News
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Foreigners in Egypt spend $1.8 bln via MasterCard in 2015/16
From June 2015 to June 2016, Egyptian expenditures through MasterCard outside Egypt reached $2.5 billion
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IMF approves $12 billion loan to salvage Egypt's economy
The IMF made the announcement on Friday and said the loan aims to help Egypt "restore macroeconomic stability and promote inclusive growth".
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Egypt nets $2B in financing as IMF deal nears
Bonds were chosen over other financing options due to “elevated” interest rates in parts of the market.
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Egypt turns to international spot market in the absence of Aramco oil deliveries
Egypt was meeting producers and traders, and whoever could provide reliable terms would be able to strike a deal with his country.
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EFG Hermes takes over management of HSBC Egypt money market fund
The mandate brings the division’s Egypt-focused assets under management (AUM) to EGP 10.5 billion.
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IMF chief hails Egypt austerity, urges approval of $12B loan
She said she would recommend that the IMF Executive Board approve Egypt's request for $12 billion in loans when it meets this Friday.
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Vodafone negotiates with TE to exchange services
National roaming is an agreement among operators to use each other’s networks to provide services in geographic areas where they have no coverage.
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Egypt's foreign reserves fall to $19 bln in October
Central bank governor Tarek Amer has repeatedly said the bank aims to increase the country's foreign reserves to $25 billion by end of this year.
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Egypt expected to bounce back in tourism in 2017
Tourism recovery strategy for Egypt underway with advertising and trade campaigns planned for the year ahead to attract investors.
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IMF to meet Friday to decide on Egypt's $12 bln loan
Last Thursday, Egypt floated its currency and increased the prices of subsidised fuel.
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Banks offering dollars lure Egyptians from the dark side
Egyptian lenders need billions of dollars to meet demand from businesses starved for dollars.
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Egypt finance ministry raises interest rates of Suez Canal certificates to 15.5 pct
The increase will be for the remaining 3 years of the 5-year certificates, which were sold in September 2014 in EGP only.
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Nirvana Travel exclusive agent for Fly Egypt in UAE
Abu Dhabi-based Nirvana Travel and Tourism has been named the exclusive distributor for Fly Egypt airline in the UAE.
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Egypt stocks enjoy biggest rally in Mideast after currency flotation
The EGX 30 Index surged 6.1 percent, extending the longest winning streak since March.
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Egypt's trade deficit down 3.1 percent year-on-year in August
On a monthly basis, the trade deficit has increased from EGP 30.9 billion in July.
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Egypt to face pain before gain after massive currency devaluation
Inflows of hard currency may be slow to arrive, at least in the huge volumes required to eliminate the dollar shortage and bring investors.
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Egypt says Saudis have cut off fuel shipments indefinitely
Egypt says Saudi Arabia has halted fuel shipments indefinitely, in a sign of lingering tensions following a dispute over the conflict in Syria.
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Egypt to approach IMF in days as free currency trade debuts
The push to finalize the loan comes as Egyptian banks on Sunday began freely trading foreign exchange on the interbank market for the first time.
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Egypt defends IMF loan amid worries
The International Monetary Fund welcomed the flexible exchange rate and said the new system means people will be prepared to sell and buy dollars.
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Egypt did not have luxury of postponing reforms
The reforms are part of a process to acquire an IMF loan.