The Ministry of Supply and Internal Trade has suspended trading on wheat in the Egyptian Mercantile Exchange (EME) due to price speculation in the local market, said Minister Ali Moselhi on Saturday.
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The price of luxury Islamic pilgrimage (Hajj) programmes soared by 45 percent to up to EGP 450,000, while the land pilgrimage prices surged by 73 percent to up to EGP 255,000, according to data released by the Ministry of Tourism and Antiquities.
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Egyptian Minister of Planning and Economic Development Hala El-Said met with New Development Bank (NDB) President Dilma Rousseff on the sidelines of the Asian Financial Forum in Hong Kong to discuss enhancing partnerships, according to a statement on Thursday.
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Egypt dominated the European Bank for Reconstruction and Development’s (EBRD) investments in the Southern and Eastern Mediterranean last year as the lender committed €1.29 billion to 16 projects.
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The National Bank of Egypt (NBE) and Banque Misr collected EGP 471 billion in proceeds through their high-yield certificates of deposit (CDs) within three weeks following issuance, the chairmen of the two banks said in press statements on Wednesday.
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The Egyptian Exchange (EGX) indices ended the week higher, supported by fertilizers stocks, and the market cap gained EGP 85 billion.
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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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To fortify its economy over the next presidential term, Egypt has rolled out an extensive eight-directional economic strategy spanning 2024-2030.
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The Egyptian Exchange (EGX) indices exhibited outstanding performance during the third week of 2024, overcoming last week's fluctuations and surging by more than five percent, driven by the real estate and basic resources sectors.
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The Kuwaiti Alshaya Group, a key regional operator overseeing renowned brands such as American Eagle, H&M, and Victoria’s Secret, decided to scale down operations in Egypt, closing some stores in response to the prevailing economic challenges, the company announced in an email to Ahram Online.
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Egypt’s short-term external debt reached an all-time high at around $30.27 billion in the first quarter of the fiscal year (FY)2023/2024 – July/September – up from $28.15 billion in the previous quarter, according to data released on Sunday by the Central Bank of Egypt (CBE).
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The Egyptian Exchange main index (EGX30) achieved humble growth in the second week of 2024 as investors move slowly, awaiting progress in Egypt’s negotiations with the International Monetary Fund (IMF).
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Some Egyptian banks have reduced foreign currency credit card spending limits, a banking source confirmed to Ahram Online on Thursday.
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Egypt’s securitization of FX revenue will not affect assets, says Sherif Samy, former chair of Financial Regulatory Authority
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Egypt’s membership in the BRICS bloc officially came into effect in a landmark move this January, aligning itself with five other new members, heralding a wave of anticipated benefits for the country.
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The CEO of the Sovereign Fund of Egypt (SFE) Ayman Soliman unveiled ambitious plans for downtown Cairo and the Ministries Square, including the establishment of 2,600 hotel rooms, the development of 15,000 square metres of green spaces, and the revitalization of historical buildings.
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The Egyptian Exchange (EGX) market cap surged by 2.8 percent after indices ended the first week of 2024 with considerable gains supported by purchases from Arab institutions.
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Remittances from Egyptians working abroad dropped 29.22 percent to $4.52 billion in the first quarter of the fiscal year 2023/2024 (July-September) from $6.39 billion in the same period a year earlier, according to data released by the Ministry of Planning.
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The National Bank of Egypt (NBE) and Banque Misr are set to repay more than EGP 500 billion in principal and interest of 22.5 percent and 25 percent one-year certificates of deposits (CDs) issued in January 2023.
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In a dynamic close to the year, the Egyptian stock market showcased resilience as key indices, including EGX30, EGX70, and EGX100, saw significant growth.
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