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Stock Market / Finance in Egypt

  • New microfinance initiative worth $2.8m launched in Egypt

    EGYPT, 2017/09/06 In August national-owned investment bank NI Capital launched a LE50m ($2.8m) microfinance arm called Tamweely (Arabic for “Funding”) in conjunction with government-backed private investment entity Ayady for Investment and Development, and Cairo-based private equity firm Post for Investments. NI Capital, a privately managed and incorporated subsidiary of the National Investment Bank (NIB), said Tamweely was part of its commitment to provide finance and capital mechanisms to bolster the local economy, with a focus on Upper Egypt and the Nile Delta.
  • Egypt foreign reserves at highest since 2011 uprising

    EGYPT, 2017/08/28 Egypt's foreign exchange reserves are at their highest since the 2011 uprising, the central bank said on Tuesday, as the country pursues drastic reforms aimed at reviving its economy. The 2011 revolution that toppled longtime president Hosni Mubarak and the subsequent political instability scared off tourists and investors, devastating the North African country's economy.
  • Dollar exchange rate maintains stability at Egypt's banks

    EGYPT, 2017/08/15 The dollar exchange rate stood at EGP 17.74 for buying and EGP 17.84 for selling at the National Bank of Egypt on Monday, national news agency MENA reported. The dollar exchange rate stood at EGP 17.75 for buying and EGP 17.85 for selling at the Commercial International Bank (CIB).
  • In long-awaited move, Egypt central bank scraps currency transfer limit

    EGYPT, 2017/06/15 Egypt’s central bank on Wednesday removed limits on international currency transfers, scrapping a $100,000 monthly limit on individual bank transactions in a long-awaited reform intended to lure back badly needed foreign investment . Egypt put in place strict controls on the movement of foreign currency next its 2011 political uprising in an effort to limit the flight of capital. As part of a three-time$12 billion International Monetary Fund lending program that began late last year, Egypt is obliged to end these controls, which still include a $50,000 per month deposit cap for importers of non-priority goods.
  • Banks in Egypt see y-o-y profit growth amid stable outlook

    EGYPT, 2017/04/06 Positive results At the end of February the National Bank of Egypt (NBE) – the country’s biggest bank by assets and market share – reported net gain next taxes of LE12.5bn ($687.4m) for FY 2015/16, up 145% on the previous year, while pre-tax profits rose 88% to LE19.5bn ($1.1bn). The bank’s balance sheet grew by 35% to LE703.3bn ($38.6bn), and its loan portfolio increased by 49% to LE231.3bn ($12.7bn), with increase tilted towards major corporations.
  • Egypt's central bank devalued the Egyptian pound by nearly 15 percent in March

    EGYPT, 2016/09/01 Egypt has asked the International Monetary Fund for financial support as it struggles to strengthen its economy, the IMF said Tuesday. The Fund plans to send a staff team to the country at the end of this month to review the situation in the country and begin consultations, it said. According to some media reports, Egypt is seeking a loan program of $7 billion.
  • IMF loan best solution for Egypt at the moment

    EGYPT, 2016/08/25 Senior bankers said that Egypt resorting to borrowing from the International Monetary Fund (IMF) is the best alternative compared to borrowing from other sources. The government announced last Wednesday its intention to borrow $12bn from the IMF within a loan package to finance its economic programme. The IMF mission started a two-week visit to Egypt on Saturday to discuss the economic programme with the government. Elsayed Elkosayer, chairperson of the Principal Bank for Development and Agricultural Credit (PBDAC), said that the government “did well” by resorting to the IMF loan, adding that Egypt is in dire need of the loan, considering the suffering economy.
  • Egypt to repay international bonds worth $3bn in December 2016

    EGYPT, 2016/08/25 On 17 December, Egypt will repay international bonds worth $3bn, which were issued on 17 December 2013, according to the Ministry of Finance. The ministry announced in a recent statement, of which Daily News Egypt obtained a copy, that the return of these bonds is about 3.5%. Egypt repaid foreign dues worth $2.25bn in July, which was divided between $1.02bn bonds owed to Qatar, $715m debts owed to Paris Club, $250m owed to Libya, $207m debts to the National Petroleum Authority, and general short-term dues of $55m, according to the Central Bank of Egypt (CBE).
  • Egypt's Benchmark Index Declined By 1.2%

    EGYPT, 2016/02/09 The Egyptian stock market's benchmark index EGX 30 retreated by 1.2 % on Sunday reaching 6,126 points, down from 6,202. Meanwhile, the secondary indices inched up, with EGX 70 for small and medium enterprises rising by 0.8 % and the broader EGX 100 index by 0.1 %.
  • Egyptian pound steady at official auction and black market

    EGYPT, 2016/01/02 Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Thursday, and currency held its weaker rate on the black market as well. Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets at the same time as it strengthened the pound on November 11 by 20 piasters against the dollar.