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Car companies halt sales to reprice in wake of CBE decision

Car companies halted their sales processes to review prices after the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. Some companies plan to reprice their cars, while others await the stabilisation of the US dollar rates against the pound and the end of the turmoil and confusion that currently prevails …

Ahmed Amer

US dollar price increases in mid-Sunday trading to EGP 16.5

The price of the US dollar increased in the five major banks operating in the Egyptian market as of 5.30pm on Sunday to register EGP 16.5 for selling, while the price ranged between EGP 15.75 and EGP 15.80 for buying. BANK Buy Sell   NBE 15.80 16.50 Banque misr 15.75 16.25 Banque du Caire 15.80 …

Daily News Egypt

Minimal trading among banks on first day of inter bank mechanism

The trading of US dollar among banks on the first day of implementing the inter bank mechanism witnessed limited transactions on Sunday. The highest price of the US currency registered EGP 16.55. This is the first time banks are allowed to implement the decision of setting the exchange rate, after the Central Bank of Egypt …

Mohamed Ayyad

Dealers are seen at the Egyptian stock exchange market in Cairo. Only seven stocks rose, 156 fell and nine remained unchanged Photo by Mohamed Omar

EGX jumps by 6.1% during Sunday’s trading

The Egyptian Exchange (EGX) recorded the highest daily rise in trading in three years since 2013. The main index EGX30 recorded growth of 6.1% reaching 9,349 points, its record high since March 2015. The rise occurred on the back of the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. The …

Mohamed Ayyad

Basic interest rate raised by 1.5%

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided during its meeting Thursday to raise the basic interest rate by 1.5% on deposits and loans. The decision will increase the overnight rate to is 10.75% and the loan rate to 11.75%. The MPC also increased the deposit and discount rate by …

Daily News Egypt

When can a pound build Egypt?

I listened to President Abdel Fattah Al-Sisi’s speech and I found myself wondering how Egyptians will react to his call to donate a pound every morning to collect a total of EGP 4bn in a year via text messages. I became more concerned with the spread of upbeat emotional statements through various media and social networking …

Hany Aboul Fotouh

Egypt business activity shrinks in May: PMI

Reuters – Business activity in Egypt shrank for the third month in a row in May, a poll showed on Tuesday, in a sign the economy remains fragile as former army chief Abdel Fattah Al-Sisi is set to become the country’s next president. Egypt’s economy has been hit by more than three years of political and …

Daily News Egypt

Egyptian pound strengthens at central bank Forex sale

Reuters – The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week. The central bank sold dollars at a cut-off price of EGP 6.9649, slightly stronger than the EGP 6.9651 at its last auction on Thursday. But the dollar sold on the black market for EGP  …

Daily News Egypt

Egyptian Pound flat in official and black market trade

Reuters – The Egyptian pound was steady at a central bank foreign currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of EGP 6.9508 to the dollar, fractionally stronger than the cut-off price of EGP 6.9509 from Monday’s auction. The bank had …

Daily News Egypt