Latest in Tag: ministry of finance Highlight

Latest in Tag: ministry of finance

Inoperative Customs Authority scanning equipment curtails efficiency of customs clearance (AFP PHOTO)

Customs bottlenecked due to outdated scanning equipment

Minister of Finance Momtaz Al-Saeed, has ordered the formation of two committees, legal and technical, to review contracts with an American company providing X-ray scanning equipment to the Egyptian Custom Authority. He has also requested an expedited submission of reports assessing the functionality, or lack thereof, of such devices. In 1998, the Ministry of Finance …

Hend El-Behary

Ministry of Finance tightens fiscal grip

The Ministry of Finance will introduce a new computerised financial surveillance system to rationalise government spending. “The Ministry of Finance has been working on a comprehensive project to computerise the financial operations related to the general state budget,” Minister of Finance Momtaz El-Saeed said on Wednesday. The Ministry of Finance called on government to address …

Islam Serour

Real estate tax to be implemented

The Real Estate Tax Authority (RETA) is about to instate the article 196 real estate tax law, four years after it was first issued, according to head of RETA, Tarek Farag. Farag made the announcement during a seminar to the Association of Taxes Experts. “People who are supposed to pay real estate taxes can do …

Hend El-Behary

Ministry of Finance to issue more FRNs

The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …

Islam Serour

Egypt to offer LE 2.5 bln in reopened bonds

By Mohamed Samir / Reuters CAIRO: Egypt’s Ministry of Finance will offer LE 2.5 billion ($414.1 million) in reopened bonds at an auction on April 23, the central bank said on Tuesday. It will offer LE 1.5 billion in reopened five-year bonds maturing on April 10, 2017 with a coupon of 16.55 percent, and LE …


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