Central Bank Governor Hisham Ramez said that $2bn of Saudi Arabia’s $5bn in aid is expected to arrive shortly in the form of an interest-free deposit at the bank.
Latest by Nada Badawi
IHS expects the country’s economic growth to remain low over the next 12 months.
The domain, targeting Arabic speaking internet users worldwide, will provide an alternative to non-Arabic internet domain names such as .com
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Slashing energy subsidies is one of the requirements set by the International Monetary Fund (IMF)to secure the proposed $4.8bn loan package.
Meanwhile, imports fell 7.8% year on year to EGP 35.8bn due to the decreasing prices of some goods like wheat, corn, chemical products and wood. In March of last year, imports registered EGP38.8bn.
Egypt’s ailing economy a deciding factor in shaping interim government, led by former Finance Minister and his aid, economist Zeyad Baha El-Din
Daily News runs briefed profiles of potential heads of economic portfolios
Sherif Sami, a member of the General Authority of Investments, stated that competition between gulf countries, in terms of regional influence and international investments, is always present.
Meanwhile, former finance minister Momtaz El Saeed said that a conversion is unlikely to yield any positive outcome if it is not allocated towards national projects.
The Kingdom stated that in fact, the California-based application refused to comply with the regulator’s request, which led to the suspension of the application.
Financial experts predict inflation levels to further accelerate in the coming months if political instability persists
Report cites poor health of manufacturing sector
The visit follows a statement detailing a drop in the country’s capital and financial accounts’ balance from $3.9bn to $3.8bn, as well a decline in the outflows of portfolio investments caused by foreigners dealing in Egyptian treasury bonds.
Bank of America Merrill Lynch Global Research described the transition in a report as having created a “concerning precedent, although the subsequent roadmap is broadly in line with demands from the secular opposition, in our view.”
The global rating firm could further downgrade Egypt’s credit rating, as outlook is already negative
Despite low quantities being sold of the latest editions, the global company’s revenues rose 9% to $3.1bn in the first fiscal quarter ending 1 June, up 15% from $2.7bn in the previous quarter.
The Central Bank of Egypt orders banks to close early before army’s deadline to Morsi
The awards were designed to recognize and reward companies who have demonstrated the ability to succeed in the e-commerce industry in Egypt.
Domestic public debt hit EGP 1.387tn (about $200bn) in April, foreign debt at $42bn
Experts: the stability of the pound is “temporary” due to bank closures and low demand on banks
Experts: Uncertainty has become the future of the Egyptian economy, A number of financial and economic advisers agree that President Mohamed Morsi’s decisions worsened the economy
Subsidies, political consensus among prerequisites which Egypt still struggles to meet
President’s office lists causes and possible solutions for fuel woes amid mounting public frustration
Suppliers push forward their closing sales dates to supermarkets as consumers load up on rice, bread and other essentials
Once the card owner depletes their allotment of the subsidized fuel, they will then be forced to pay market prices.
Attempt at price controls comes in the face of already high inflation and an anticipated boost in consumer spending during the holy month
Rising summertime prices and devaluing currency drive ongoing inflation
Managing Director of Suez Cement Group, Bruno Carre spoke to Daily News Egypt about the company’s current projects and products
Google-partnered project provides venue for trainings, meet-ups, and other start-up oriented programmes
Following the revolution, the Egyptian economy registered lower growth rates compared to the pre-revolution average, recording 1.8% in the fiscal year of 2011-2012. The rate rose minimally to 2.2% in 2012-2013.