Latest in Tag: egyptian pound Highlight
Latest in Tag: egyptian pound
Shortage of US dollars needed to purchase raw materials threatens existing factories
Soaring prices—the topic du jour in every conversation across all social classes—is just one indicator of the dire economic situation in Egypt. Such pressures are accompanied by stagnant wages, companies laying off employees, and extreme difficulties for someone trying to find a new job. This is compounded by tough measures that are on the way, …
CBE may either offer exceptional US dollar tender or direct banks to increase the price of the US dollar on Monday
The state may have implied that a currency liberalisation and peg to the dollar is imminent and that it is willing to enforce the decision through any means necessary
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 …
Investment, initial public offering (IPO), and securities promotion managers have conflicting opinions over whether the devaluation of the Egyptian pound has restored the Egyptian Exchange’s (EGX) attractiveness for foreign investors, and whether the action encourages them to inject “hot money” into the stock exchange—like what had happened before 2011 and what happened mid-2013. The experts …
High inflation, application of VAT would raise Egyptian pound’s interest rate by 2% by the end of 2016, says analyst
The Aqarmap index revealed continuing high demand for property during August, the company announced in a press statement. The index has achieved a new demand record during mid-August, scoring 2,790 points, which is considered the highest demand monitored throughout the last five years, according to the statement. It added that the index recorded a slight …
Real Estate Investment Division demands reducing VAT rate on construction contracts from 5% to just 4%
The total volume of deposits at banks operating in the Egyptian market, aside from the Central Bank of Egypt (CBE), increased by EGP 65bn in May, registering EGP 2.079tn from EGP 2.014tn in April. The CBE’s monthly bulletin on the performance of banks in the Egyptian market showed that the total volume of governmental deposits recorded …
The total loans granted by banks to their clients, aside from the Central Bank of Egypt (CBE), increased by EGP 60bn to register EGP 920.7bn in May, compared to EGP 860.7bn recorded in April. A CBE bulletin on the performance of banks over May stated that the size of loans granted to the government registered …
Pound sterling jumps to EGP 16 and euro to EGP 13, while Arab currencies see the heaviest trading
There is no intention to float the pound for now; Amer did not discuss borrowing from IMF, say sources
The CBE sold roughly $118.6bn to the banks through its tender.
Prices of motorcycles and bicycles rose by 20%, due to the increase of the US dollar exchange rate against the Egyptian pound over the past three months, which has negatively affected sales during the summer. Gamal Abdel Nasser, head of the motorcycles division at the Cairo Chamber of Commerce, said that the increase in the …
Unofficial market and analysts increase pressure on CBE’s governor
The CBE is awaiting the entrance of US dollar flows estimated at $5.5bn over the upcoming months in order to enhance the bank’s ability to manage the exchange rate and support the foreign exchange reserves.
The higher inflation rate caused the CBE to postpone another devaluation of the pound until the end of this year, says analyst
On 3 July, governor of the CBE Tarek Amer alluded to a further depreciation of the Egyptian pound against the US dollar.
Increase in US dollar exchange rate led to 22% rise in construction costs, directly affects residential unit prices, says expert
The market awaits the launch of the first post-Eid dollar tender to learn the CBE’s direction
The CBE has increased its issuance of banknotes since January 2011, due to annual increases of salaries, pensions, and compensations, in addition to the repayment of domestic debt’s benefits, says Hassanein
EGP 200 banknotes accounted for 52.1% of the total banknotes issued; EGP 100 banknotes registered 35.7%; EGP 50 banknotes were 8.73%, with lower rates for other denominations
Egypt’s economy is standing on shaky ground, says FocusEconomics
The decision includes increasing prices of 70% of local and imported medicines
The Central Bank of Egypt’s March decision to devaluate the Egyptian pound against the US dollar has caused prices to increase across the board, which includes staples such as tea, rice and cigarettes
The CBE interest rates are the main index for interest rates on the Egyptian pound in the local market.
Approximately 52% of Cairo residents can only afford residential units priced between $26,000 and $35,000
A project seeks to reintroduce Egyptians to landmarks they see on a daily basis in a novel way