News
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CBE explains reasons behind decline in inflation in June
Annual headline urban inflation decelerated for the first time after increasing for six months recording 13.2% in June.
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Egypt 7th in Arab world in Sustainable Development
Egypt ranked 7th out of 20 Arab countries, 4th out of 47 African countries, and 7th in MENA region in the Sustainable Development report 2022.
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Egypt-Germany trade exchange increases to $4.8bn in 2021
The agency indicated that the volume of Egyptian exports to Germany increased to $848.2m in 2021, compared to $646.1m in 2020 — an increase of 31.3%.
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Egypt's central bank issues LE 35.4B in T-bills, bonds
The T-bills were offered in two installments, with the first valued at LE 15 billion with a 182-day term, and the second worth LE 16 billion.
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Egypt, GCC trade in 2021 estimated at $16.1bn
The value of remittances from Egyptians working in the GCC countries increased to $20.9bn in FY2020/21.
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Biden, Al-Sisi discuss cooperation, global supplies of food, energy
Egyptian President Abdel-Fattah al-Sisi and US President Joe Biden discussed cooperation between the two countries.
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Bangladesh and Egypt to derive mutual trade benefits
BGMEA President Faruque Hassan said Bangladesh and Egypt have substantial scope to further engage in trade and investment and derive mutual benefits
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Fitch Solutions projects 13.2% inflation in 2022
Fitch Solutions upgraded its projections for Egypt’s real GDP growth slightly to 6.1 percent during 2022, up from the 6% projected a month ago.
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Egypt’s Nile Revenue committee follows up on water position
Abdel Aty stated that the ministry’s agencies are monitoring in real time the rates of rainfall in the sources of the Nile which are less than average
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Month-on-month inflation in Egypt records negative rate for 1st time in 2022
For the first time since December 2021, a negative inflation occurred recording -0.1 percent.
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IMF held productive discussions on Egypt’s new loan
A staff-level mission to Egypt through a team led by IMF mission chief for Egypt Celine Allard concluded, to discuss a new loan programme with Egypt.
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Egypt in talks with UAE over bi-fuel pickup cars manufacturing
Actual production will start in the second half of 2023.
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EGP 40 million of loose coins and new banknotes issued in July
Egypt’s Finance Minister Mohamed Maait said EGP 40 million of loose coins and new banknotes were issued in July, at a 10 million pounds rise for Eid.
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Egypt eyes investment in basic sectors in South Sudan
These are animal and fish production, food processing, mining, and pharmaceuticals.
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Egypt’s new budget allocates EGP356 bln for social support
Another EGP400 billion will go for improving conditions of public employees including wages and compensations.
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Damen to launch its mobile wallet app in partnership with BKN301
The agreement is part of BKN301’s international growth strategy, which aims to become the leading open-market and cross-border operator.
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Al-Sisi inaugurates several projects within the Digital Egypt Platform
The state is ready to bear the expenses of 100,000 IT students if they meet the requirements.
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World Bank earmarks US$500M for Egypt’s agriculture sector
The loans will see the establishment of the Emergency Food Security and Resilience Support Project.
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Cost of imported wheat and oil burdens state’s budget
The prices of imported wheat and oil have hiked, which poses a burden on the state’s finances and budget, Minister of Finance Mohamed Maait said.
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Banque Misr obtains license to operate in Somalia
Governor of the CBS Abdel Rahman Mohamed Abdullah said that Banque Misr will contribute significantly to strengthening the country’s financial system.