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Central Bank of Egypt

CBE provides banks $420m to cover companies’ flotation debts 

The Central Bank of Egypt (CBE) provided $420m to local banks to cover the debt, which occurred by the different foreign currencies exchange rate due to flotation. This offer is valid for companies with debts of less than $5m and whose sales do not exceed EGP 500m. This came after the CBE’s governor Tarek Amer …

Hossam Mounir

Reducing price of products depends on stability of US dollar

After the Ministry of Finance reduced the price of the US dollar used for customs to EGP16, down from EGP18.5 on 16 February, media outlets stated that the prices of a lot of products will decrease soon. The prices of almost all products have hiked during the previous months after the Central Bank of Egypt …

Hisham Salah

Usage of cards abroad dropped by 55% following flotation: CBE

Egyptians usage of cards abroad dropped by a value of $223m in November and December 2016, following the Central Bank of Egypt (CBE) decision to float the national currency—a drop of 55% compared to the same months in 2015. In a press release on Tuesday, CBE stated that data from banks indicate that payments via …

Hossam Mounir

EZ Food Egypt aims to utilise flotation and double exports

EZ Food Egypt aims to double its exports in 2017 to benefit from the exchange rate value and maintain the company’s capital following the negative effects of the flotation of the Egyptian pound The company’s chairperson, Mahmoud Khairy, said that they target achieving $1m worth of exports to the markets of Italy, Bangladesh, Spain, Malta, …

Amany Radwan

Egyptian pound’s value drops by 98% since 1979

According to data collected from the International Monetary Fund (IMF), Bloomberg, and Beltone research, the Egyptian pound lost a lot of its value during the past four decades. Since 1979, the pound has lost approximately 98% of its value. Now, the pound can buy only 2% of what it could back in 1979, and is …

Hisham Salah

Exports increased after Egyptian pound’s flotation: Minister of Industry and Trade 

Minister of Industry and Trade Tarek Kabil said that the flotation of the Egyptian pound has helped promote the country’s exports and limit its imports, according to a statement issued by Beltone Financial on Wednesday. Kabil added during Beltone Financial’s “Africa’s Era, Egypt’s Moment” conference, which is currently being held, that “the 2011 revolution impacted …

Hisham Salah

Banks, pharmaceutical shares expected to attract investors in 2017

The flotation of the Egyptian pound will play an influential role in determining the attractiveness of shares for investors during 2017, especially after the price of the US dollar increased to more than EGP 19, which will affect companies’ activities and their ability to make a profit. Financial and technical analysts expect that the most …

Mohamed Ahmed

Was the government ready for the flotation’s consequences?

Squeezed by economic and political turmoil following the 25 January Revolution that toppled former president Hosni Mubarak, Egyptians are now facing a new era of hardship and austerity. The government’s adopted economic reform programme, backed by the International Monetary Fund (IMF), included the flotation of the Egyptian pound, subsidy cuts, high interest rates, and the …

Mohamed Samir