Latest in Highlight
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CBE receives 35 offers to invest €705.3m in local T-bill auction
Thirty offers have been accepted at value of €605.3m
Egypt to launch €600m Euro-denominated T-bills bid on Monday
Bid proceeds will be used to pay for previous CBE bid offered on 20 August 2019, amounting to €610m
Egypt’s outstanding dollar, euro bonds increase to $23.2bn, €2bn respectively
Maturities of dollar bonds range between 5-30 years, euro bonds between 8-12 years
Individual imports of European cars, solution to crisis or unnecessary experiment?
DNE publishes conditions of personal car imports exempted from customs
Italy in maelstrom of euro
The country’s GDP currently stands at €1.75tn and its growth rates are extremely anaemic, reaching just 0.9%. real per capita gross domestic product (GDP), according to reliable calculations
Euro hits six-month high before French election
Draghi: No early exit from ECB’s zero-interest rate policy
Bundesbank reports decline in counterfeit bills
Euro worries hinge on Italian referendum
It’s been dismissed as a protest vote. But with Italian voters likely to reject a reform package in a plesbiscite, fears are growing that it could signal the beginning of the end of the euro.
Brexit negatively affects Egyptian remittances: UAB secretary general
Egypt had 29.8% of the total Arab remittances from Britain, says Fattouh
Euro and pound jittery as Brexit referendum approaches
The euro and pound have fallen as the Brexit referendum approaches in the UK. With the “remain” and “leave” camps running almost level in the polls the markets are reflecting the uncertainty, as wary voices grow.
Brussels lowers eurozone growth outlook
The European Commission has revised downward its expectations for economic expansion in the 19-member eurozone. Its spring outlook revealed particular concerns about developments in Spain and France.
‘Belady’ euro certificates offered to Egyptians in Europe
These certificates are similar to the ‘Belady’ dollar certificates that the three banks offered at the beginning of March.
Government banks issue domestic US dollar bond certificates and prepare international euro bond certificates
NBE, Banque Misr, Banque du Caire will offer three-year certificate to Egyptians living within the country and five-year certificate to those living in Europe
Decline in rouble, euro brought Al-Taj Al-Thahabi’s sales down by 20% in 2015: Chairman
High production costs, weak public and private investment threaten the agricultural sector with collapse
‘Euro’ and ‘dollar’ highest growing financial search terms on Google
The word “gold” makes up 40% of financial searches online
Greece braces for next general strike
As thousands of Greek pensioners demonstrated in central Athens on Thursday against cuts demanded under an international bailout, the public sector union called its second nationwide anti-austerity strike in under a month
Oriental weavers facing challenges of local currency and Euro depreciation: Khamis
Political and economic turbulences in some export countries reduced exports’ revenues, company expands in new markets
What helping refugees costs Germany
IMF changing tack on Greece
Latin Americans and Asians are happy that they do not need the help of the International Monetary Fund (IMF). But, Europe can no longer function without it. What’s behind the IMF’s interest in Greece?
State of the currency exchange market
On the black market, the lowest selling price for the US dollar was EGP 7.15 while the highest prices ranged between EGP 7.57 to EGP 7.59.
Asian shares hit by rising Russia-Ukraine tensions
The downbeat atmosphere was compounded in some markets by another disappointing set of manufacturing figures from China that added to concerns about growth in the world’s number two economy.
Italian PM says Kuwait to invest 500m euros in Italy
Reuters – Kuwait’s sovereign wealth fund will invest 500m euros ($676m) in Italian companies in coordination with Italy’s own strategic investment fund, Prime Minister Enrico Letta said on Tuesday. The deal follows similar agreements with Qatar’s investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a …
Lira drop is ‘re-pricing’ due to politics, Fed taper: Turkey Deputy PM to Davos
The lira weakened beyond 2.33 to the dollar, meaning Turks now need more than twice as many lira to buy dollars as they did at the currency’s peak six years ago, a costly decline in a nation heavily dependent on imports.
IMF cuts world growth forecast
“We are in a better place but… we’re not out of the woods,” said Olivier Blanchard, IMF chief economist
European Parliament calls for suspending aid to Egypt
Democratic reform is a condition for supporting Egypt’s budget; MEPs call for abolishing the death penalty in Egypt
Catalonia seeks rescue as Spain recession deepens
As Spain seems closer to a sovereign bailout, Catalonia reach out for a $6.3b government rescue
Merkel gives Greece grounds for Euro hope
Germany’s Chancellor gives Greece eurozone hope, after talk with its prime minister
Government begins debt swap negotiations with European countries worth $1b
By Islam Zayed A high-ranking source at the Ministry of Finance (MOF) revealed that the government is working on several projects regarding relief of public debt, reduction of budget’s deficit and reforming the Egyptian economy, all in parallel. The Foreign Relations Department at the Ministry of Planning and International Cooperation (MPIC) continues to negotiate the …
Currency exchange rates see relative stability after Eid El-Fitr break
By Waleed Abdel Azim The exchange rates of different currencies have stabilised during the Eid holiday and demand has not increased for any of the major currencies. The US dollar recorded a rate of 6.08, the Euro recorded a rate of 7.55 and the GB pound recorded a rate of 9.85 to the Egyptian pound. …