Finance News
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Germany pledges $500m to support Egyptian economy
The support will come in the form of grants and concessional funds.German investments in Egypt are estimated to be a total €1.5 billion.
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Egypt's five- and 10-year bond yields rise at auction
The average yield on the 10-year bond increased to 16.889 percent from 16.784 percent when it was last sold.
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Egypt's floating pound already a success, billionaire Sawiris says
Samih Sawiris on ound flotation and Egyptian economy in an interview with Reuters.
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Egypt parliamentary committee expects dollar to cost EGP 13 this summer
The Planning and Budget Committee says the country's IMF reforms have begun to pay off, depressing demand for USD and causing its value to drop 5%.
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As pound strengthens, Egypt adjusts customs exchange rate to 16 per dlr
ECB set the initial rate at 18.5 pounds to the dollar, in line with the interbank rate at the time.
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Egypt to set schedule for repaying oil companies soon
Egypt's arrears owed to foreign oil companies stood at $3.5 billion at the end of December, down from $3.6 billion in September.
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Egypt's foreign reserves climb to $26.3 bln in January
Tarek Amer said that Egypt received a total of $4 billion in yields from Eurobonds issued on the global bond market last week.
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IMF support boosts investor confidence in Egypt
More details have emerged regarding Egypt’s ambitious programme of economic reform.
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Egypt considering temporary stamp duty on stock market deals
The IMF agreement revealed that Egypt had committed to imposing either a capital gains tax or a stamp duty on stock market transactions by 2017/18.
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IMF to release staff report on Egypt's $12 bln loan agreement
The IMF deal was approved by the cabinet on 11 January, but is yet to be approved by parliament.
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Egypt’s economy to grow 3.9% in 2016-17, missing government target
The poll predicts economic growth will slow in the fiscal year starting in July to 3.5% but pick up again in 2018/19 to reach 4.0%.
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Net foreign exchange reserves increase to $24.265bn
This means that the CBE has neared its target of foreign exchange reserves estimated at $25bn.
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Senior 'Economist' analyst expects Egyptian pound value to rise by 14%
12 currencies from a total of 60 currencies in the world will rise against the dollar this year, the luckiest of which would be the Egyptian pound.
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Egypt Offers Exchange Rate Relief to Firms Hit by Pound Float
9 of Egypt’s biggest business associations ran a full-page ad in newspapers appealing to President Abdel-Fattah El-Sisi to find a solution.
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Egypt's currency black market nearly eliminated, prices will fall
Tarek Amer says consumer inflation will be brought under control when Egypt’s exports increase, aided by the return of tourism and foreign investments
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US dollar passes the LE19 mark
The increase is the single highest shift after the stability that lasted three days at the national banks.
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Egypt plans $2.5-3 billion Eurobond by mid-January
Egypt planned to begin a road show for its initial Eurobond issuance in November but later said this may be delayed due to market volatility.
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Switzerland unblocks 180m francs frozen in Egypt probe
Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remains frozen.
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AfDB approves $500 million loan payment to Egypt
The loan is the second of three expected disbursals.