Asmaa Mostafa's Articles

The Egyptian Exchange (EGX) saw diverse performance in the week concluding on 1 February as investors awaited the Central Bank of Egypt's decision on key interest rates.

The National Bank of Egypt (NBE) has launched a new debit card for customers with US dollar accounts, named Visa Platinum, to facilitate customers' overseas purchases, according to a statement released by the state-owned bank on Thursday.

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.

The US dollar rate in Egypt’s currency parallel market has soared to a new peak, hitting EGP 72 per USD, multiple sources in the local market reported to Ahram Online.

S&P Global Rating Agency expects that Egypt is likely to devalue its currency to align it more accurately with the parallel market rate, according to a recent report released by the agency.

Egypt's recent gold market crisis could be attributed to a significant disparity between supply and demand, fueled by an overwhelming demand for profit, said Ihab Wassef, head of the Gold and Precious Ores Division at the Federation of Egyptian Industries.

The historic Abu Qurqas Sugar Factory decided to halt cane sugar production after 155 years, due to a sharp reduction in sugar cane supply to the factory, Issam El-Din El-Badawi, head of the Egyptian Sugar and Integrated Industries Company (ESIIC) affiliated with the Ministry of Supply and Internal Trade, said on Sunday.

The Central Bank of Egypt (CBE) has instructed all banks operating in the country to apply a minimum interest rate of 24 percent on loans, sources in the banking sector revealed to Ahram Online.

Telecom Egypt announced an increase in the prices of its landline internet plans by over 30 percent, with the new rates set to take effect from 5 January, according to the company’s website.

Egyptian telecommunications companies have recently increased the prices of mobile recharge cards and selected prepaid plans by 10 to 15 percent.

Egyptian expats’ remittances are expected to have declined by over 15 percent to $24.2 billion in 2023 from $28.3 billion in 2022, according to a recent report released by the World Bank (WB) in December.

Despite the country’s strategic reserve of pharmaceuticals, some Egyptians, especially those with chronic diseases, are still struggling to find the medicines they need.