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Cairo: The Egyptian pound is the second best currency in the world


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Egypt's EGX rises 1.6 billion pounds

Thursday, 1440/5/25 corresponding to 2019/01/31 SPA
 

Cairo, 25 Jumada I 1440H (31 January 2019) 
The Egyptian Stock Exchange witnessed mixed performance on the day's close, amid strong buying of institutions, local investment funds and Arab investors in return for sales to foreign investors, as many traders moved to settle their positions by the end of the day. January. 
The index of the stock market "EGX 30" rose by 0.24% to finish the week at the level of 68,14126 points, while the index of small and medium shares, "EGX70" by 0.49% to close at the level of 683.84 points, The broader EGX 100 index fell 0.35% to 1722.82 points.
The market capitalization of shares listed on the stock exchange achieved limited gains of LE 1.6 billion to reach LE 793.4 billion after total trading of LE 1.8 billion, of which LE 1.434 billion was trading in the stock market. 
Arab investors and Egyptian and Arab institutions tended towards buying with a net value of LE 10.3 million, EGP 139.4 million and EGP 2.9 million respectively. Meanwhile, Egyptian and foreign investors tended towards selling with a net value of LE 27.1 million and EGP 126.9 million respectively. 
The Egyptian Stock Exchange (EGX) today announced that it will launch a new weight index starting next Sunday under the name EGX30 CAPPED, which will include the most active 30 companies in terms of liquidity and activity, with the aim of limiting the control of a limited number of companies. Traffic Indicator. 
// // ended 
17:40 ITM 

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 Arab and international


Economy News _ Baghdad

Egypt has managed to cut its short-term dollar debt by 3.25 billion dollars by the end of 2018 to 14 billion dollars, Egypt's deputy finance minister said on Sunday. 
"The ministry has successfully managed long-term borrowing from international markets and used part of these funds to repay short-term foreign debt, which is denominated in dollar-denominated treasury bills and foreign currencies issued to local banks," he said in a press release. 
The Ministry of Finance has managed to reduce the outstanding US dollar reserve in 2018 by $ 3.25 billion, bringing the balance by the end of December 2018 to about $ 14 billion. 
Egypt's funding needs in the 2018-2019 budget amount to LE 714.637 billion, of which 511.208 billion are in the form of domestic debt instruments and the rest are external financing from the issuance of bonds and the IMF loan.
Egypt faces a difficult repayment schedule for next two years, trying to expand its investor base, extend its debt maturity and borrow less. 
Egypt's foreign debt stood at 92.64 billion dollars at the end of June, up 17.2 percent year-on-year.


Number of Views 8   Date Added 03/02/2019

 
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The Central Bank of Egypt receives two billion dollars from the IMF loan

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  • (Reuters)
History: 06 February 2019

The Central Bank of Egypt (CBE) received the fifth tranche of the International Monetary Fund (IMF) loan on Tuesday evening, amounting to 2 billion dollars, the Middle East News Agency reported on Wednesday.

On Monday, the IMF approved the disbursement of the fifth tranche of the $ 12 billion three-year loan program. Egypt signed the loan agreement with the IMF in 2016 after it approved a package of reforms, including the liberalization of the pound exchange rate, the reduction of energy subsidies and the introduction of VAT.

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Egypt issues new currencies with 16 new images

Thursday, 03 January 2019 - 18:15

Egypt issues new currencies with 16 new images

 Cairo - Conscious follow-up

Egyptian Prime Minister Mustapha Medbouli issued a decree authorizing the Minister of Finance to issue commemorative commemorative coins from the two pound categories .

The decision is a document of the achievements made during the last period, including: the capital Egypt, the solar power plants in Aswan, the national network of roads, power plants, the new city of Elamein, the new Egyptian countryside, the field of back gas, Determination and the numbers and specifications provided for in the resolution .

The resolution also stipulates that the sale price within the Arab Republic of Egypt for one piece of currency shall be determined by the denomination of one pound, and for each piece of the currency of the denomination of 50 piasters, with the nominal value of the currency in circulation.

 

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Egypt plans to sell $ 5 billion in international bonds

01:59 - 19/02/2019

 
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 Follow - up to the balance News 
reported Egyptian Stock Exchange reported Tuesday that Egypt is preparing to issue international bonds worth up to $ 5 billion this week to the Luxembourg Stock Exchange. 
In April last year, Egypt raised $ 2.46 billion from the sale of eight- and 12-year euro-denominated bonds at 4.75 percent and 5.625 percent respectively. 
"Egypt is not going to launch a promotional round, especially since the last period has witnessed meetings of investors and a survey of views on the expected interest rates," Reuters quoted the newspaper as saying. 
Egyptian Finance Minister Mohamed Maith told Reuters in January that his country planned to launch the international bond program between February and March in various currencies, raising between $ 3 billion and $ 7 billion.
Egypt has selected Goldman Sachs, HSBC, JP Morgan and Citibank to manage the dollar-denominated bond issue. BNP Paribas, Standard Chartered, Bank of Alexandria and Natixis have chosen to manage the euro-denominated bond issue. 
Egypt's funding needs in the 2018-2019 budget are about 714.637 billion pounds ($ 40.72 billion), of which 511.208 billion are in the form of local debt instruments, and the rest are external financing from the issuance of bonds and the IMF loan. 
Egypt has paid $ 200 million of the arrears of international oil companies to reduce debt to $ 1 billion by Dec. 15, the bourse newspaper said. 
The foreign oil companies' debts to Egypt amounted to $ 1.2 billion on June 30, and the country is seeking to complete the repayment of these debts by the end of 2019. Ended 29 / s

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How many banks have lost interest rates after the flotation?

Last Updated: Monday , 14 Jumada II 1440 - February 18 2019 KSA 09:13 - GMT 06:13 
Tark Published: Monday 14 Jumada II 1440 - February 18 2019 KSA 08:58 - GMT 05:58

Source: Cairo - Khaled Hosny
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  • Printfont sizeThe decision to liberalize the exchange market and float the Egyptian pound against the dollar has causedmany repercussions. The most prominent of these were the high inflation rates, in addition to the trend of the Egyptian banks' financial surpluses in the form of deposits or investment certificates with a high return of 20%.

The central bank's monetary policy committee decided on Thursday to cut interest rates by about 100 basis points, or about 1 percent, as banks begin to push for a cut in interest rates. The monetary policy committee of the Central Bank of Egypt (CBE) decided to cut the overnight deposit and lending rates by 100 basis points to 15.75% and 16.75% respectively.

 

It was also decided to reduce the price of the main operation by 1% to 16.25% and the price of credit and discount the same amount to 16.25%.

But the question arises: How much did the Egyptians profit and the banks lost because of high-yielding certificates put forward by the Egyptian banks during the last period? 
Tariq Amel, governor of the Central Bank of Egypt, said that more than 28 million citizens benefited from the 20% certificates offered by banks following the exchange rate liberalization in November 2016.

In contrast, the banks' proceeds from these certificates amounted to about 800 billion pounds.

The Governor of the Central Bank of Egypt that the certificates of 20% was intended to provide savings to citizens to address the rise in prices resulting from the decision to liberalize the exchange rate. 
He pointed out that the banks lost to the citizens more than 350 billion pounds in two years, as a result of the issuance of these certificates, but the social dimension was more important than the profits of banks, which is to help citizens to cope with any repercussions of rising prices.

He added that some objected to the policy of raising the interest rate taken by the Central Bank during the previous periods, although it was not at the levels of some other countries similar in their circumstances to Egypt if offered money supply, which Egypt obtained.

He stressed that if the money injected into the markets to bring inflation to levels that are difficult to control, it would not hurt the economy significantly.

Earlier in January, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced an increase in the bank deposits of the family sector to LE 2370.8 billion, an increase of 22.3% over the previous year. Natural persons contributed 95.1% of the total deposits of the household sector. Of the total bank deposits.

He pointed out that the bank deposits for the public services sector increased by 405.1 billion pounds, an increase of 5.4% over the previous year. Bank deposits rose by the end of 2018 to reach LE 3553.6 billion, an increase of 17.4% over 2017.

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Why has the Egyptian Central Bank established the interest rate?

Why has the Egyptian Central Bank established the interest rate?
Egyptian Central Bank
 March 29, 2019 12:12 AM

From Islam Fadl

CAIRO: The Central Bank of Egypt (CBE) has breached the expectations of banking experts on raising interest rates on deposits and lending .

The Central Bank's monetary policy committee decided on Thursday to keep interest rates unchanged at 15.75 percent for deposits and 16.75 percent for lending, contrary to most expectations .

                 

The monetary policy committee meeting on Thursday was the second since the beginning of this year, after the central monetary policy committee decided to cut interest rates by 1 percent at the first 2019 meeting in mid-February to 15.75 percent for deposits and 16.75 percent for lending .

The Central Bank explained that there are many reasons for the decision to fix the interest rates on deposit and lending, the most prominent of these reasons related to the rate of inflation and growth rate of GDP, unemployment rate and the conditions of the global economy .

Hassan Ghanem, deputy chairman and managing director of Housing and Development Bank, said the central bank's decision to fix interest rates on deposit and lending came at the right time .

He added in a telephone conversation with "Mubasher" that the installation came in time because of expectations of a wave of high inflation during the coming period .

Ghanem explained that this stabilization will contribute to increase dollar flows to Egypt in the coming period .

He stressed that the stabilization will work to decrease the exchange rate of the US dollar against the Egyptian pound .

He predicted that the Egyptian Central Bank after the holy month of Ramadan or after the increase in fuel prices to reduce interest rates .

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In a related context, said Ashraf Al-Qadi, chairman of the United Bank, the decision of the Central Bank to stabilize interest rates was the result of fluctuations and problems in the global markets .

The judge added that the central bank will not change interest rates only after the calm conditions in the world markets and in Turkey .

He added that the problems facing Turkey during the current period contributed to the exit of foreigners from developing countries .

The judge pointed out that investment in treasury bills and bonds will continue well during the current period, stressing that the dollar will stabilize at current rates .

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He expected the Central Bank of Egypt to decide during the coming period to cut interest rates on lending and deposits, and if the economic reform program is well advanced .

It is worth mentioning that the monetary policy statement issued today indicated that the annual rate of general and basic inflation increased to 14.4% and 9.2% in February 2019 from 12.7% and 8.6% in January 2019, respectively .

"The price of some food commodities, especially some fresh vegetables, has contributed to this, while the contribution of non-food commodity prices has been very limited, and the negative effect of the base period has partly contributed to the rise in annual inflation rates ."

The Central Bank of Egypt also pointed out that real GDP growth rate rose slightly to 5.5% in the fourth quarter of 2018 from 5.3% in the previous quarter. The unemployment rate fell to 8.9% from 10% to its lowest level since the fourth quarter of 2010 .

Available data indicate continued containment of private domestic demand and support for net exports of economic activity during the third quarter of 2018 .

It is noteworthy that the Ministry of Finance aims to achieve a first surplus of 2.0% of GDP during the fiscal year -20182019, compared to an initial surplus of 0.1% of GDP during the previous fiscal year, and maintain that surplus in the following years .

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  • yota691 changed the title to World Bank: Egypt will achieve the second highest growth in the Middle East in 2019

World Bank: Egypt will achieve the second highest growth in the Middle East in 2019

Economy | 12:06 - 02/04/2019

 
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Follow-up - Mawazine News 
A report by the World Bank predicts Egypt will achieve the second highest growth in the Middle East and North Africa this year, ahead of leading Gulf economies. 
According to the report, Egypt will achieve a growth of 2019 in the rate of 5.5%, which will be the highest since 2008. The report attributed this to the reforms carried out by the Egyptian government, the increase in natural gas production, the recovery of tourism and the increase in government investment spending. 
He added that the reduction of subsidies several times, the increase in VAT revenues and income taxes, has led to a reduction in the budget deficit in Egypt during the past two years. 
According to the report, Djibouti will lead the region in terms of growth. The World Bank report predicts that its economy will grow by 7% this year and that the Middle East and North Africa region will grow by 2.7% this year.
The report noted, however, that the slight recovery expected in growth in the coming years will not change the long-term picture of low per capita gross domestic product (GDP) growth and the ongoing trade deficit in several countries in the region. 
"We urge the region to adopt ambitious reforms," commented Farid Belhadj, World Bank Vice President for the Middle East and North Africa. "There is an urgent need today to advance reforms to improve productivity and encourage innovation and competition." 
"There will be 300 million young people in the Middle East and North Africa looking to enter the labor market by 2050. The region can succeed only if it addresses structural obstacles to growth."

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Egypt cuts fuel subsidies as it approaches the end of the IMF program

Economy | 09:54 - 06/04/2019

 
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Following 
a review of a $ 12 billion loan program for Egypt over three years, it will eliminate subsidies on most energy products by June 15, the IMF said on Saturday. 
The letter, dated January 27, said this meant a rise in the price of gasoline, diesel, kerosene and fuel oil, currently 85 to 90 percent of its global price. 
The letter, sent by the Minister of Finance and the Governor of the Central Bank of Egypt, came as part of an IMF staff report on January 28 and was published following the disbursement of the fifth installment of 6 installments of the loan in February. 
The loan program began in 2016 and is linked to reforms that included a sharp devaluation of the Egyptian pound and the introduction of VAT.
The commitment to achieve full cost recovery by cutting subsidies does not include liquefied petroleum gas (LPG) and fuel oil used to generate electricity and bakeries, the letter said. 
The government said in its letter that after the introduction of the world's lowest-priced gasoline-octane gasoline, which began in April, similar pricing mechanisms will be applied to other products in June with the first price adjustments expected in mid-September. 
The Government indicated that it had also implemented a hedging mechanism to prevent shocks to oil and other commodities

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Expectations of international criticism regarding the fate of the Egyptian economy

Economy | 02:34 - 06/04/2019

 
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The International Monetary Fund (IMF) on Saturday announced that Egypt's 
GDP growth rate will reach 5.9% during the fiscal year 2019/2020. 
The International Monetary Fund (IMF) on Saturday published its letter to Egypt on the basis of the fourth review of the Egyptian economic reform program In the last period, explaining that the growth rate reached 5.9% during 2019/2020, compared with 5.5% during the current year 
2018/2019. The IMF expected to reach foreign exchange reserves in the Central Bank of Egypt to 45.351 billion dollars in fiscal year 2019/2020, And that the rate of inflation is 12.8%, and the unemployment rate will fall from 9.6% currently, to 8.3% Next fiscal year.
He also predicted that Egypt's external debt in the next fiscal year will reach 104.4 billion dollars and that the ratio of external debt to GDP will reach 34.4 percent by the end of the current fiscal year. 
With regard to tourism revenues in Egypt, the Fund expected to increase to 12.5 billion dollars in the next fiscal year, compared to 11.2 billion dollars in the current fiscal year. 
The IMF mission is due to arrive in Egypt next May for the fifth and final review, which will result in the disbursement of the last tranche of the IMF loan to Egypt. 
Egypt signed an agreement with the International Monetary Fund (IMF) at the end of 2016, under which it will receive a loan of 12 billion dollars, provided that a package of reform measures is implemented in order to reduce the deficit of the Egyptian general budget.

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  • yota691 changed the title to The rise of foreign reserves in Egypt
05-05-2019 09:31 PM
image.php?token=a3124a601f459125e5621b0ad13b32ff&c=8864018&size=
 


 

BAGHDAD (Reuters) - 
Egypt's net foreign reserves rose by more than $ 44 billion by the end of April, the central bank said in a statement on Sunday. 
The bank said in its statement that reserves amounted to $ 44.218 billion at the end of that month, up from $ 44.11 billion at the end of March, according to "Reuters." 
Egypt's foreign reserves stood at $ 44.030 billion at the end of April 2018. 
These increases came after Cairo liberalized the exchange rate of the Egyptian pound in November 2016 as part of economic reforms linked to a $ 12 billion loan from the International Monetary Fund. 
The International Monetary Fund (IMF) has praised the progress made in reforms related to the Egypt loan program, noting that the strong implementation of the program and overall positive performance have played an active role in achieving macroeconomic stability.
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The value of the Egyptian pound during the past two weeks about 18 piasters against the dollar, approaching the price drop below 17 pounds.

The price of the dollar against the Egyptian pound, recorded on the domestic market on January 2, 2019 about 17.78 pounds for purchase, and 17.88 pounds for sale, while on Monday, about 17.11 pounds for purchase and 17.20 pounds for sale according to the price of the central bank and in most banks. 

This comes after the announcement by the Central Bank of Egypt on Sunday that net foreign reserves in Egypt rose by the end of last April, to become more than 44 billion dollars.


The bank said in its statement that reserves amounted to $ 44.218 billion late that month, up from $ 44.11 billion at the end of last March.

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IMF: Egypt's cash reserves $ 44 billion and growth rate rose to 5.3%
David Malbas, Director General of the International Monetary Fund
 

Books - Ahmed Yacoub


The International Monetary Fund (IMF) said on Friday that Egypt's GDP growth rate rose from 4.2 percent in the fiscal year 2016-2017 to 5.3 percent in fiscal year 2017-2018, and Egypt's foreign exchange reserves rose from 17 billion dollars in June 2016 , To 44 billion dollars in March 2019.


 
The Central Bank of Egypt, which is headquartered in Washington, DC, said that the Central Bank of Egypt reduced the inflation rate from 33% in July 2017 to 13% in April 2019. It aims to reduce the inflation rate to less than 10% in the medium term. Flexible exchange rate, confirming that the efforts of the Central Bank of Egypt lead to achieving macroeconomic strengthening.
 
The IMF mission visited Egypt from May 5 to 16, 2019 for the fifth and final review of the economic reform program. The IMF team and the Egyptian authorities reached an expert-level agreement that allows for the disbursement of the sixth tranche of $ 2 billion after approval by the Executive Board of the IMF As part of the private financing of the $ 12 billion loan to Egypt.
  
The International Monetary Fund added that excluding the last 6 billion dollars, Egypt's total funding would reach 12 billion dollars.

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 The International Monetary Fund is preparing to hand over Egypt $ 2 billion

18:00 - 17/05/2019
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Information / Baghdad ..

The IMF mission reached an expert-level agreement with Egypt on the completion of the recent review of the economic reform program that began in November 2016.

A team of IMF experts led by Supair Lal visited Egypt from 5 to 16 May 2019 for the fifth and final review of Egypt's economic reform program, supported by a three-year agreement under the "Extended Fund Facility", a fund statement said Friday.

This agreement is subject to the approval of the IFAD Executive Board. Upon completion of this review, Egypt will receive SDR 1432.76 million (US $ 2 billion), bringing the total amount disbursed under the program to US $ 12 billion.

Supril Lal, head of the fund's mission, said in the final statement of the review that prudent monetary and fiscal policies and a flexible exchange rate are the basis for achieving macroeconomic stability and strengthening Egypt's resilience in the face of external shocks, while social protection measures have helped ease the burden of economic reform on citizens.

 
 
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The rise of the suspicious pound undermines investor conditions in Egypt

- 13 Hours Ago

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Egyptian economic circles have been puzzled by the strange rise in the exchange rate of the pound, which jumped against the dollar by more than 6 percent in just two months. Analysts fear the existence of government review targets behind the rise, which could undermine the situation of investors in the country.

Cairo - Egypt's currency exchange market recently witnessed a suspicious rise in the value of the pound against the dollar recently, amid official justification for the increase in dollar flows and the rise in the central bank's monetary reserves to new record levels.

The price of the dollar recently to less than 17 pounds, after settling for many months at the barrier of 17.7 pounds.

The country's foreign currency reserves reached about $ 44.2 billion at the end of last April, and contributed to the construction of most facilities from the Gulf countries and loans from international institutions.

The funds include the International Monetary Fund's $ 10 billion loan to support the economic reform program, with Cairo waiting for the last $ 2 billion payment.

Foreign reserves also include international bonds issued by Cairo on foreign debt markets and Arab funds.

The value of reserves convertible into cash liquidity is about $ 26.3 billion, according to data released last February issued by the Central Bank, while the rest of the reserves are securities and gold.

The reserve-building policy of borrowing adds a new debate to the exchange-rate system, because it has not resulted in production surpluses or spikes in the country's exports.

During the first half of the current fiscal year, Egypt's trade balance showed a gap of 19.3 billion dollars due to an increase in imports to about 33.5 billion dollars against exports of about 14.2 billion dollars.

Concerns about Cairo's tightening of the dollar's strength against the dollar are raising concerns for investors, which are raising their anticipation of the investment climate, before injecting new investments into this market, which has become unstable in the exchange rate system.

The investors of the "Arabs", that what is currently taking place in the arena reflects Cairo's insistence on tightening the dollar to low levels in the market without convincing economic justification.

"The economic scene is waiting for an increase in electricity and fuel prices in July," said Mustafa Ibrahim, vice chairman of the Egyptian-Chinese Business Council.

He pointed out to the "Arabs" that the monetary policy in Egypt hopes to drag the dollar to low levels in order to control the pace of rising prices with the expected increases in energy prices.

The Ministry of Electricity and Energy announced an increase in electricity prices by about 15 percent on average, with the bill for July.

The central bank's monetary policy committee kept the overnight deposit and lending rate unchanged at 15.75 percent and 16.75 percent respectively.

Ayman Abuhend, a member of the Egyptian Association for Direct Investment, ruled out the entry of foreign direct investments into Egypt in the coming period due to the instability of the currency exchange rate.

The rate of exports and foreign investments did not grow appreciably, which is attractive to foreign currency directly, and the prices of goods and services have not changed, but have continued to ignite in the domestic market.

17 pounds in the dollar exchange rate in the last period after settling for months at the barrier of 17.7 pounds

Capital account showed that foreign direct investment fell to $ 2.8 billion during the first six months of this fiscal year compared to $ 3.7 billion in annual comparison, further increasing the uncertainty of the Egyptian currency exchange rate.

This reflects a decline in productivity rates and a decrease in the value added of raw materials imported from abroad, which led to price inflation exceeding the capacity of consumers.

Abuhend told officials to reveal the real reasons for the rise of the pound to more than 112 piasters within two months, while there have been no fundamental changes in the macroeconomic indicators that strengthen the strength of the pound in the exchange market.

Cairo has imposed restrictions on the importation of non-core commodities in order to ease the pressure on banks to manage foreign currency, which leads to a drop in demand for the dollar, as well as complications in the registration of companies that export to the Egyptian market, according to a decision of the Ministry of Industry and Trade, On exports and imports.

A number of investors described these measures as leading to an exchange rate that is not free, as these restrictions constrain supply and demand forces and affect the mechanisms of their freedom.

"The rise in the value of the pound is a positive indicator for investors and shows that there is no pressure on the currency or the problems it faces," said Mohamed Abubacha, a macro-economic analyst at EFG-Hermes.

He attributed the rise of the pound to the flow of foreign investments through the debt market. He considered that the appreciation of the local currency is logical, as the majority of developing countries, including Egypt, were positively affected by the US Federal Reserve rate hike since the beginning of this year. Promotes foreign flows to the country.

The central bank canceled the mechanism to ensure the transfer of foreign funds in December, and the investor can transfer money abroad through the bank that deals with him directly without restrictions.

The mechanism dates back to 2013, when former central bank governor Hisham Ramez decided to activate a new mechanism to transfer funds through the bank in order to boost the confidence of foreign investors in the Egyptian market.

Abubacha ruled out the impact of foreign direct investment on the current exchange market, as these investments do not bet on the immediate changes of the currency, and bet for a further two years to assess the exchange market.

A black market is on the horizon again, if the dollar continues to decline against the pound in the Egyptian market, as the decline will prompt US currency holders to hold it as a value store, with expectations of a rebound.

The expatriate remittances are one of the country's most important foreign currency inflows. In the first half of this fiscal year, they recorded about $ 12 billion, compared to $ 12.9 billion in annual terms.

This figure dwindled before the exchange rate was released in November 2016. Real exchange rates led to the emergence of a money transfer mafia, buying foreign currency from expatriates at prices more than twice the official prices.

Walaa Hazem, an expert on financial and investment markets, warned of the consequences of intervention in the exchange rate system as it leads to the return of the country's "black dollar".

He told the "Arabs" that the avoidance of the return of the black market of the currency will be only through the availability of large banks and cover letters of guarantee to importers, focusing on sources to ensure the sustainability of the flow of US currency to Egypt through increased resources of tourism and exports and foreign direct investment.

The Arabs

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The Egyptian stock exchange is losing billions

20:54 - 30/05/2019
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Information / follow up

The Egyptian Stock Exchange ended the week's trading on Thursday, with a collective decline of all indicators under the pressure of sales of foreign dealers.

Market capitalization declined by 8.8 billion pounds to close at 745.013 billion pounds. The shares of 20 companies listed on the bourse closed at the close of trading, and 101 companies declined and 37 companies did not change.

The "EGX30" index fell 1.45% to close at 13771 points, and the index of "Eiji X 50" by 2% to close at 2067 points, and the index "EGX X 30 weights" by 1.98% to close at 17002 points.

The index of the medium and small companies "EijiX70" by 0.91% to close at 597 points, and the index, "Eiji X 100" by 1.01% to close at 1521 points, and the index of the Nile Stock Exchange by 0.34% to close at 450 points.

The volume of trading on the shares amounted to 109.2 million securities worth 443.9 million pounds, through the implementation of 13.5 thousand transactions for 158 companies, the Egyptians accounted for 60.47% of the total transactions, while foreigners accounted for 37.29% and Arabs at 2.24% during the trading session today, Institutions accounted for 51.03% of the transactions on the stock exchange. The rest of the transactions were for individuals at 48.96%. End 25

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  • yota691 changed the title to The top 10 countries receive remittances from overseas workers .. Egypt is on the list

The top 10 countries receive remittances from overseas workers .. Egypt is on the list

The top 10 countries receive remittances from overseas workers .. Egypt is on the list
Expression picture
 12 July 2019 10:34 PM

From: Mustafa Reda

CAIRO (Reuters) - Egypt ranked fifth among the country's most heavily remunerated countries in 2018, according to a World Bank report .

The report noted that remittances are a lifeblood for low- and middle-income countries and an effective means of reducing poverty because they go directly to families .

He said that the money sent by workers from abroad to their families in their home countries has become an important part of the economy of many countries around the world .

He pointed out that officially recorded remittances reached a record $ 529 billion in 2018 and are on track to reach $ 550 billion in 2019 .

The Big 10

India topped the list of countries receiving remittances from abroad in 2018 worth 78.6 billion dollars, China came in second place with 67.4 billion dollars and Mexico with 35.4 billion dollars, according to the global knowledge of migration and development .

In fourth place came the State of the Philippines about 33.8 billion dollars, and then in fifth place Egypt with a value of 28.9 billion dollars .

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  • yota691 changed the title to The Egyptian pound is the second best performing currency in 2019

The Egyptian pound is the second best performing currency in 2019

 
Cairo / Follow-up 
 
 
The Egyptian pound continues to rise against the US dollar by 6.5 percent. The Bloomberg economic agency classified the Egyptian currency as the second best performing international currency in the year 2019.
Since the beginning of the year, the Egyptian pound has been steadily gaining gains against the US dollar, and the price of one dollar is around 16.56 pounds for purchase and 16.66 pounds
For Sale. 
The Bloomberg Economic Agency ranked the Egyptian pound in second place internationally in terms of the best performance of international currencies against the dollar, in its monthly report.
The media center of the Council of Ministers, Infograva, highlighted the Bloomberg economic report, which monitors currency performance. The performance of the currency is the amount of appreciation or devaluation of the local currency against the US dollar in a certain period of time. Egypt is the second best performing currency in the world during the first six months of the year
 2019.
The Egyptian pound has seen an improvement in emerging markets, with the pound rising 6.5 percent against the US dollar during the period, while the Russian ruble over the same period rose by 9.5 percent against the US dollar. The Thai baht About 5.3 percent against the dollar over the same period.
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42 minutes ago, yota691 said:

The Egyptian pound is the second best performing currency in 2019

 
Cairo / Follow-up 
 
 
The Egyptian pound continues to rise against the US dollar by 6.5 percent. The Bloomberg economic agency classified the Egyptian currency as the second best performing international currency in the year 2019.
Since the beginning of the year, the Egyptian pound has been steadily gaining gains against the US dollar, and the price of one dollar is around 16.56 pounds for purchase and 16.66 pounds
For Sale. 
The Bloomberg Economic Agency ranked the Egyptian pound in second place internationally in terms of the best performance of international currencies against the dollar, in its monthly report.
The media center of the Council of Ministers, Infograva, highlighted the Bloomberg economic report, which monitors currency performance. The performance of the currency is the amount of appreciation or devaluation of the local currency against the US dollar in a certain period of time. Egypt is the second best performing currency in the world during the first six months of the year
 2019.
The Egyptian pound has seen an improvement in emerging markets, with the pound rising 6.5 percent against the US dollar during the period, while the Russian ruble over the same period rose by 9.5 percent against the US dollar. The Thai baht About 5.3 percent against the dollar over the same period.

Hmmmmm, I believe they just floated their currency just a year or two ago. Iraq, your next. After the RV of course!

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  • yota691 changed the title to Central Bank Issues Rules for Exporting and Importing Foreign Exchange Notes (details)

Central Bank Issues Rules for Exporting and Importing Foreign Exchange Notes (details)

56 minutes ago Books By: Mohsen Abdel Razek
 
 
البنك المركزي المصري - صورة أرشيفية
Central Bank of EgyptREUTERS / Reuters

 

The Central Bank of Egypt (CBE) issued on Thursday the criteria for practicing the activity of exporting and importing foreign currency surplus securities to banks.

 

 

The Central Bank set requirements for the bank to be able to export surplus foreign currency notes, including the requirement of the Central Bank, the size of the export process at a time does not exceed $ 100 million and its equivalent for all currencies traded.

 

 

It also stipulated that the bank must submit a declaration stating that there is sufficient balance in the operating need other than the amounts to be exported.

 

 

The central bank also stipulated that the currencies to be exported should be published on the bank's screen on the Reuters screen, including the components of this surplus currency types.

 

 

It also stipulated that the bank should inform the banking operations sector at the Central Bank of the request for exportation at least one day prior to the date of export for approval.

 

 

The CBE pointed out that banks may contract with financial institutions abroad such as banks and exchange companies to complete the process of exporting foreign exchange, provided that the banks do a thorough examination of ignorance and a credit study of those institutions before contracting with them to determine the feasibility of the contract and determine a credit limit for each institution to be renewed annually.

 

 

The Central Bank has set several conditions for these institutions, such as that the institution is subject to one of the supervisory bodies, and that it has the approval of this body to practice this activity, and that it has passed its establishment and practice of this activity for at least five years, and that it has not been subject to sanctions or Fines by the supervisory authority in the country in which it operates, or penalties related to money laundering operations from third parties. It also stipulated that such institutions should have approved and documented procedures in relation to combating money laundering and terrorist financing.

 

 

The Central Bank also stipulated that the Bank should provide it with documents proving the quantity exported and the actual value of the foreign currency notes no later than 10 days from the date of export.

 

 

The Central Bank explained that it has the right to revoke the license to practice exporting foreign currency notes at any time and without giving any reasons.

 

 

The Central Bank also stipulated that it should apply for its approval if the bank wishes to import foreign currency notes, without giving any further details.

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  • yota691 changed the title to Egypt begins setting the customs dollar rate on a daily basis
01-09-2019 07:19 PM
image.php?token=e0fdfbd58ed4670c0dcaece7aeef0cef&c=2181004&size=
 


 

Baghdad / News: 
The Egyptian Customs Authority announced that Egypt will start to set the price of the customs dollar on a daily basis starting from September 2. 
Negm, head of the Customs Authority, confirmed that the decision to cancel the deal at the customs dollar rate, which is estimated at 16 pounds, and the application of the free dollar rate, which is about 16.5 pounds, came to the decline in the price of the free dollar compared to the price of the customs dollar. 
Najm explained that it is also up to the implementation of a set of decisions to subject some goods that do not affect the market to the price of the free dollar, was the decision to subject all goods to the price of the free dollar in September. 
He pointed out that there is no significant impact on the market if all commodities are subject to the price of the free dollar, especially in light of the continued decline. 
Najm stressed that the impact is very weak for customs taxes and other duties, noting that the decision will increase the customs revenue. 
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  • 1 month later...
 
17527.jpg
Tourists in Luxor Temple in Luxor, southern Egypt. Reuters
  

 Arabic and International


Economy News - Baghdad

Initial indicators of financial performance in the first quarter of the fiscal year 2019-2020 indicate a first-quarter surplus of 7.1 billion pounds ($ 437.7 million), the presidency said in a statement.

The initial surplus - excluding debt payments - was EGP 7.2 billion in the first quarter of the previous fiscal year 2018-2019.

The statement did not contain other details such as the total deficit for the first quarter.
Egypt is targeting a budget deficit of 7.2 percent in the current fiscal year, down from 8.2 percent in 2018-2019, and achieving an initial surplus of 124 billion pounds, up from 104 billion the previous year, equivalent to 2 percent of GDP.


Views: 20   Date Added: 13/10/2019

 
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  • yota691 changed the title to Cairo: The Egyptian pound is the second best currency in the world

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