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Business
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Economy
6/24/2024 6:37:49 PM
The Egyptian pound's performance against the US dollar has fluctuated since the last depreciation of the local currency by the Central Bank of Egypt (CBE) on 6 March in line with its commitments to a flexible exchange rate regime under the $8 billion loan deal with the International Monetary Fund (IMF).
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Business
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Economy
6/6/2024 6:37:32 PM
In the dynamic commerce arena, the convergence of boycott movements against Israeli-backed products and the decrease in production costs resulting from the devaluation of the Egyptian pound has ignited a remarkable surge in the local industry.
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Business
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Economy
5/19/2024 10:43:56 PM
Fitch Ratings has revised its outlook on four Egyptian banks to positive from stable, affirming their long-term issuer default ratings at B-, the US-based credit rating agency announced on Saturday.
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Business
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Economy
5/14/2024 7:52:46 PM
The Egyptian pound’s rate against the US dollar declined on Tuesday to 46.92 for selling and 46.79 for buying, its strongest point since 23 March, according to the official exchange rate of the Central Bank of Egypt.
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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
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.
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Business
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Economy
4/16/2024 7:12:57 PM
Egypt’s real GDP growth is expected to slow down to 2.8 percent in the current FY2023/2024, which ends on 30 June, before rebounding to 4.2 percent in the FY2024/2025 according to the MENA Economic Update released by the World Bank on Monday.
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Business
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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.
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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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Business
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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.
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Al-Ahram Weekly
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Egypt
3/14/2024 11:27:00 PM
The Central Bank of Egypt’s landmark decision to float the Egyptian pound was the latest in a long history of devaluations.
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Al-Ahram Weekly
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Opinion
3/14/2024 11:25:00 PM
Though widely anticipated, the move by the Central Bank of Egypt (CBE) last Wednesday to allow market forces to determine the Egyptian pound’s exchange rate took everyone by surprise.
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Al-Ahram Weekly
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Egypt
3/12/2024 8:24:21 PM
With devaluation off the to-do list, what next for policy-makers, asks Niveen Wahish
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Business
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Economy
3/12/2024 4:26:09 PM
The US dollar rate against the Egyptian pound declined on Tuesday by approximately 1.5 percent to EGP 48.8/1 USD for selling, compared to EGP 49.5/1 USD recorded a week ago and EGP 49/1 USD seen on Monday, according to the rates on the Central Bank of Egypt (CBE)’s website.
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Business
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Economy
3/10/2024 1:50:00 PM
Head of Egypt’s Banks Federation Mohamed El-Etreby urged caution amid an influx of hard currency into Egypt in the form of hot money following the flotation of the Egyptian pound and an increase in interest rates.
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Business
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Economy
3/7/2024 8:04:00 PM
The Egyptian pound averaged EGP 49.3 against the US dollar in most major banks at the closing of Thursday's trading just 24 hours after the Central Bank of Egypt (CBE) floated the local currency against the greenback.
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Business
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Economy
3/6/2024 6:03:00 PM
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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Business
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Economy
3/6/2024 4:41:00 PM
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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Business
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Economy
3/6/2024 1:14:00 PM
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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Business
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Markets & Companies
3/5/2024 11:45:00 AM
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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