Finance News
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Egypt’s approval of value-added tax is credit positive
Moody's Investors Service said Egypt's approval of the value-added tax is a credit positive despite being approved at 13% instead of 14%.
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US-Egypt Business Council supports government’s request for IMF loan
The successful implementation of this agreement will help Egypt transition to a more market-oriented economy with a robust private sector.
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Approval of the VAT is a historic achievement
Change in national tax code will affect all portions of society, unless explicitly exempted.
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SMEs may be the key for a better Egyptian economy
SMEs have the ability to provide a large number of jobs to subdue unemployment and produce important products.
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Egypt's parliament approves VAT at 13pct rate in 2016/17
The new tax is scheduled to be implemented in September.
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Egypt sold three-year treasury bonds worth EGP 31 bln
They were sold in an exceptional auction that was exclusive to state-owned banks.
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UAE to deposit $1B in Egypt central bank
The $1 billion (800,000 euro) deposit, which is for a six-year period, comes as part of the UAE's "unwavering position in supporting Egypt.
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Egypt to offer 20 to 30% shares in public business sector
The coming period will witness offerings of parts of the capital of successful Egyptian companies and banks on the bourse.
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Egypt negotiates a $1 bln fund from China for sanitation projects
Over the past 11 months, the ministry of int. cooperation succeeded in managing $11.5 billion in financial inflows to support the country's economy.
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Egypt has shut down half of its licensed currency exchange bureaus for violations
Of the currency exchange bureaus closed, a total of 26 have been closed permanently and their licences revoked.
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Egypt has proposed 18-month reform program to IMF
The reports by the privately-owned newspapers said the two sides were at odds over the size of a proposed devaluation of the Egyptian pound.
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IMF deal credit positive for Egypt, implementation risks remain high
Fitch said it is currently giving Egypt a 'B' rating with a stable outlook.
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IMF delegation arrives in Egypt for bailout talks
Egypt has said it was seeking a loan of $12 billion from the IMF over three years, as well as $7 billion from other sources.
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Egypt raids 10 foreign exchange bureaus over black market trading
The central bank blames speculation by black market traders for increasing downward pressure on the currency that it can ill-afford to defend.
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Egypt asks IMF for a 3-year loan to help struggling economy
An IMF delegation will start a two-week visit to Egypt on July 30 to continue the talks.
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Egypt signs OFID's $40 mln small and micro-business loan
The loan will paid over 20 years.
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Egypt to get first tranche of $1.5B Saudi loan ‘soon’
A Saudi delegation will visit Egypt next week.
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CBE stabilises US dollar exchange rate, further confuses market
CBE stabilised the US dollar against the Egyptian pound at EGP 8.78 in its tender on Tuesday. The market is still waiting for any hint of devaluation.
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Egypt’s fiscal position remains unstable
Moody's stated that the current account deficit reached $14.5bn, up from $8.3bn the previous year.
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Egypt repays Qatar final $1 bln in outstanding debt
The governor said that Egypt would also soon repay $800 million owed to the Paris Club nations.