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Business
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Economy
1/21/2024 10:37:24 AM
Cabinet Spokesperson Mohamed El-Homsany said that claims about a possible devaluation of the Egyptian pound against the dollar, coinciding with the visit of the International Monetary Fund (IMF) delegation to Egypt, are mere speculation.
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Business
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Economy
1/2/2024 4:06:53 PM
Egypt has set a target of attracting $12 billion in foreign direct investments (FDIs) during the fiscal year (FY) 2023/2024, which ends in June, Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), said on Tuesday.
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Business
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Economy
12/16/2023 7:54:53 PM
British bank HSBC projected the Egyptian pound to experience devaluation, reaching EGP 40-45 against the US dollar, during the first quarter of 2024, according to a report by the bank on Friday.
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Business
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Economy
11/8/2023 4:00:00 PM
Egypt’s major tobacco producer Eastern Company raised the prices of its products to absorb part of the rising costs of production inputs after the devaluation of the Egyptian pound, the company’s Chairman Hany Aman told Ahram Online on Wednesday.
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Business
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Markets & Companies
10/26/2023 10:32:55 PM
The Egyptian Exchange (EGX) indices achieved unprecedented jumps during the week that ended on 26 October as devaluation rumours attracted more investors to the stock market.
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Business
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Economy
10/25/2023 4:20:19 PM
The Israeli war on Gaza has driven the Egyptian pound down to a record low on the parallel market, where it is now trading for EGP 46 against the US dollar, said Ramona Moubarak, head of MENA Country Risk at Fitch Solutions.
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Business
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Economy
10/12/2023 8:46:58 PM
Egypt does not have to conduct any devaluation of its currency until the end of 2024, according to a report by the UK-based multinational Standard Chartered Bank.
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Al-Ahram Weekly
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Egypt
10/10/2023 11:32:34 PM
The government is dealing with the repercussions of a decision to postpone any further devaluation of the pound, reports Sherine Abdel-Razek
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Business
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Economy
10/10/2023 4:03:45 PM
The Central Bank of Egypt (CBE) is expected to reach an agreement with the International Monetary Fund (IMF) in early 2024 to peg the pound to a basket of international currencies and gold, according to Fakhry El-Fiqi, head of the Planning and Budget Committee in the House of Representatives.
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Al-Ahram Weekly
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Economy
9/2/2023 9:43:00 AM
The hike that the Central Bank of Egypt (CBE) applied to Egypt’s key interest rates last week could be a sign of further hikes up until the end of 2023 since three further meetings of the CBE’s Monetary Policy Committee (MPC), responsible for deciding on interest rates, have yet to be held.
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Al-Ahram Weekly
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Opinion
8/1/2023 8:10:33 PM
The current economic challenges present an opportunity for Egypt to reevaluate its policies, writes Gamal Wagdy
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Business
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Economy
7/30/2023 6:44:33 PM
Egyptian companies operating in the consumer sector are expected to achieve higher profits during the fourth quarter of 2023, according to a report by HSBC Global Research published on Friday.
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Business
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Economy
7/25/2023 6:56:27 PM
The International Monetary Fund (IMF) has raised its projections for Egypt’s inflation in 2023 and 2024 to 24.4 percent and 32 percent, respectively, up from 21.6 percent in 2023 and 18 percent in 2024 as projected in April, according to Deputy Director of the Research Department Petya Koeva Brooks.
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Al-Ahram Weekly
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Opinion
7/1/2023 5:51:00 PM
No further devaluation of the Egyptian pound is in the works. President Abdel- Fattah Al-Sisi told a youth conference last week that while Egypt is flexible on the exchange rate regime, the government can’t stand still when it affects and lives the livelihoods of Egyptians.
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Business
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Economy
6/21/2023 10:00:00 PM
With no further devaluation of the pound in sight, the Central Bank of Egypt might opt to leave interest rates unchanged at its next meeting on Thursday.
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Al-Ahram Weekly
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Egypt
6/21/2023 6:07:00 PM
President Abdel-Fattah Al-Sisi appears to rule out any further devaluation of the pound.
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Al-Ahram Weekly
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Opinion
6/17/2023 9:35:00 AM
Further devaluation of the pound would not enhance exports or reduce imports and would fall short of resolving the balance-of-payments gap.
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Al-Ahram Weekly
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Egypt
6/6/2023 9:30:53 PM
Amid speculation on a looming devaluation the government is taking measures to preserve hard currency and attract more investment, writes Niveen Wahish
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Business
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Economy
5/14/2023 2:59:05 PM
Fitch Solutions said that the fourth Egyptian pound devaluation will occur in the context of progress on the divestment strategy Egypt is enacting. Egypt is currently working on reducing the government footprint in the economic activity for the private sector; chiefly through its initial public offering (IPO) and privatization programmes.
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Al-Ahram Weekly
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Opinion
5/9/2023 7:25:08 PM
A further devaluation of the Egyptian pound is not in itself the panacea for Egypt’s economic woes
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