Finance News
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Egypt allocates over US$12 billion to support citizens in new budget
The Egyptian government in December raised the target of subsidizing petroleum products in the current fiscal year by 9%.
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Why Egypt’s inflation continues to rise in February 2024
Egypt’s annual headline urban inflation rose to 35.7% in February 2024, up from 29.8% in January 2024.
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Egyptian pound Appreciates against Foreign Currencies
The exchange rates of foreign and Arab currencies declined against the Egyptian pound at the end of trading on Tuesday in Egyptian banks.
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S&P upgrades Egypt’s credit outlook to positive
S&P Global views Egypt’s exchange rate liberalization as a crucial milestone in bolstering confidence and fostering economic growth.
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Egypt to impose strict limits on public investments, debt in FY 2024/25
Minister of Finance Mohamed Maait said the state is placing a stringent ceiling of EGP 1 trillion on public investments in the upcoming fiscal year.
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Al Tadamun Microfinance boosts women’s funding to EGP 2.34bn in 2023
The foundation saw a 21% increase in disbursed funds, injecting approximately EGP 2.341bn into client projects, up from EGP 1.94bn in 2022.
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World Bank to provide over $6B in support to Egypt over next 3 years
The bank announced that this support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector.
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Major Gulf bourses up on strong oil prices; Egypt extends slide
The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading.
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European Union announces €7.4 billion package of aid for Egypt
European Union announces €7.4 billion package of aid for Egypt to fund efforts in curbing migration.
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Market capitalisation of Arab stock exchanges surpasses $4.5trn in February
The market capitalisation of Arab stock exchanges witnessed an increase to approximately $4.54trn in February, up from around $4.4trn in January.
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Italy, EU commission to sign deal with Egypt on 'cooperation and development
Italian Prime Minister Giorgia Meloni says she will be in Cairo on Sunday to sign an agreement between Europe and Egypt.
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Egyptians abroad sending more money home after devaluation
Egyptians abroad had been holding onto their funds or sending them home outside the banking system via the black market.
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Access by FABMISR, Drive Finance unite to redefine payment solutions in Egypt
The alliance is thoughtfully designed to accommodate the monthly instalments of Drive Finance customers.
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Moody’s changes rating for 5 Egyptian banks
Credit rating agency Moody’s announced on Tuesday that it has changed the ratings and estimates of five internationally ranked Egyptian banks.
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Total hard currency sold to Egypt's exchange firms hits $20M within 6 days
Al-Ahly Exchange Company accounts for the largest proportion of the proceeds, with a value of EGP 577 million since the decisions of the Central Bank.
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Germany pledges to make 258 million euros available to Egypt as debt swap
Germany has pledged to make 258 million euros available in the form of debt swaps, grants, and concessional financing.
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US dollar rate drops in major banks by 1.5% on Tuesday to EGP 48.8/1 USD
The US dollar rate against the Egyptian pound declined on Tuesday by approximately 1.5 percent to EGP 48.8/1 USD for selling.
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IMF Lines Up $1.5 Billion to Egypt within Weeks
The amount will include the first and second review tranches, which were postponed earlier.
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Egypt targets primary surplus of 3.5% in GDP in FY2024/2025
Egyptian government targets a primary surplus of 3.5 percent in its GDP in the upcoming fiscal year (FY) 2024/2025, Minister of Finance Mohamed Maait
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Is Egypt finding its path towards economic recovery?
Egypt's new currency devaluation and interest rate hike will lure foreign investors but ordinary Egyptians are feeling the pain of soaring prices.