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Stock Market / Finance in North Africa

  • Bitcoin just started trading on the world’s biggest exchange

    AFGHANISTAN, 2017/12/19 Bitcoin futures started trading Sunday night at CME Group Inc.’s venue, a week next Chicago rival Cboe World Markets Inc. introduced similar derivatives on the volatile cryptocurrency. CME is a much bigger player in futures, so a lot of traders expected it to make a bigger splash in the nascent space. CME got off to a faster start with additional efficient pricing. Its most-active arrangement changed hands 221 times in the initial hour versus 570 during Cboe’s debut. But that’s a win because CME’s contracts are five times additional precious — they’re tied to five bitcoins compared with only one with Cboe’s futures.
  • Morocco bans bitcoin transactions

    CASABLANCA, 2017/11/29 Currency regulator announces ban on transactions in bitcoin, other virtual currencies one week next Moroccan digital services company said it would accept payment in bitcoin. Morocco's currency regulator has announced a ban on transactions in bitcoin and other virtual currencies, in a country where foreign exchange flows are tightly controlled. "Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines," the Offices des Changes said in a statement on its website.
  • 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.
  • Morocco delays currency reform amid speculation

    MOROCCO, 2017/08/28 Morocco’s long-awaited initial phase of liberalising its currency was postponed following speculation on its fall prompted a drop in the country’s foreign reserves. The government delayed moving to a flexible exchange rate, a key International Monetary Fund-backed reform to liberalise Morocco’s economy, a spokesman said on July 7, citing the need for further studies. During a news conference in late June with the central bank governor and finance minister, the central bank invited journalists to attend the announcement. Later it delayed the announcement a “few days,” without saying why.
  • 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.
  • Morocco’s Investment Opportunities in Energy Sector Showcased in Lisbon

    MOROCCO, 2017/05/28 Morocco’s investment opportunities in the energy sector were presented before representatives of over 220 Portuguese companies, at a seminar organized on Thursday in Lisbon. The meeting was an opportunity to highlight the enormous potential of Morocco particularly in the strategic field of renewable energy and to stress its importance.
  • King Mohammed VI Chairs Launching Ceremony of New Investment Reform Plan

    CASABLANCA, 2017/05/28 King Mohammed VI chaired, on Monday at the Royal Palace in Casablanca, the launching ceremony of a new investment reform plan and the signing ceremony of several agreements and investment contracts. At the beginning of this ceremony, Minister of Industry, Trade, Investment and Digital Economy, Moulay Hafid Elalamy, presented before the King the new plan which is fully in line with the efforts of the Kingdom to create the conditions for sustainable economic growth, where private investment plays a leading role.
  • 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.