News
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Egypt's public banks to issue Euro certificates for citizens abroad
Egypt's foreign currency reserves have declined by more than half since 2011, reaching $16.534 billion in February.
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Exchange firm officials prepare for expanded meeting with CBE
El-Abyad denies any agreement between CBE and exchange firms on a specific price for dollar.
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Egypt's Amer Says Dollar Crunch Temporary, Denies IMF Approach
Amer spoke after the central bank this week eased restrictions on foreign currency deposits and withdrawals in banks.
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Egypt lowers gas prices to steel manufacturers by 36pct
The decision is estimated to save the country $1.1 billion in foreign currency currently spent on importing billet and raise production and exports.
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India-Egypt boost trade to $8 million
The programme aims at facilitating the movement of agricultural exports between India and Egypt .
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C.bank Holds 2nd Meeting With Exchange Bureaus
The central bank has been resisting a devaluation, keeping the pound artificially strong at 7.7301 against the dollar unlike in the black market.
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Suez Cement Working to Limit Impact of Egypt's Dollar Shortage
Italcimenti said this week that it was unable to repatriate 50 million euros from Egypt, and that it faced difficulties paying foreign suppliers.
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National Bank of Egypt raises rates on dollar deposit certificates
The interest on three year certificates is now 4.25 percent, five years 5.25 and 7 years is now 5.75 percent.
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Turkey’s discount grocery chain plans new stores in Egypt, Morocco
BIM already had 279 stores in Morocco and 140 in Egypt by the end of 2015. It plans to add 100 new stores in Egypt.
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Egypt introduces new rules for exports by foreign factories
Registration with the GOEIC is now mandatory. This follows the issuance of a Ministerial Decree requiring all foreign factories to do so.
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Morocco's Attijariwafa Bank plans bid for Barclays' Egypt business
Attijariwafa, which already has a presence in 24 countries, including 14 in Africa, is interested in bidding for the Egypt business.
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Egypt denies seeking IMF loan
The Central Bank has already taken several measures over the past few months to fight dollar shortage.
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Egypt to work with FAO on wheat ergot legislation
The FAO will be meeting with various parties in Egypt to study the danger of ergot and to develop policy recommendations to write legislation.
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Egypt's EGAS makes first LNG payments for year
Egypt became a major market for LNG shippers after the launch of two floating import terminals last year.
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Sluggish recovery expected in regional market
Kitchen noted that there is a liquidity death in the region's markets, leading to fluctuations in the stock markets.
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Orange Egypt CEO warns of awarding fourth mobile licence
Gauthier is concerned about the prospect of a mobile operator license being awarded to Telecom Egypt.
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CBE removes caps on foreign currency deposits
The CBE noted that the measures are meant to facilitate individuals’ transactions with banks operating in Egypt.
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Egypt taxi drivers block major Cairo road protesting Uber
Taxi drivers complained that Uber drivers have an unfair advantage because they don't pay the same taxes or follow same licensing procedures.
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UAE, Egypt equities seen returning best returns
The boom and bust cycle of oil will decrease as “countries that have depended on oil and not been competitive go through structural reforms.”
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Chinese firm to start drilling at administrative capital site in April
The government signed contracts with CSCEC for 12 buildings, including ministry headquarters, the cabinet and parliament headquarters.