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Business
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Economy
9/17/2022 8:59:22 PM
Moscow uses local currency settlement mechanism in trade exchange between Russia and Egypt - mutual acceptance of payments in the Russian ruble or the Egyptian pound - amid western sanctions that have blocked the country's access to the dollar and euro since the start of the Ukraine crisis, Russian Ambassador to Cairo Georgy Borisenko said.
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Business
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Economy
9/1/2022 11:08:00 PM
Since the onset of the war in Ukraine in March, the Egyptian pound has been devalued by over 20 percent against the US dollar, reaching the highest level of inflation since the implementation of the IMF-backed economic reform programme in late 2016.
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Egypt
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Society
8/19/2022 6:22:49 PM
Ahram Online looked into why the price of the gold in Egypt has recently surged to nearly 10 percent more than international rates, revealing that it is largely due to the declining value of the Egyptian pound against the dollar.
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Business
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Economy
8/13/2022 4:10:37 PM
The foreign exchange gap in Egypt is closing, as the dollar gap decreased from $3.9 billion last February to $400 million in July thanks to the decisions of the Central Bank of Egypt (CBE) to regulate imports, said First Deputy Governor of the CBE Gamal Negm.
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Al-Ahram Weekly
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Egypt
8/3/2022 12:10:00 PM
Recent rises in US interest rates are driving the dollar higher against other world currencies, including the Egyptian pound.
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Egypt
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Courts & Law
7/6/2022 8:23:02 PM
Egypt’s Prosecutor General announced on Wednesday that he ordered an investigation into a complaint by former PM Ibrahim Mahlab against a man who claimed that the former premier was arrested after transferring billions of Egyptian pounds abroad.
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Business
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Economy
5/8/2022 10:08:44 PM
After a nine-day holiday due to Eid El-Fitr and Labour Day celebrations, Egypt’s banking sector resumed work on Sunday amid calm as the Egyptian pound remained stable despite the US Federal Reserves' recent decision to raise interest rates.
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Business
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Economy
5/6/2022 9:43:42 PM
With the US Federal Reserve (Fed) deciding to increase its interest rate by a rare half-percentage-point — the largest increase in two decades — in an effort to reduce burgeoning inflation that is running at a four-decade high, major economic impacts are looming for countries worldwide, especially emerging markets like Egypt.
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Business
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Economy
3/23/2022 5:36:02 PM
The USD’s value declined on Wednesday against the Egyptian Pound (EGP) by the end of Wednesday’s trading session following two days of increase.
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Al-Ahram Weekly
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Egypt
3/23/2022 12:56:00 PM
You can be forgiven if you felt that Monday was like a rerun of November 2016. Then, the government announced the launch of a raft of economic reforms and the pound lost half its value overnight. This time round, the Egyptian pound has again slid in the face of government announcements, depreciating by 16 per cent in one day.
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Business
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Economy
3/21/2022 10:19:12 PM
The Egyptian pound has plunged to its lowest value in nearly five years against the US dollar, trading at EGP 18.1 for buying and EGP 18.2 for selling by closing time at banks on Monday, down from EGP 15.6 and EGP 15.7 respectively the night before, according to the Central Bank of Egypt (CBE).
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Business
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Economy
3/21/2022 12:57:00 PM
In an unscheduled meeting, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) raised key interest rates by one percent for the first time since 2017.
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Al-Ahram Weekly
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Economy
2/11/2022 7:51:00 PM
Experts are betting that the Egyptian economy can handle the aftermath of the pandemic, write Niveen Wahish and Sherine Abdel-Razek.
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Business
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Markets & Companies
9/13/2021 4:34:31 PM
In September 2020, Goldman Sachs said that it expects Egypt s hard currency inflows will increase and that the Egyptian pound will maintain its stability
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Egypt
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Politics
6/29/2021 12:40:01 PM
Rateb, 74, is accused of providing millions of Egyptian pounds to an illegal excavation gang allegedly led by former MP Alaa Hassanin, according to an official statement
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Business
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Economy
4/27/2021 5:29:37 PM
The first phase of the country’s reform program included the floatation of the Egyptian pound, lifting nearly all fuel subsidies, implementing a value-added tax, and raising the prices of electricity and transport
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Business
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Economy
4/22/2021 9:42:20 PM
The regulation also states that the bank issuing electronic units must have deposits in Egyptian pounds that are no less in value than the electronic units
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Business
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Economy
4/4/2021 4:55:48 PM
Although the US dollar has lost about 18 percent of its value before the Egyptian pound since 2017, experts expect the the appreciation the Egyptian Pound is unsustainable and will be fade by end-2021
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Al-Ahram Weekly
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Egypt
3/31/2021 9:48:00 PM
The temporary blockage of the Suez Canal by the Ever Given container ship is unlikely to negatively impact Egypt’s economy
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Life & Style
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City Lights
2/3/2021 4:11:53 PM
For the fifth year running, the foundation is offering two awards to celebrate excellence in journalistic work, with each award worth 250,000 Egyptian pounds
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