Latest in Tag: Pound Highlight

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Latest in Tag: Pound

Governmental banks offer sterling pound savings certificates

The National Bank of Egypt (NBE), Banque Misr, and Banque du Caire will offer savings certificates to Egyptians in pounds sterling under the name “Belady Certificate” within days. During 2016, the three governmental banks offered Belady Certificates in both euros and US dollars in order to attract remittances from Egyptians abroad. The certificates are to …

Daily News Egypt

Britain’s new 1-pound coin goes into circulation

Just before officially triggering the Brexit process, Britain is marking the launch of a new 1-pound coin with a 12-sided shape. It’s believed to be one of the most beautiful and most secure coins in the world.Britain’s new 1-pound coin with the symbols of England, Scotland, Wales and Northern Ireland goes into circulation as of …

Deutsche Welle

Brexit: Pound recovering before Supreme Court ruling

On Tuesday, the British Supreme Court will decide whether Parliament should vote to commence divorce proceedings from the European Union. Investors are welcoming this because above all they need one thing: certainty.A day before the Supreme Court’s decision of whether British Prime Minister Theresa May can start Brexit without a Parliament vote or not, the …

Deutsche Welle

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

Dollar climbs to EGP 18 at banks on Monday

The US dollar climbed to EGP 18 on Monday at banks operating in Egypt. The average rate for the dollar at most banks on Monday registered EGP 17.55 to buy and EGP 17.95 to sell. HSBC Bank was offering to sell US dollars at EGP 18. The dollar has been gaining ground against the Egyptian …

Daily News Egypt

Flotation and increased fuel prices raise ceramic prices, increase market slump

Ceramic production companies have deemed it necessary to raise their prices in the coming period following the flotation of the Egyptian pound and its devaluation, besides the increased cost of production inputs, including gas, electricity, and fuel. During the eighth International Ceramic and Sanitaryware Exhibition (ICS), held between 9 and 12 November, surveyed ceramic manufacturers …

Hisham Salah

Automotive sector at risk of drowning following pound’s flotation: EAMA

The future of Egypt’s automotive industry is now at the mercy of the national currency’s flotation and is subject to importers’ provision of foreign currency, Hassan Soliman, head of the Egyptian Automobile Manufacturers Association (EAMA), said following the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound. Soliman explained that the auto industry …

Ahmed Dawoud

Flotation supports economy, but unfavourable for auto sector: Egyptian Automotive Dealers Association chairperson

Osama Aboul Maged, the chairperson of the Egyptian Automotive Dealers Association, praised the Central Bank of Egypt’s decision to liberalise the exchange on Thursday, setting its value based on supply and demand mechanisms. He said the CBE’s decision will support Egypt’s economy following its successive crises due to the wide gap between the US dollar …

Ahmed Dawoud