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Egypt
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Politics
5/6/2025 3:01:38 PM
President Abdel-Fattah El-Sisi stressed the importance of increasing Egypt’s foreign currency reserves and reducing external debt during a meeting on Tuesday with Prime Minister Mostafa Madbouly, Governor of the Central Bank of Egypt (CBE) Hassan Abdallah, and Finance Minister Ahmed Kouchouk, a presidential statement said.
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Business
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Economy
4/12/2025 12:35:50 PM
Fitch Ratings has affirmed Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a stable outlook. This decision reflects a nuanced assessment of Egypt's economic landscape, balancing its strengths against a set of challenges.
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Business
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Economy
3/6/2025 6:34:01 PM
For the first time in years, foreign currency inflows into Egypt have matched expenditures, signalling economic stability, Prime Minister Mostafa Madbouly announced on Wednesday.
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Business
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Economy
11/2/2024 1:13:10 PM
Fitch Ratings announced on Friday that it has upgraded Egypt's long-term foreign-currency Issuer Default Rating (IDR) from B- to B, with a stable outlook.
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Al-Ahram Weekly
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Opinion
10/22/2024 11:23:51 PM
While Egypt’s international reserves are on the rise, there is still a need for more stable sources of foreign currency, writes Gamal Wagdy
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Business
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Economy
9/10/2024 2:58:08 PM
The National Bank of Egypt (NBE) and Banque Misr announced Monday that they raised foreign currency spending limits on credit cards for transactions outside Egypt to $5,000 (EGP 300,000).
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Business
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Economy
8/22/2024 2:58:59 PM
The Central Bank of Egypt (CBE) denied in a statement the circulating news about setting new limits on the daily and monthly foreign exchange (FX) withdrawals starting in September.
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Business
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Economy
8/19/2024 8:55:19 PM
President Abdel-Fattah El-Sisi issued a decree to renew the tenure of Hassan Abdallah as the Central Bank of Egypt's (CBE) acting governor for a third term, according to the Official Gazette.
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Business
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Economy
5/10/2024 7:01:58 PM
Exchange bureaus affiliated with Egypt's three largest state-owned banks have collected foreign currency proceeds surpassing EGP 25.550 billion since the devaluation of the Egyptian pound on 6 March, reported Egyptian news agency MENA on Friday.
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Business
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Economy
5/4/2024 6:47:00 PM
Fitch Ratings upgraded its outlook for Egypt's Long-Term Foreign-Currency Issuer (LFTC) to positive from stable while affirming its issuer default rating at B-, the credit rating agency announced in its report on Egypt on Friday.
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Business
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Economy
4/23/2024 7:42:34 PM
Prime Minister Mostafa Madbouly affirmed on Tuesday that the banking system stands fully ready to secure the foreign currency necessary to increase the strategic reserves of essential commodities.
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Business
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Economy
4/1/2024 5:17:23 PM
Egyptian markets are preparing for a considerable decrease in prices of poultry and eggs starting Tuesday, as the government aims to slash prices of food commodities by 30 percent in the coming weeks in collaboration with the private sector.
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Business
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Economy
3/29/2024 6:09:44 PM
The exchange companies affiliated with Egypt's three largest state-owned banks have collected foreign currency proceeds surpassing EGP 7.5 billion in total since the devaluation of the Egyptian pound on 6 March, the companies' chiefs told the state news agency MENA.
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Al-Ahram Weekly
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Egypt
3/28/2024 11:24:00 PM
Moves to increase the ceiling on foreign currency transactions on Egyptian credit cards have been hailed by individuals and startups.
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Egypt
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Courts & Law
3/7/2024 8:02:25 PM
The Administrative Control Authority (ACA) has busted a gang of employees of the civil aviation sector for their involvement in illicit foreign currency trading, embezzlement, profiteering and abuse of public funds.
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Business
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Economy
3/6/2024 1:02:19 PM
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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Al-Ahram Weekly
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Egypt
2/12/2024 10:34:00 AM
The Ministry of Education and Technical Education has warned international schools from accrediting certificates and collecting fees in foreign currency, reports Reem Leila
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Egypt
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Urban & Transport
2/8/2024 8:45:29 PM
Prime Minister Mostafa Madbouly announced on Thursday the formation of a legal and technical committee within the cabinet to evaluate investment proposals for projects expected to generate substantial foreign currency revenues ahead of proceeding with a much-anticipated Ras El-Hikma $22 billion tourism development project in the North Coast.
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Al-Ahram Weekly
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Egypt
2/6/2024 8:53:42 PM
Hopes are high for an end to Egypt’s foreign currency crunch, write Niveen Wahish and Sherine Abdel-Razek
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Business
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Economy
2/5/2024 6:58:33 PM
The Central Bank of Egypt (CBE) announced Monday an increase in the reserves of foreign currencies by about 30 million dollars.
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