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"EGP"

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Business - 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.

Business - Markets & Companies
4/30/2024 12:32:44 PM
Beltone Investment Holding (BIH), a subsidiary of the financial solutions provider in the Middle East and North Africa Beltone Holding, announced on Tuesday launching a $100 million (EGP 5 billion) private credit platform to address the unique financial needs of Egyptian export champions.

Business - Economy
4/24/2024 4:16:31 PM
The US dollar exchange rate declined against the Egyptian pound at major banks on Wednesday, reaching EGP 47.8 down from EGP 48 recorded on Sunday.

Business - Economy
4/23/2024 7:05:48 PM
Egypt’s total budget deficit for the upcoming FY2024/2025 will widen to EGP 1.2 trillion, equivalent to 7.2 percent of the country’s GDP, up from an estimated EGP 555 billion (or four percent of the GDP) in the current FY2023/2024, the Ministry of Finance said in its budget financial statement on Tuesday.

Business - Economy
4/17/2024 6:45:00 PM
Egypt’s external debt is projected to rise during the current FY2023/2024 due to the depreciation in the exchange rate, Era Dabla-Norris, the Deputy Director of the Fiscal Affairs Department at the International Monetary Fund (IMF), told Ahram Online.

Egypt - Courts & Law
4/15/2024 8:08:00 PM
A Cairo criminal court sentenced on Monday an Uber driver accused of attempting to kidnap Habiba El-Shamaa - who died after sustaining serious injuries in the incident - to 15 years in prison and fined him EGP 50,000.

Business - Economy
4/15/2024 2:36:33 PM
The Central Bank of Egypt (CBE) has raised the daily cash withdrawal limit in Egyptian pounds for corporations and individuals from banks to EGP 250,000, up from EGP 150,000.

Business - Energy
4/15/2024 2:13:12 PM
Egypt plans to build EGP 550 million solar power cells with 10-megawatt capacity at Assiut Oil Refining Company, the Ministry of Petroleum and Mineral Resources stated on Monday.

Business - Markets & Companies
4/9/2024 6:22:51 PM
Automotive experts say the US dollar’s recent depreciation in the parallel market has profoundly affected the car industry in Egypt, significantly reducing prices by approximately 20 percent.

Business - Economy
4/9/2024 12:44:00 PM
The budget initial surplus has jumped over 8.5 folds during the first nine months of the current fiscal year (FY) 2023/2024 to EGP 416 billion (three percent of GDP), compared to EGP 50 billion (0.5 percent of GDP) in the same period of FY2022/2023, Minister of Finance Mohamed Maait announced on Monday.

Egypt - Society
4/7/2024 2:28:33 PM
The National Council of Wages raised the minimum wage for private sector workers to EGP 6,000 starting in May, the council announced on Sunday.

Business - Economy
4/2/2024 4:50:35 PM
Experts say that Egyptian exports now have an opportunity to grow and compete globally due to the depreciation of the pound against the dollar.

Business - 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.

Business - Economy
3/27/2024 6:10:25 PM
Egypt’s cabinet has approved in its meeting on Wednesday the draft budget for the upcoming FY 2024/2025 to send to the House of Representatives by the end of March, the cabinet said in a statement.

Business - Economy
3/26/2024 6:57:56 PM
Hossam Heiba, executive director of the General Authority for Investment and Free Zones (GAFI), granted on Tuesday golden licenses to six companies implementing projects worth EGP 5.6 billion (just over $117 million), bringing the total number of projects receiving golden licenses to 29.

Business - Economy
3/24/2024 3:26:16 PM
Commercial International Bank (CIB) has raised the yields on its new EGP-denominated fixed-rate certificates of deposits (CDs) by two percent, for the second time in two months, up to 24 percent on some of the three-month certificates, according to the bank’s website.

Business - Economy
3/19/2024 5:30:59 PM
Minister of Finance Mohamed Maait said the state is placing a stringent ceiling of EGP 1 trillion on public investments in the upcoming fiscal year 2024/25, while also capping public debt.

Business - Economy
3/18/2024 5:21:23 PM
The US dollar rate has continued to decline against the Egyptian pound since the Central Bank of Egypt (CBE) announced on 6 March that it would let the value of the local currency be set by market forces.

Egypt - Health
3/14/2024 11:06:18 PM
The United Nations Children’s Fund (UNICEF) announced on Thursday that it signed a one-million-dollar (EGP 48 million) agreement with the Egyptian Red Crescent Society to support Palestinian children from Gaza in Egypt.

Egypt - Society
3/14/2024 1:38:27 PM
Egypt’s cabinet has increased the local wheat procurement price by 25 percent from EGP 1,600 to EGP 2,000 per ardeb (1 ardeb = 150 kg) for the forthcoming harvest season.

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