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Business
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Economy
2/28/2024 1:05:05 PM
The International Monetary Fund (IMF) has resolved key issues with Egyptian authorities regarding the reviews of its $3 billion loan programme and will announce the final financing package within weeks, Kristalina Georgieva, managing director of the IMF, said in an interview with Reuters.
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Egypt
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Tourism
2/11/2024 10:56:08 PM
EgyptAir denied on Sunday that its tickets booked inside Egypt are paid for in US dollars, after someone on social media claimed two days ago they could not pay for a ticket on EgyptAir's website in Egyptian pounds, paying in US dollars instead.
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Business
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Economy
2/4/2024 9:14:27 PM
The US dollar recorded a noticeable drop against the Egyptian pound in the parallel market, reaching approximately EGP 55 over the past few hours, down from a recent peak of EGP 72 in the past few days, according to media reports.
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Business
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Economy
2/1/2024 5:07:01 PM
The Central Bank of Egypt (CBE) stated it has not issued new directives regarding adjustments to the daily withdrawal limit in Egyptian pounds for individuals and corporations, read a CBE statement.
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Business
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Economy
2/1/2024 1:02:03 PM
The 12-month non-deliverable forward contracts for the Egyptian pound against the US dollar surged to an all-time high of EGP 63, with short-term contracts also following this upward trend, according to Bloomberg.
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Business
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Economy
1/31/2024 6:25:28 PM
The Central Bank of Egypt (CBE) has reduced the daily cash withdrawal limits in Egyptian pounds for corporations and individuals to EGP 150,000, according to a message sent to banks on Wednesday.
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Egypt
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Politics
1/24/2024 4:46:28 PM
President Abdel-Fattah El-Sisi said Egypt faces a recurring dollar shortage crisis every few years primarily due to the government providing basic services to citizens in the Egyptian pound while needing to purchase them in dollars.
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Business
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Economy
1/24/2024 2:36:33 PM
Global rating agency Moody’s has changed the future outlook for five major Egyptian state-owned and private banks from stable to negative, while maintaining their long-term deposit ratings at CAA1 and B3, according to a report by the agency on Tuesday.
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Business
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Economy
1/24/2024 1:11:51 PM
The Egyptian pound’s forward exchange rate against the US dollar for one-year contracts reached a new peak at EGP 54.26 on Tuesday, according to Reuters.
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Business
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Economy
1/22/2024 6:34:52 PM
Saudi Islamic Al-Rajhi Bank, one of the biggest banks in the country, suspended transactions in Egyptian pounds across all of its branches in the kingdom, an informed source at the bank told Ahram Online.
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Business
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Economy
1/22/2024 6:05:09 PM
Global credit rating agency Moody's has expected the International Monetary Fund (IMF) to increase its existing $3 billion loan programme for Egypt to $10 billion, according to a recent report by the agency.
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Business
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Economy
1/22/2024 2:40:20 PM
Egypt may devalue the Egyptian pound to bridge the gap with its traded rate in the parallel market, said Fakhry El-Fiqi, head of the Planning and Budget Committee in the House of Representatives.
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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
1/20/2024 2:09:35 PM
The International Monetary Fund (IMF) team, led by Mission Chief for Egypt Ivanna Vladkova Hollar, is currently in Cairo for ongoing discussions on the first and second reviews of Egypt’s reform programme supported by the IMF’s Extended Fund Facility (EFF), the IMF’s spokesperson told Ahram Online (AO).
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Al-Ahram Weekly
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Economy
1/16/2024 9:20:21 PM
The government’s newly released six-year economic strategy includes ambitious targets for foreign investment, exports, and the exchange rate of the Egyptian pound, reports Gamal Essam El-Din
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Business
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Economy
1/16/2024 2:57:30 PM
Foreign companies can now retain their capital increase deposit in foreign currency, rather than having it converted to Egyptian pound by the bank, allowing them to utilize it later for the procurement of production inputs.
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Business
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Economy
12/19/2023 7:33:38 PM
The Egyptian pound’s forward exchange rate against the US dollar for one-year contracts reached a new peak at EGP 50.5 on Tuesday, according to Asharq Bloomberg.
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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
11/30/2023 7:30:56 PM
The USD declined slightly against the Egyptian pound in the parallel market, hovering around EGP 49.5, as the Central Bank of Egypt (CBE) injected $2 billion to regulate the market, a source from the import sector who preferred not to be named told Ahram Online on Thursday.
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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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