Finance News
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Egypt’s trade balance deficit hits $3.03B in December 2023: CAPMAS
During December 2023, the value of Egypt's exports declined by 23.0 percent, to record $3.48 billion, in contrast to $4.52 billion in 2022.
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Egypt sets date for offering operation of 20 airports to private sector
A government source detailed the Egyptian government’s plan to manage and operate several airports by private sector companies.
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European Union close to provide Egypt with $5 to $6B: Finance Minister
A portion of the European funds will be designated for the private sector, while another portion will be allocated to the state budget.
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Egyptian banks adjust withdrawals and purchases limits for cards abroad
Banks operating in the Egyptian market have begun raising credit card withdrawal limits following orders from the Central Bank of Egypt.
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Egypt’s Inflation Hits Record High of 36 Percent as Prices Soar
Egypt’s urban consumer price inflation (CPI) witnessed a significant rise, reaching 35.7 percent in February 2024, up from January’s 29.8 percent.
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Egypt to get $3 bln in funding from World Bank
Egypt also expects the European Union to announce its support package soon, Maait said, outlining more details of the aid that could flow.
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Egypt bourse hits record high after IMF deal, Aramco lifts Saudi
The country's benchmark index (.EGX30), opens new tab finished 5.2% higher at 32,920 points, with most of its constituents rising.
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Banks Federation head urges caution as hot money flows into Egypt after flotation, rate hike
Head of Egypt’s Banks Federation Mohamed El-Etreby urged caution amid an influx of hard currency into Egypt.
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The Most Promising Stock Investment Opportunities in 2024
The stock market continues to be a popular avenue for wealth creation, attracting both seasoned investors and newcomers.
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Egypt’s surprise rate hike a boon for foreign investors
The Egyptian pound dropped from a level of 30 pounds per dollar to 49.50. Traders said the surprise move injected much-needed investor confidence.
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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.