Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), stated on Wednesday in a press conference that the state has recently raised interest rates by 6 percent to contain inflation and support citizens.
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Egypt signed an agreement with the International Monetary Fund (IMF) to extend the current $3 billion loan deal to $8 billion.
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The US Federal Reserve's progress in bringing down inflation is "not assured," the chairman said Wednesday on the first of two days of hearings in Congress.
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The Central Bank of Egypt (CBE) decided on Tuesday to float the Egyptian pound (EGP) and raise interest rates by six percent, in a bold move to meet economic challenges.
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The National Bank of Egypt (NBE) and Banque Misr (BM), Egypt’s largest state-owned banks, announced on Wednesday the launch of three-year certificates of deposits (CDs) with initial annual interest rates of up to 30 percent, which decrease gradually.
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The Egyptian pound experienced a significant drop on Wednesday, declining by 62 percent to approximately EGP 50.1 against the US dollar and EGP 54.5 against the euro.
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The Egyptian Exchange (EGX) indexes hit a record high during Wednesday's trading, pushed by large purchases after a Central Bank of Egypt (CBE) decision to increase interest rates.
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The Central Bank of Egypt (CBE) decided on Wednesday morning to allow market forces to determine the value of the Egyptian pound (EGP), while simultaneously raising interest rates by 6 percent.
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Egypt and the International Monetary Fund (IMF) are expected to finalize a multi-billion dollar loan agreement within the next few hours, said a senior source close to talks.
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The Central Bank of Egypt (CBE) has instructed local banks to lift the spending limit on foreign currency credit cards. The decision is part of a broader economic reform programme implemented by the CBE and the government, with the backing of international partners.
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Benchmark US crude oil for April delivery fell 59 cents to $78.15 per barrel Tuesday. Brent crude for May delivery fell 76 cents to $82.04 per barrel.
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A technical issue caused widespread login issues for a few hours across Meta's Facebook, Instagram, Threads and Messenger platforms Tuesday.
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The Egyptian government has taken steps to offer the management and operation of the country's airports to the private sector, according to a statement by the Cabinet on Monday.
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The price of gold on Tuesday struck an all-time pinnacle, boosted by its haven status ahead of expected cuts to US interest rates amid growing economic gloom.
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The company's financial performance for 2023 reflected strong results, with sales reaching 2.24 billion Egyptian pounds, a 23% increase over the previous year. Operating profits amounted to 74 million pounds, marking a 157% increase over the previous year. These figures were disclosed through the financial statements announced for the fiscal year 2023 for GlaxoSmithKline Egypt.
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Benchmark US crude oil for April delivery fell $1.23 to $78.74 per barrel Monday. Brent crude for May delivery fell 75 cents to $82.80 per barrel.
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The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's laws by preventing European users from accessing information about alternative, cheaper music streaming services.
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Asian stocks were mostly higher Monday ahead of China’s top annual political gathering, while Japan’s benchmark surpassed the 40,000 level for the first time.
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Several OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.
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Saudi Arabia announced on Sunday it would extend oil supply cuts through June as part of a bid to prop up prices.
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