fixed the country’s sovereign’s credit at Caa1.
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Egypt progresses toward Central Bank Digital Currency (CBDC) Implementation by 2030
CBDCs, a form of digital currency issued by a country’s central bank, differ from cryptocurrencies in that their value is pegged to the country’s fiat
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Navigating Egypt's economic roadmap: challenges loom amidst visionary goals
To fortify its economy over the next presidential term, Egypt has rolled out an extensive eight-directional economic strategy spanning 2024-2030.
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Egypt releases strategic economic plan (2024-2030) for National Dialogue
Egypt's Prime Minister Mostafa Madbouly has ordered the release of a new economic plan for the country's next six years.
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Egypt holds first public discussion on economic strategy for 2024-2030
The cabinet’s Information and Decision Support Centre (IDSC) launched the first national dialogue session on the eight-direction document.
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TPAY to enable Mobile Payments for PUBG MOBILE in Egypt!
This launch provides gamers in Egypt to easily purchase PUBG MOBILE UC (unknown cash) through the official PUBG shop ‘Midasbuy’.
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Additional banks join in on restricting FX transactions abroad, some suspend withdrawals
Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites.
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Egypt allows foreign companies to keep capital in foreign currency
Foreign companies can now retain their capital increase deposit in foreign currency, rather than having it converted to Egyptian pound by the bank.
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Egyptian fintech startup, Zeal, raises $4 million
Zeal, an Egyptian fintech startup, has raised $4 million in funding to expand its technology throughout Europe, the Middle East, and Africa
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Egypt to receive $250 mln boost for economic resilience from AFC, ITFC
Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (ITFC) are set to extend a $250 million Sharia-compliant loan.
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Egypt plans to issue bonds in local currencies of BRICS’ NDB members
Will include green, blue, social, and sustainable bonds to support Egypt’s Vision 2030.