Finance News
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S&P Positive On Egypt's Rating After $35B Ras Al Hikma Investment, Expanded $8B IMF Deal
Rating agency S&P is encouraged by the substantial financial inflows that Egypt has received in the last two weeks.
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Egypt, Finance Minister: Financing of 20 billion dollars expected after the agreement with the IMF
Debt is expected to fall below 90 percent by June 2025 and below 80 percent by June 2027.
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Egypt learns how not to float a currency from Nigeria’s mistakes
Nigeria may have put the cart before the horse with its floatation of the naira, but Egypt has made no such mistake.
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Moody’s upgrades Egypt’s credit outlook to positive following successful IMF deal
The agency also affirmed Egypt's foreign-currency senior unsecured ratings at Caa1.
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Explainer: How big are Egypt's economic challenges?
Some causes date back decades, such as failed industrial development due to poor planning and heavy bureaucracy, and export policies.
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A new economic era: IMF loan and new exchange rate explained
CBE has taken significant steps towards allowing the exchange rate to be determined by market mechanisms.
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Egypt secures extra $5 bn in IMF loans as pound plunges
Egypt secured an additional $5 billion in IMF loans on Wednesday, the two sides said, after the central bank hiked interest rates.
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Egypt raised interest rates to curb inflation: CBE Governor Abdullah
The state has recently raised interest rates by 6 percent to contain inflation and support citizens.
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Egypt hikes interest rates by 600 basis points, pound crumbles to record low
Egypt’s pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency.
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Egyptian Banks Issue 30% Saving Certificates
The National Bank of Egypt (NBE) decided to offer a three-year certificate with a decreasing interest, at an annual price of 30% for the first year.
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CBE Eases Limits on Foreign Currency Credit Card Use
On Wednesday morning, the Central Bank of Egypt raised interest rates by 600 basis points, equivalent to 6%, to reach levels of 27.25%.
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Dollar soars to EGP 49.5 on first day of exchange rate liberalisation
The average price of the dollar in the banking market reached EGP 49.4743 for buying and EGP 49.5743 for selling, according to the CBE
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Net international reserves increase by $60M by end of February 2024: CBE
Madbouly stated that Egypt's external debt will decrease by $11 billion, transferred from an Emirati deposit in the central bank as an investment.
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New Egyptian company to raise expat funds gets $100m seed investment
The project is designed to bring in much-needed foreign currency into the North African country, which is going through its worst economic crisis.
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Egypt sees significant decline in US dollar exchange rate at the black market
The US dollar exchange rate in the black market witnessed a new decline by about LE20 on Saturday, falling to LE43.
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EBRD invests $95M in Egyptian banks, private sector during 2024
Egypt's broader efforts to increase the proportion of renewable energy in its total energy generation to approximately 42 percent by 2030.
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Egypt’s Beltone Leasing and Factoring Signs 1st USD29.8M Syndicated Factoring Deal for Redcon Properties
Beltone Leasing and Factoring achieved a milestone by securing Egypt’s first syndicated factoring deal valued at USD 29.8 million for Redcon.
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ADIB Egypt withdraws acquisition offer of Cairo National for Investment
The offer was originally submitted on 14 December 2023, according to a bourse filing.
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Egyptian Gov't keen to Overcome Challenges Facing Italian Companies, PM Says
The meeting reviewed the progress achieved within the framework of implementing cooperation proposals in the agricultural sector.
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Egypt secures first tranche of $15 billion from Ras El Hekma deal
Egypt received an additional $5 billion as the final part of the first tranche of the $35 billion Ras El-Hekma deal with the United Arab Emirates.