Finance News
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Total financial position of banks in Egyptian market increases to EGP 12.780trn in February 2023
The Central Bank of Egypt (CBE) has revealed that the total financial position of banks operating in the local market, other than the CBE.
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Egypt's annual headline inflation rate speeds up to 32.7% in May
The median forecast of 13 analysts polled had suggested consumer inflation would climb to 31.4% in May.
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Egypt's parliament to start discussing FY 2023/24 ‘flexible’ budget and development plan on Sunday
Egypt's parliament – the House of Representatives – will start discussing on Sunday the country's budget and socio-economic development plan.
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Egypt state is looking to divest in 250 companies
The move is part of the privatization program which is one of the requirements of the IMF under the loan agreement.
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German ambassador to Cairo calls for more privatisation of public companies
Hartmann elaborated that the total amount that Germany provided to Egypt this year amounted to €500m.
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IMF deputy MD arrives in Cairo to discuss economic situation, reform efforts
Antoinette M. Sayeh, deputy managing director of the International Monetary Fund (IMF), is visiting Cairo, IMF senior resident representative in Egypt
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7th annual Capital Markets Summit to be launched on 20 June
The summit will discuss executive procedures to activate the state ownership document for partnership with the private sector.
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International reserves jump to $34.66 billion in May 2023, CBE
Egypt’s net foreign assets (NFAs) deficit jumped to LE 755.68 billion in March 2023, according to a previous report.
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Analysis: Egypt faces external debt reckoning after borrowing spree
Egypt faces an increasingly tough task raising cash for foreign debt repayments after external borrowing quadrupled over the past eight years.
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FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
The Federation’s Board of Directors has 13 members representing all activities operating in the stock market.
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Madbouly witnesses inking MoU to develop small, medium enterprises in East Port Said
The memo aims at providing suitable and sustainable job opportunities via the development and boosting of the sector of SMEs.
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Egypt will not take out new loans except for compelling developmental needs
Egypt will not take out new loans unless they are on soft terms and only for compelling developmental needs, Minister of Planning said.
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Amr Adib addresses speculations on new US dollar saving certificate
During his show “al-Hekaya” (The Story), on MBC Masr on Saturday, Adib said that there must be US dollar vessels to attract Egyptians abroad.
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S&P raises Egypt’s PMI score to 47.8 in May, its highest since Feb 2022
Egypt’s PMI (Purchasing Manager’s Index) witnessed a slight climb in May to reach 47.8 from April’s 47.3.
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Easing inflation slows down decline in Egypt's non-oil economy in May: S&P
The decline in Egypt's non-oil private sector slowed down in May, as demand stabilized and inflation eased, S&P Global Egypt PMI.
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When is Egypt expected to devaluate its currency again?
Currently, the official dollar exchange rate is at around 30 Egyptian pounds, while on the black market, it trades for as high as 38-40 EGP.
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Why are Egyptian expats hesitant to send money back home?
Remittances by Egyptians working abroad plunged by 23 percent during the first half (H1) of the fiscal year 2022/2023, declining to $12 billion.
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CBE pays $7.154 bln in debts for Egypt
The CBE’s statistical bulletin showed that the debt burden service was divided into paid installments of $5.843 billion, and paid interest of $1.311bn
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CBE: Egypt Paid $11.9 Billion in Foreign Debt within 6 Months
CBE paid about $7.154 billion by the end of Q2 2022/23, representing installments and interests for outstanding debts.
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Sovereign Fund of Egypt seeks stronger co-op with private sector in development efforts
Increasing the private sector’s participation is a state priority, the Sovereign Fund of Egypt (TSFE) head was reported by local media as saying.