Latest in Tag: devaluation Highlight

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Latest in Tag: devaluation

Dollar crisis, Egyptian pound’s devaluation the best thing to happen in Egypt in past 3 years: Elsewedy Electric managing director

Despite the decline in the value of the Egyptian pound against the US dollar in 2016 and the inflation rate reaching unprecedented levels, managing director of Elsewedy Electric Company, Ahmed Elsewedy, believes that this is the best thing that happened in Egypt throughout the past three years. In his interview with Daily News Egypt, Elsewedy …

Mohamed Farag

Basic interest rate raised by 1.5%

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided during its meeting Thursday to raise the basic interest rate by 1.5% on deposits and loans. The decision will increase the overnight rate to is 10.75% and the loan rate to 11.75%. The MPC also increased the deposit and discount rate by …

Daily News Egypt

US see stronger yuan as ‘key’ to China’s success

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 …

Deutsche Welle

World stock markets post worst week of 2015

World stock markets have tumbled on concerns over a slowdown in China. The week ended with reports of more manufacturing gloom in China and investors moving to the safety of bonds and gold. In the US the Standard and Poor’s 500 index saw its biggest daily percentage drop in nearly four years on fears of …

Deutsche Welle

Egypt’s credit rating risks further devaluation

By Nasser Youssef Countries such as Egypt, who currently have a B rating need three years before their credit rating can improve Egypt’s credit rating could be downgraded once again if the country’s political situation does not improve, warned Nicholas Hardy, a representative from the Standard and Poor’s Credit Rating (S&P). He added that many …

Liliana Mihaila

USD exchange rate skyrockets

Few days after president ‘s statement that the Egyptian Pound will not be devaluated, the exchange rate of the US dollar rises against the Egyptian pound to hit its highest level since 2004

Daily News Egypt

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