Finance News
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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.
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Egypt bans use of debit cards abroad amid hard currency shortage
Debit cards for accounts in foreign currency can still be used abroad up to a limit of $100,000 as per a 2014 directive, the letter added.
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Egypt’s Beltone Sues Exchange, Regulator Over Canceled Trades
Earlier this month Beltone’s plan to buy Commercial International Bank Egypt’s investment-banking unit failed as regulators held up the deal.
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The battle against currency black market
Prison sentences, fines and revocation of license of the currency exchange bureaus that don't follow official rates.
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Can financial inclusion in Egypt be triggered by payroll cards?
Advocates of the cards say it will provide a large portion of the underbanked Egyptian population with access to banking system and e-commerce.
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Egypt budget deficit widens to 9.8 percent of GDP
Basic commodities also contributed to the budget deficit, which a rise in tax income failed to contain.
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Egypt shuts two currency trading firms over black market dealing
One exchange bureau source said that the central bank has shut down a total of 21 currency trading companies this year.
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NBE raises interest rate by 1% on savings accounts, 0.75% on deposits
Banque Misr may approve a limited increase of the interest rate on short-term savings funds.
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VAT no longer a salve for Egypt’s ailing economy
The advantage to the government is that a VAT encourages businesses to report on one another, making it harder for them to avoid paying taxes.