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Debt repayment to Qatar and Paris Club countries is likely to impact reserves by the end of July
The Egyptian pound lost 16% of its value against the US dollar during Morsi’s presidency and lost 23% of its value during the first two years of Al-Sisi’s presidency
The Central Bank of Egypt (CBE) announced that foreign reserves increased by $510m during May, to register the eighth monthly consecutive rise. In a press statement released on Wednesday, the CBE said that foreign exchange reserves rose to $17.520bn in May, compared to $17.01bn in April. The CBE did not reveal the reasons for this …
External debt is within safe limits and can be managed, but local debt is worrying, Jarvis says
The company managed to turn profits in Q4 of 2015, and reduce losses owing to lower cost of raw materials, opening Ezz Rolling Mills
The Central Bank of Egypt (CBE) revealed Thursday the balance of foreign exchange reserves increased by approximately $56m in February 2016. It explained in statement on its website the reserves increased in February to $16.534bn compared to approximately $16.478bn in January.
CBE demanded that local banks prioritise directing their foreign exchange liquidity to cover the importation of commodities
Pharos expects the dollar exchange rate to drop to EGP 8.5 during H1 of 2016
Government has to pay $250m in September as dues of bonds issued in international market
Reserves were supported by government-issued dollar bonds in the international markets during June
Budget deficit expected to decrease to 11.6% of GDP in FY15, in comparison to the 17.5% of GDP recorded in FY14, Fitch noted
Ramez denies any link between dollar rates and raising prices of commodities
MerexMarkets will participate in the 2014 Africa Forex Expo in South Africa, the Middle East Expo in Kuwait and the Turkey Forex Expo
Reuters – China will expand a trial programme to make it simpler for multi-national firms to transfer funds within and outside the country, in a move that will further open its tightly controlled capital account. The experiment, which began in 2012 in Beijing and Shanghai, came in response to growing demand from international companies operating …
Traders fear the recurrence of last year’s liquidity crisis, which depreciated the Egyptian pound by more than 15%, and required an urgent intervention by the Central Bank, which sold large sums of foreign currency.