News
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Egypt foreign reserves drop 10 percent in a month
Egypt's central bank says foreign currency reserves dropped nearly 10 percent in January compared to the previous month, dipping to $13.6 billion.
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World Bank's IFC acquires 18% of Fawry shares
Eng. Ashraf Sabry, CEO of Fawry Company, said on Monday IFC will acquire such stake through subscribing to the entire capital increase.
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Suez canal rate hike risks diverting ships round Cape - industry
Tolls paid by ships using the strategic waterway are an important foreign currency earner for Egypt.
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Egypt’s Central Bank agrees to sell both BNP Paribas and NSGB
The Central Bank of Egypt (CBE) agreed to plans discussed last week to sell both BNP Paribas and National Société Générale Bank (NSGB).
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Finance Ministry: State revenues up, but so is inflation
The total annual inflation rate rose to 4.7 percent last December, from 4.1 percent in the month before.
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Egypt says to finish revised economy plan next week
Egypt was waiting for concluding the revision of the economic and social reform programme, in light of the developments witnessed in Egypt.
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Egypt's tourism suffers
Because the government may be cooking the books, it has been difficult to get an accurate idea of how much tourism has declined.
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Internet users in Egypt reach 31 million
Internet penetration reaches 35.6 per cent in Egypt, and Facebook is the most popular website.
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Egypt receives first batch of F-16s from U.S. as part of aid
Egypt receives four F-16 aircraft from the United States, the first of a group of 20 that will be delivered this year.
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Egypt central bank to announce forex auctions on Monday
The central bank did not say why it had cancelled Sunday's auction - one of three it had been holding each week for the last few weeks.
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Upheaval drains life from Egypt businesses
After two years of political upheaval, those who earn their livelihoods from tourism — once Egypt's third-largest industry — are struggling.
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In a difficult economy, tech startups offer hope
In an economic environment that is both short on capital and optimism, a small but hardy group of startup enterprises is finding its way.
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‘Socioeconomic time bomb’ ticking in troubled Egypt
As Egypt’s politicians agreed on a plan to start a “serious dialogue” to fix the country’s political chaos, its economic crisis is no less urgent.
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Egyptian, French Business leaders agree to strengthen economic ties
Both sides recognised the need to strengthen economic ties given the long history of cooperation between Cairo and Paris.
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Egypt's GASC buys 60,000 tons of American wheat for March
General Authority for Supply Commodities said it bought a total of 60,000 metric tons of American wheat for shipment March 1-10.
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Mursi launches 'Save in Egypt' campaign to support economy
Mursi stated that the country's economy is strong in spite of what superficially looks like a decline.
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Qatar National Bank receives regulatory approval to acquire SocGen Egypt
Under terms of the agreement, QNB will purchase around 77.2% stake in NSGB in a deal valued at nearly $1.97bn, as reported by the Bloomberg.
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Egypt's economy overburdened by ongoing violence
The ongoing clashes accumulate more burdens over the national economy and the revenues of tourism sector.
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US aid to Egypt must continue despite unrest, says John Kerry
Future secretary of state, John Kerry, says ending US aid to Egypt could provoke further 'chaos' in the strife-ridden country.
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Egypt violence is rooted in the economy, not just politics
Egypt’s recent days of violence have focused attention on its political crisis —but the underlying cause remains an economy on the brink of collapse.