Finance News
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Banking expert explains differences between clean and dirty float
A clean float of currency means leaving the currency price to be determined by supply and demand in the market without any intervention from the CBE.
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Egypt aspires for further cooperation with World Bank in managing state-owned companies: PM
The Egyptian government is keen to further its cooperation with the World Bank in managing state-owned companies and enhancing their efficiency.
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Central Bank of Egypt announces increase in foreign currency reserves by $30 mln
The Central Bank of Egypt (CBE) announced Monday an increase in the reserves of foreign currencies by about 30 million dollars.
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US dollar value drops in Egypt's informal market
The US dollar dropped against the Egyptian pound in the parallel market to about EGP 50, down from a peak of more than 70 EGP last week.
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EGP 70B in total premiums collected by insurance companies in 2023: FRA
This came during the participation of Chairman of Financial regulatory authority (FRA), Mohamed Farid at the 3rd Microinsurance Conference.
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IMF mission concludes Cairo visit, reports progress in talks with Egyptian authorities
The IMF had postponed reviews of Egypt's current program, agreed upon over a year ago, awaiting authorities to allow a more flexible exchange rate.
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Raising interest rates constitutes a burden on investment: Investor
Raising interests reduces the productivity of businessmen and investors, and limits their purchase of equipment and production inputs.
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Dollar Price Suffers Blow in Egypt's Parallel Market
The price of the dollar on the black market lost about 8 pounds, affected by the decision of the Central Bank of Egypt to raise the interest rates.
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Egypt's external bond portfolio reaches $33.96B by end of 2023
The Ministry of Finance has disclosed the volume of outstanding balances from Egypt's external bonds until the end of 2023.
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Egypt cabinet approves ending state enterprise tax privileges
The decision is fulfilling a key condition the International Monetary Fund set in a $3 billion agreement signed a year ago.
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Central Bank of Egypt says did not issue new regulations on local currency withdrawals
CBE stated it has not issued new directives regarding adjustments to the daily withdrawal limit in Egyptian pounds for individuals and corporations.
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Egypt's Central Bank Raises Interest Rates by 2% to Combat Inflation
This adjustment sets the rates at 21.25%, 22.25%, and 21.75% respectively, in a strategic move to curb inflation and stabilize the national economy.
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Egypt’s NBE introduces new debit card for US dollar accounts
NBE has launched a new debit card for customers with US dollar accounts, named Visa Platinum, to facilitate customers' overseas purchases.
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USD/EGP forward contracts reach all-time high at EGP 63
The 12-month non-deliverable forward contracts for the Egyptian pound against the US dollar surged to an all-time high of EGP 63.
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Mastercard & Emirates NBD to boost digital banking in Egypt
Mastercard has announced a strategic partnership with Emirates NBD-Egypt to elevate the digital banking experience for customers.
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Egypt ends state enterprise tax privileges: What does this mean?
Egypt's decision to end tax and fee exemptions for state enterprises reflects a commitment to economic reform and leveling private and public sectors.
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CBE caps local currency cash withdrawal at EGP 150,000 per day
CBE reduced the daily cash withdrawal limits in Egyptian pounds for corporations and individuals to EGP 150,000, according to a message sent to banks.
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Egypt cabinet approves 15% reduction in budget's investment plan
The cabinet also said new projects would not be started this fiscal year, but projects that are 70 per cent or more complete will be prioritised.
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US dollar reaches EGP 72 in Egypt's parallel market
The US dollar rate in Egypt’s currency parallel market has soared to a new peak, hitting EGP 72 per USD, multiple sources in the local market reported
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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.