Finance News
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IMF lowers growth expectations for Egypt economy for the 3rd time
The IMF also reduced growth expectations for the year 2025 to 4.7 percent, compared to five percent previously.
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Infographic: Egypt Real GDP Projections for 2024
As Egypt is facing a tough economic situation, various global economic institutions have given different projections for Egypt's real GDP growth 2024.
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Central Bank of Egypt to convene amidst ongoing pound decline
The gap between rates is widening, the rate reaching approximately EGP30.85 in banks and up to EGP68 in the parallel market
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Standard Chartered Bank launches operations officially in Egypt
The UK-based multinational Standard Chartered Bank has officially commenced its banking operations in Egypt.
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Banque Misr introduces new USD debit card allowing purchases up to $20,000
Egypt's state-owned Banque Misr (BM) has issued a new debit card exclusively for US dollar accounts, named Visa Platinum, enabling account holders.
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UNIDO And Abu Dhabi Commercial Bank Egypt Unite For Sustainable Finance
The initiative aims to support small and medium enterprises (SMEs) in sectors transitioning towards a green economy.
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Egypt considers issuing UAE dirham-denominated bonds
Egypt is poised to issue bonds denominated in the UAE dirham, aiming to tap into Gulf markets for the first time.
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S&P predicts LE to adjust closer to black market rates
As of 11 am on January 29, Egypt Today confirmed that the Egyptian pound was trading at 69-73 against the USD in the black market.
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Egypt eyes 65% private sector contribution to state investments
Madbouly noted that the country is keen on encouraging the private sector to promote its participation in different development and services projects.
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Visa launches second phase of Africa Fintech Accelerator programme
The first round, launched in June 2023, featured startups from over 18 African countries, including 3 from Morocco, 1 from Egypt, and 1 from Tunisia.
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EGP-denominated bonds to be listed on Hong Kong Exchange
One of the key outcomes of the agreement is the mutual intention to eliminate dual taxation between Egypt and Hong Kong later this year.
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Central Bank of Egypt to issue EGP 130 bln T-bills this week
The Central Bank of Egypt (CBE) is set to issue EGP 130 billion treasury bills (T-bills) on Tuesday with four different maturities between April 2024
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Sisi announces removal of public benefit status from 13 state-owned buildings
Egypt's President Abdel-Fattah El-Sisi issued a decree on Wednesday revoking the public benefit status previously accorded to 13 state-owned buildings
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Egypt eager to provide for its foreign residents: MP
Egypt has the right to know the number of foreigners residing on its territory and be aware of their activities.
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USD/EGP forward rate hits new all-time high at EGP 54.26
The Egyptian pound’s forward exchange rate against the US dollar for one-year contracts reached a new peak at EGP 54.26 on Tuesday.
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Egypt’s Paymob, Mastercard partner to boost e-payments in MENA
Egypt-based financial services company Paymob has partnered with global e-payment giant Mastercard to expedite the acceptance of digital payment.
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Egypt simplifies taxes for small businesses below EGP 10 mln turnover
The Egyptian government has introduced simplified tax regulations for establishments with an annual turnover not exceeding EGP 10 million.
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Egypt needs $3 bln monthly for basic commodities, fuel, electricity
President El-Sisi said Egypt faces a recurring dollar shortage crisis every few years as gov provides services in LE while buying them in USD.
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Egypt’s tax revenue jumped around 39 percent YoY in July-November 2023
Egypt’s tax revenue jumped 38.7 percent year-on-year (YoY) to record EGP 516.1 billion between July and November 2023.
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Egypt bourse gains LE18 billion
The market capital gained about LE 18 billion to register LE 1.979 trillion at closing, amid transactions that totaled LE 16.6 billion.