Finance News
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Egypt’s financial expansion to decrease to 4.5 percent in FY 2022-23
Throughout the fiscal year 2022-23, inflation is forecasted to exceed over the Central Bank of Egypt’s aimed at range from 5 to 9 percent.
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Egypt's new budget targets 5.5% economic growth in new FY2023/24
The Ministry of Finance’s departments were mobilised this week to prepare Egypt's new FY2023/24 budget aiming for a 5.5 percent growth rate.
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Developing countries can reduce impact of recession in 2023
UN Climate Change High Level Champion for Egypt Mahmoud Mohieldin said that developing countries can find ways to alleviate impacts of recession.
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Yearender 2022: What are the four major economic challenges Egypt will face in 2023?
The COVID-19 pandemic continues to create serious challenges for the Egyptian economy, which has been exacerbated by the Russian-Ukranian conflict.
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NBE denies issuing savings certificates with a return of 20%
The bank does not plan issuing higher savings certificates in the present time.
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Egypt to sell trains tickets to foreigners in Dollar, Euro
There are 1023 travelers, who paid the value of train tickets in foreign currency during the past days.
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CBE extends two initiatives in support of tourism sector
These initiatives by CBE were initially set to expire at the end of the year through March 2023.
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Sisi orders establishing family care fund
The President also directed that the drafting of the new personal status bill should be simplified and detailed.
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Senate approves Egypt’s Digital Fund bill
The Senate, under Abdel Wahab Abdel Razaq, Sunday approved Egypt’s Digital Fund bill that was submitted by the government.
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Finance Ministry begins preparing draft budget for FY2023/24
We are committed to meeting the needs of citizens, reducing inflationary effects on them, and achieving economic goals: Finance Minister.
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Egypt's general budget achieves primary surplus LE 10.2bln at 0.1% of GDP
The growth came thanks to an increase in budget revenues by 15.6% during the first quarter of the current fiscal year.
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CBE explains reasons for rising interest rates
Many central banks abroad have now signaled that inflation rates may have peaked and begun to decline.
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World Bank okays $500 mln in financing for Egypt’s Takaful and Karama social protection programme
The WB announced on Friday $500 million in financing dedicated to expanding and strengthening Egypt’s flagship Takaful and Karama social safety.
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Egypt's central bank increases key interest rates by 3%, maintains inflation target at 7% through 4Q of 2024
Analysts had expected that the MPC would raise the interest rates by a maximum of 2 percent (200 bps) to rein in inflation.
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Fintech Galaxy buys Egypt’s open banking platform Underlie
Underlie is an open banking platform, which offers application programming interfaces (APIs) to banks and businesses.
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Central Bank of Egypt sets new measures for fraudulent and abusive use of credit, debit cards overseas
The Central Bank of Egypt (CBE) has set new measures meant to ban the fraudulent and abusive use of credit and debit cards outside the country.
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AXA Egypt concludes fiscal 2021/2022 results with effective operational outcomes
This affirms AXA’s robust strategy during its 7 years in the Egyptian market, providing all insurance products to its customers.
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Real Estate Investment Fund 1 launched
Real Estate Investment Fund 1 signed a deal to purchase commercial real estate assets from Talaat Moustafa Group in Al-Rehab City and Madinaty.
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Egypt's central bank seen raising interest rates by 200 bps
The median forecast in a poll of 12 analysts is for the bank to raise its deposit rate to 15.25% and its lending rate to 16.25%.
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Calling for restructuring global finance system one of most important outcomes of COP27: Mohieldin
It resulted for the first time in efficient plans and initiatives to finance climate action, beside the effective participation of the private sector.