Finance News
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Oxford Group expects bright outlook for Egypt’s economy
Efforts to garner economic stability are gathering momentum, with reductions forecast in both inflation and the budget deficit.
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Egypt set to float stakes in 23 state companies
The government had said that it intended to sell shares in dozens of state companies to boost public finances and draw more investors to the exchange.
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Egypt and UN sign Development agreement
The main objective of the agreement is to support the Egyptian government in its quest to achieve national development.
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Egypt picks four banks for Eurobond issuance set for April
Egypt previously raised $4 billion in a three-times oversubscribed bond issuance in February.
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Egypt to issue new securities on the financial market
This operation to raise between €1 billion and €1.15 billion should be launched before the 2018-2019 fiscal year.
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Banque Misr achieves highest profits in its history
The bank’s retail portfolio reached LE 18.1 billion in June 2017 versus LE 14.5 billion in June 2016 with 24.8 percent growth rate.
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Akinwumi Adesina, President, African Development Bank (AfDB): Interview
Governments need to work closely with the private sector to close African infrastructure gaps.
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Egypt's EFG Hermes weighs hiring more bankers for Saudi deals
EFG Hermes is considering adding 20 percent more staff as one of the region's biggest investment banks expects an improved deals outlook in KSA.
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Egypt's ministry of Finance dismisses reports of exchange rate EGP 17.5 to 1 USD
Reuters had quoted three senior officials as saying the Egyptian government set the exchange rate at EGP 17.5 to the USD in the budget of 2018/2019.
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Egypt net foreign reserves rise to $42.524 bln after Eurobond sale
Reserves had dropped to about $19 billion before Egypt signed the three-year IMF deal, with Egypt floating the currency and lifting capital controls.
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Egypt to maintain customs exchange rate at EGP 16 per 1 USD in March
In January 2018, Egypt kept its customs exchange rate at EGP 16 per US dollar, a figure which had been maintained for the last five months of 2017.
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IMF: Cure or poison for Egypt's economy?
Many agree that Egypt’s reform programme was necessary. But as the economy starts to revive, decision-makers must keep an eye on social policy.
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Average yields on Egypt's 10-year bonds jump almost 100 bp
The 10-year bond rose to 14.800 percent from 13.871 percent at the last auction.
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Egypt investors bold enough to look for dollars themselves
Foreign holders of Egypt’s local debt have been using the open currency market more frequently to get dollars.
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Government raises growth forecast by end-June to 5.4%
Total investments in H1 amounted to EGP 353bn. The growth rate during the second quarter was 5.3%, and the total during the first six month was 5.2%
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Winners rise in Cairo stocks as Egypt starts to cut rates
Companies will benefit from access to cheaper credit in the Arab world’s most-populous country.
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The new Capital Market Law in 10 points
Egypt’s parliament ratified the amendments of the Capital market law that aims to increase competitiveness and create an inclusive economic climate.
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Egypt's biggest bank seeks $500 million loans, eyes Saudi market
The National Bank of Egypt is looking to secure $500 million in loans by the end of June.
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Egypt cuts interest rates
The monetary policy committee led by Governor Tarek Amer lowered the overnight deposit rate by 100 basis points to 17.75 percent.
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Services sector 2nd largest beneficiary of bank loans
Private sector received 61.8% of banks’ total credit facilities by end-October 2017.