Latest in Tag: currency Highlight
Latest in Tag: currency
In a recent report, the CBE stated that demand deposits in local currency amounted to about EGP 523.515bn in September, compared to EGP 507.804bn in August, an increase of EGP 15.711bn.
Euro was up to 1.1764 US dollar from 1.1721 dollars in the previous session, and the British pound increased to 1.2961 dollars from 1.2943 US dollars
Deposit growth fell to 11.34% in May from 11.46% in April
Monetary easing can help stimulate domestic demand, which in turn benefits other countries by increasing demand for their goods. The concern, however, is that monetary easing also weakens a country’s exchange rate, making exports more competitive and reducing demand for other countries’ imports as they become more expensive—a phenomenon known as expenditure switching
Notably, China’s share of inbound FDI rose steadily from 5.4% in 2013 to 10.5% in 2017.
US currency lost over EGP 1 since beginning of 2019, including 34 piasters in May
Regulators in the European Union have levied a hefty fine on Barclays, Royal Bank of Scotland, Citigroup, JPMorgan and Japan’s MUFG over collusion in currency trading.The Commission fined the banks for taking part in two separate cartels, the "Forex – Three Way Banana Split, and the "Forex-Essex Express" cartels. The cartels involved 11 currencies, including …
we expect Egypt to continue to tap the eurobond market annually, including in 2019 and again in 2020, along with more infrastructure-linked loans.
Attracting more FDIs, boosting exports, main recommendations, say experts
Corporation aims to invest up to $1bn in FY 2018/19, says Labadi
Total currency issued by the Central Bank of Egypt (CBE) amounted to EGP 462.855bn by the end of August 2017, compared to about EGP 445.898bn in July 2017, an increase of about EGP 17bn. According to the CBE, the issued currency to gross domestic product (GDP) ratio was 11.36% in August, compared to 10.95% in …
EGX30 sours 63% in a year as cheap stocks attract attention from foreign funds
The Egyptian private sector is feeling the squeeze after the currency flotation on higher inflation rates and a 700 bps interest rate hike, according to a recent report published by The Financial Times newspaper. “Despite making Egypt an attractive destination to some foreign investors, the combination of the float, inflation, and the hikes have driven …
What happens when a small country with its own currency has to navigate economically in a world dominated by huge countries with enormous banking systems and deep-pocketed financial speculators?It turns out that such countries are highly vulnerable to large, erratic swings in currency value – and those swings can cause serious economic damage. Iceland provides …
Importers of medicines and commodities priced upon the US dollar’s official rate are the most affected; the government is facing the same problem
Social protection is a cornerstone of the IMF programme, any cuts in food subsidies are not advised
This move would aim to enhance the flexibility of collection
EFG Hermes One on One aims to provide a suitable platform to review the most promising investment opportunities and developments in the economic markets in the Middle East and North Africa, representing one of the largest investment events of its kind in the region
To reduce dollar shortage crisis at banks, the foreign currency deposit cap was raised to $250,000 a month for companies importing basic goods, according to Ghorab
The CBE decision included high-priority products, such as pharmaceuticals, production inputs, raw materials, food, and industrial machinery, excluding other luxury goods.
Around $26bn of Egyptian imports are categorised as “essential”
Political and economic turbulences in some export countries reduced exports’ revenues, company expands in new markets
Banks offered to invest EGP 252bn in CBE deposits for one day and employ dozens of billions in corridor
The US Treasury has soften its long-time stance that China’s currency is significantly undervalued, but said an appreciation of the yuan was crucial for a successful transition of China’s current economic model. In a semi-annual report to the US Congress released on Monday, the Treasury Department changed its wording on China’s currency, describing the value …
International reserves record lowest level in 1.5 years
Between Bitcoin and gold, the “Islamic State” is experimenting with currency, marking a new step in its state crafting ambitions. But will the latest move further embed it amid international efforts to uproot the group?
Russia’s currency has dropped considerably along with the price of crude oil. It’s a reminder of the Russian economy’s extraordinary level of dependency on fossil fuel exports, pundits says. Foreign exchange traders in Moscow on Monday saw the ruble sink 2.3 percent to a new low for the year. At one point during the day’s …
It will be available to the public by end of August
The International Monetary Fund has said there will be no quick decision as to whether it may include the Chinese yuan in its strategic basket of reserve currencies. The renminbi struggles to meet key financial norms. The IMF hinted it needed to do “significant work” in reviewing the inclusion of China’s national currency in its …