Finance News
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500 Global in Egypt announces scale up program’s first batch and showcase event
Program for Pre-Series A and Series A Startups Begins with 3-Day Founder Retreat.
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US Dollar Price Stabilizes on Monday in Egypt
The price of the US dollar remained stable against the Egyptian pound on Monday according to the Central Bank of Egypt and other banks. Click to read more about the currency rates.
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IMF/WBG annual meetings kick off in Marrakech with Egyptian participation
The annual meetings (autumn meetings) of the International Monetary Fund (IMF) and the World Bank Group (WBG) kicked off on Tuesday in Marrakech.
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EGP to lose 18.6 percent of its value by end of 2023: Fitch Solutions
Fitch Solutions expected that the Egyptian pound will be devaluated by 18.6 percent to reach around EGP38 against the US dollar by the end of year.
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PM: Gov't Considers Providing Incentives to Attract Investments from Egyptians Abroad
Madbouly added that these initiatives will be promoted in a way that ensures the expansion of the base of their beneficiaries.
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Egypt's central bank issues LE 46.75B in T-bills, bonds
The Central Bank of Egypt (CBE) issues LE 46.75 billion in treasury bills and bonds in two installments.
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Egypt Surpasses Deficit with Surplus of $882M in FY2022/2023
Egypt reverses its FY2021/2022 fiscal deficit, benefiting from a thriving tourism sector and Suez Canal revenues, achieving a surplus of $882M in FY2022/2023, says the Central Bank of Egypt.
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Egypt, Turkey probing trade in local currencies: Official
The Central Bank of Egypt (CBE) is probing whether to allow trade with Turkey in local currencies, said Yahya El-Wathiq Billah.
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Moody's change of Egypt's future outlook to stable reflects gov’t efforts: Maait
Maait stressed that, despite Moody's decision, the Egyptian economy exhibited “robust” financial performance during FY2022/23.
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Washington suspends military aid worth US$235 million to Cairo
US Senate Foreign Relations Committee Chairman, Ben Cardin, announces the suspension of US$235 million military aid to Egypt.
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IMF chief says Egypt review may happen before the end of 2023
The International Monetary Fund is “closely” engaging with the Egyptian authorities to achieve the much-delayed review of Egypt’s progress.
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At least two Egyptian banks suspend debit card use in foreign currency
Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday.
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Beltone’s Cash for Microfinance plans further expansion in Egypt
The Company offers a comprehensive and growing set of financial solutions such as brokerage, investment banking, and asset management.
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International investors hedge against Egypt’s debt amid rising risks
International investors are hedging against a high risk of default on Egypt’s debt in the coming period.
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Turkish companies keen to invest in Egypt: Turkish ambassador
Turkish Ambassador to Egypt Salih Mutlu Sen said Turkish companies are keen to invest in Egypt and the government supports economic cooperation.
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Egypt's government to launch initiative for reducing prices of essential commodities next week
The Egyptian government, in collaboration with the Central Bank of Egypt (CBE), is set to announce next week an initiative for reducing the prices.
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Egypt's non-oil activity contracts in September as backlogs rise -PMI
Egypt's non-oil private sector shrinks for the 34th consecutive month as ports slowdown and weak consumer demand lead to pile-up of backlogs.
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Egypt required to pay $29 bln in external debt in 2024: CBE
Egypt is required to pay $29.23 billion in external debt service in 2024, with $14.59 billion due in the first half (H1) of the year and $14.63 bln.
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Egypt’s Sovereign Fund reportedly preparing MIDAR for 2024 IPO
MIDAR, added to TSFE’s Pre-IPO fund earlier this year, is reportedly being prepared for a potential IPO in 2024. Further details undisclosed.
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AAIB launches savings certificate with highest investment return among banks
The Arab African International Bank (AAIB) has introduced a new savings certificate providing the banking market's highest investment return, as announced in an official statement.