Finance News
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Investment Should Be The Growth-Driver For Egypt’s Economy
Egypt’s economic structure is changing in the face a number of challenges. Private consumption is slowing and unemployment is dropping among others.
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Egypt seeks FDI boost as its economy struggles
The government is hoping a $12bn International Monetary Fund lending programme signed last year will put it on the road to recovery.
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Egypt ranks 4th among African countries in FDI during 2016
Foreign direct investment is one of Egypt's primary sources of foreign currency, along with Suez Canal revenues and the tourism industry.
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Egypt central bank removes foreign currency transfer limit
The central bank statement did not comment on the status of the $50,000 deposit cap for some importers.
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Factors to watch in Egypt’s stock market in week ahead
Egypt’s stock market starts trading on 11 June, with some companies holding their ordinary general meeting to discuss their financials for 2017 Q1.
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Egypt keeps customs exchange rate at 16.5 pounds/dlr in June
The exchange rate in Egyptian banks is around 18.12 pounds per dollar.
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Egypt cabinet approves raising minimum income tax threshold to LE 7,200
The amount is up from EGP 6,500 but the decision has yet to be approved by parliament.
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Egypt’s Cabinet approves $2.48 billion social aid program
The government plans to spend EGP45bn on income tax discounts, bonuses for public employees, increased pension payments and cash subsidies.
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Egypt's economy trapped in vicious cycle of IMF debts
Egypt expecting a new rise of prices due to the IMF loan requirements, while the country has not yet recovered from previous economic decisions.
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Banks offering e-services have best retail banking
CIB) topped the Business News index for best retail bank for the 2nd year in a row followed by NBE that has the most widespread ATMs.
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Raising interest rates shakes markets, disturbs business community
Businesspeople outraged amid expectations that debt payments will increase by EGP 30bn.
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Egypt’s Central Bank raises interest rate by 2 pct
The statement added that the credit rate was also raised by 200 points to 17.25.
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Credit Agricole not considering leaving Egyptian market
We have launched our activities in the Egyptian market 10 years ago and seek to continue and expand it, says Drion.
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Egypt signs deal with Visa to develop infrastructure for financial transactions
Prime Minister Sherif Ismail attended the signing of the agreement at the cabinet headquarters in Cairo.
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Egypt to issue $1.5-$2 bln Eurobond within one week
Egypt sold $4 billion of Eurobonds in three tranches in January, raising twice as much as targeted and at lower yields than expected.
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Egypt central bank to cancel $100,000 individual bank transfer limit
"We have no need for foreign currency limits" Egypt's central bank governor Tarek Amer said.
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Egypt’s business climate improving, challenges remain
New Investment Law is a positive step towards improving the dire business environment, according to the research: Capital Economics.
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IMF release of 2nd aid tranche shows confidence in Egypt's economy
The IMF approved a 12-billion dollar, three-year loan program to Egypt in November and has already paid out 2.75 billion dollars as the first tranche.
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Egypt’s consumer price inflation reaches 31.5pc
Inflation hit a three-decade high in April, adding pressure on the government to lower prices before Ramadan.
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Egypt’s economy seems to be gradually picking itself u
Purchasing Managers’ Index rose in April to its highest levels in 9 months.