Finance News
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Egypt hikes interest rates by 600 basis points, pound crumbles to record low
Egypt’s pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency.
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Egyptian Banks Issue 30% Saving Certificates
The National Bank of Egypt (NBE) decided to offer a three-year certificate with a decreasing interest, at an annual price of 30% for the first year.
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CBE Eases Limits on Foreign Currency Credit Card Use
On Wednesday morning, the Central Bank of Egypt raised interest rates by 600 basis points, equivalent to 6%, to reach levels of 27.25%.
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Dollar soars to EGP 49.5 on first day of exchange rate liberalisation
The average price of the dollar in the banking market reached EGP 49.4743 for buying and EGP 49.5743 for selling, according to the CBE
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Net international reserves increase by $60M by end of February 2024: CBE
Madbouly stated that Egypt's external debt will decrease by $11 billion, transferred from an Emirati deposit in the central bank as an investment.
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New Egyptian company to raise expat funds gets $100m seed investment
The project is designed to bring in much-needed foreign currency into the North African country, which is going through its worst economic crisis.
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Egypt sees significant decline in US dollar exchange rate at the black market
The US dollar exchange rate in the black market witnessed a new decline by about LE20 on Saturday, falling to LE43.
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EBRD invests $95M in Egyptian banks, private sector during 2024
Egypt's broader efforts to increase the proportion of renewable energy in its total energy generation to approximately 42 percent by 2030.
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Egypt’s Beltone Leasing and Factoring Signs 1st USD29.8M Syndicated Factoring Deal for Redcon Properties
Beltone Leasing and Factoring achieved a milestone by securing Egypt’s first syndicated factoring deal valued at USD 29.8 million for Redcon.
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ADIB Egypt withdraws acquisition offer of Cairo National for Investment
The offer was originally submitted on 14 December 2023, according to a bourse filing.
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Egyptian Gov't keen to Overcome Challenges Facing Italian Companies, PM Says
The meeting reviewed the progress achieved within the framework of implementing cooperation proposals in the agricultural sector.
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Egypt secures first tranche of $15 billion from Ras El Hekma deal
Egypt received an additional $5 billion as the final part of the first tranche of the $35 billion Ras El-Hekma deal with the United Arab Emirates.
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Fitch expects inflation rates in Egypt to decline on annual basis
Adjusting the exchange rate would provide an incentive for the International Monetary Fund (IMF) to agree to an enhanced support program for Egypt.
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7 Key facts about microfinance empowerment in Egypt (Women in the lead)
Discover how microfinance is transforming Egypt's entrepreneurial landscape, with women leading the charge.
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Egyptian government offers incentives to expatriate investors
This is part of the Ministry’s role to enhance communication with Egyptian investors abroad and facilitate their entry into the Egyptian markets.
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COTU Ventures launches $54M fund for pre-seed and seed startups in MENA
With a final close achieved last year, COTU Ventures, which identifies and backs founders from the inception to post-product launch.
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EBRD Board of Directors visits Egypt
Representatives of the EBRD Board of Directors will visit Egypt from 25 February to 1 March 2024.
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Egypt’s MoneyHash secures $4.5m investment to boost payment plan for MENA merchants
Nader Abdelrazik, MoneyHash’s CEO, emphasizes the uniqueness of their position, with 10% of all MEA payments being digital.
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Details of the 40.5 percent high yield CDs from Emirates NBD – Egypt bank
The bank also announced the offering of an eight-year certificate with a variable return of 21 percent annually.
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Egypt-EIB cooperation portfolio values $3.6 billion in 18 development projects
The EIB provides financial and non-financial services in more than 160 countries around the world.