Economy
US dollar inflows hit US$2.6 bn, CBE regains ability to finance trade says governor
November 17, 2016
US dollar inflows hit US$2.6 bn, CBE regains ability to finance trade says governor
The official US dollar inflows have improved, two weeks after the Central Bank of Egypt (CBE)'s decision to float the…
US dollar index surges to 14-year high
November 16, 2016
US dollar index surges to 14-year high
The US dollar soared to its highest since April 2003 against a basket of currencies on Wednesday, reaching its strongest…
Kuwait to supply Egypt with 2 million barrels of oil a month
November 16, 2016
Kuwait to supply Egypt with 2 million barrels of oil a month
Egypt's state news agency says Kuwait has agreed to supply Egypt with 2 million barrels of crude per month, starting…
Oil pinned near three-month lows as gloom grows over OPEC
November 14, 2016
Oil pinned near three-month lows as gloom grows over OPEC
Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak…
US dollar exchange rate continues to decline
November 14, 2016
US dollar exchange rate continues to decline
The US dollar exchange rate continued to decline compared to the Egyptian pound in major banks since the IMF announced…
Dollar soars as US yields spike; global shares divided
November 14, 2016
Dollar soars as US yields spike; global shares divided
The US dollar hit an 11-month peak on Monday as the risk of faster domestic inflation and wider budget deficits…
Egypt nears $800 million European aid deal to expand social safety net
November 13, 2016
Egypt nears $800 million European aid deal to expand social safety net
Egypt is in advanced talks with European countries to secure bilateral loans worth US$800 million as it expands efforts to…
In largest deal since 2011, exchange company sells US$2.5 million to NBE
November 12, 2016
In largest deal since 2011, exchange company sells US$2.5 million to NBE
Egyptian Exchange Company and state-run National Bank of Egypt (NBE) struck the largest foreign currency deal in the local market…
Egypt projects LE100 billion investments in industry by 2020
November 12, 2016
Egypt projects LE100 billion investments in industry by 2020
Egypt’s Industry Ministry on Saturday declared its strategy to promote industrial development and foreign trade, targeting to double the rate…
IMF bailout for Egypt seeks major reduction in public debt
November 12, 2016
IMF bailout for Egypt seeks major reduction in public debt
The International Monetary Fund said on Friday that its $12 billion bailout program for Egypt aims to reduce the country's…