Finance News
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Egypt holds first public discussion on economic strategy for 2024-2030
The cabinet’s Information and Decision Support Centre (IDSC) launched the first national dialogue session on the eight-direction document.
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TPAY to enable Mobile Payments for PUBG MOBILE in Egypt!
This launch provides gamers in Egypt to easily purchase PUBG MOBILE UC (unknown cash) through the official PUBG shop ‘Midasbuy’.
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Additional banks join in on restricting FX transactions abroad, some suspend withdrawals
Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites.
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Egypt allows foreign companies to keep capital in foreign currency
Foreign companies can now retain their capital increase deposit in foreign currency, rather than having it converted to Egyptian pound by the bank.
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Egyptian fintech startup, Zeal, raises $4 million
Zeal, an Egyptian fintech startup, has raised $4 million in funding to expand its technology throughout Europe, the Middle East, and Africa
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Egypt to receive $250 mln boost for economic resilience from AFC, ITFC
Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (ITFC) are set to extend a $250 million Sharia-compliant loan.
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Egypt plans to issue bonds in local currencies of BRICS’ NDB members
Will include green, blue, social, and sustainable bonds to support Egypt’s Vision 2030.
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USD approaches new high of EGP 57 in Egypt's parallel market
The USD has approached a new high of EGP 57 in the parallel market in Egypt, while gold prices started the week with EGP 100 jumps in the gram price.
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Egypt's IPO programme attracted $3.5 billion so far: Finance minister
Egypt's Initial Public Offering (IPO) programme, which commenced in February 2023, has attracted $3.5 billion in investments so far.
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Infograph: Egypt's short-term external debt hits all-time-high in Q1 FY2023/2024
Short-term external debt includes government obligations that are scheduled to be paid off within a year or less.
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Egyptian government to introduce improved social protection package
The Egyptian government is preparing to introduce a social protection package that encompasses various improvements, including wage and pension.
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Egypt's Nasser Social Bank introduces new certificates with up to 20% yield
Egypt's Nasser Social Bank (NSB) has launched new certificates of deposit (CDs) that offer an annual yield of up to 20 percent.
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JP Morgan removes Egypt from GBI-EM Index due to FX convertibility concerns
As of December 29th, Egypt held a weight of 0.61% in the Global Diversified Index, as disclosed by JPMorgan.
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Urban inflation in Egypt declines for third consecutive month
Recorded 33.7 percent in December, down from 34.6 percent in November.
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The impact of reduced foreign currency credit card limits
Since 2022, Egyptian banks have been grappling with the challenge of preserving foreign currency resources amid a server shortage.
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National Bank of Egypt and Banque Misr CDs sales amount to LE 205B
Mohamed El Etreby, Chairman of Banque Misr, also reported proceeds reaching LE 70 billion since the launch.
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Government reduces its stakes in 61 companies for IPO programme
The Egyptian government decided to include 61 new companies in its IPO programme, from which exiting could be faster than others.
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Egypt Aims to Raise Interest on T-bills to 22% in 2024/25 Draft Budget
The Ministry of Finance expects an increase in the real growth rates of the economy to 4.7%, compared to estimates of 3% in the current fiscal year.
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Egypt's annual headline inflation slows to 33.7% in December
The figure was slightly higher than the median 33.4% forecast by 14 analysts.
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Egypt's dollar bonds rally after Yellen signals support
Last month, the IMF appeared to shift its emphasis from the exchange rate to inflation targeting.