Finance News
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Central Bank of Egypt Facilitates Bank Account Opening for Non-Resident Foreign Customers
According to the CBE’s laws, banks are currently required to open accounts for foreign customers who are not residents of Egypt if they requested.
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FX rate in Egypt projected to average EGP 49.5/$1 in 2024
BMI, a research firm associated with Fitch Solutions, forecasts a depreciation of the Egyptian pound against the US dollar.
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Infograph: Egypt PMI trend in 2024
Egypt’s S&P global Purchasing Managers’ Index (PMI) has been tiptoeing around the 50 mark for the past few months with July recording 49.7.
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CBE allows non-residing foreigners to open bank accounts in Egypt
CBE directed banks in Egypt to open accounts for foreign clients who are not residents of Egypt, allowing them to benefit from the various services.
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Egypt closer to launch of carbon certificate market
The new regulated market represents a milestone in Egypt’s environmental and financial sectors.
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Saudi and Egyptian startups lead funding activity
The region experienced a variety of funding rounds across diverse sectors, alongside the graduation of accelerator programs.
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Egypt's inflation slows to 25.7% in July
Month-on-month prices fell by 0.4%, slowing from a 1.6% rise in June. Food prices eased by 0.3% in July.
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Egypt targets sub-10 percent inflation by 2025-2026
The country’s annual urban consumer price inflation slid to 25.7 percent in July from 26.5 percent in June.
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Why Egypt is Africa's 3rd most attractive investment destination
Egypt has emerged as one of Africa's top investment destinations, ranking third in a recent report by Rand Merchant Bank (RMB).
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Egypt to open Saudi investment office in Cairo
Egypt is set to open a Saudi investment office at the headquarters of the General Authority for Free Zones and Investment (GAFI) in Cairo this August.
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Egypt’s T-Vencubator launches new initiative to fund 5 local startups
Egypt-based VC-incubator T-Vencubator has launched its inaugural initiative "Where's the Problem?" to back the Egyptian ecosystem.
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Egyptian worker remittances surge in second quarter
The Egyptian pound was set at 30.85 to the dollar at the official rate but traded as low as 74 on the black market.
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Key economic figures of Egypt in FY2023/2024
Minister of Finance Ahmed Kouchouk announced in a press conference on Tuesday key indices and the financial performance FY2023/2024.
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Egypt’s Qardy secures seven-digit pre-Seed
Egypt-based fintech Qardy has raised a USD seven-figure pre-Seed round, invested by White Field Ventures, Vastly Valuable Ventures, along with others.
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Egypt's net foreign assets positive for second month in June
NFAs slid to 626.6 billion Egyptian pounds in June from 676.4 billion pounds as of end-May.
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EBRD, donors and Crédit Agricole Egypt boost green investments in Egypt
EBRD and GCF boost small businesses and green investments in Egypt, with a US$ 20 million loan to Crédit Agricole Egypt.
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Egypt’s credit bureau “Iscore” reveals new analytics platform to support banking sector
The newly introduced platform aims to facilitate real-time monitoring and in-depth analysis of various credit products.
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Egypt PMI hits highest level in June: S&P report
Egypt’s Purchasing Managers’ Index (PMI) hit its highest level in three years in June at 49.9, up from 49.6 in May, according to an S&P Global.
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Mashroak empowers 212,000 projects with EGP 29bn in loans
Expanding SME implementation and financing across all governorates through “Mashroak” remains a top priority for the ministry.