Egypt Independent: Business-Main news en Tourism association: EGP drop attractive for tourists <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&rsquo;s tourist agents are keeping an eye on the impact the US dollar&rsquo;s recent surge against the Egyptian pound is having, but currently believe the Egyptian currency&rsquo;s decline is positive for tourism.</div><div>&nbsp;</div><div>On Thursday, the Central Bank of Egypt let the pound weaken to 7.6301, down from the 7.5301 it had maintained for five months.&nbsp;</div><div>&nbsp;</div><div>Basel al-Sisi, chairman of the economic commission at the Egyptian Travel Agents Association, told <em>Al-Masry Al-Youm</em> that the Egyptian pound&rsquo;s drop against the dollar is an attractive factor for incoming tourists, given the fact that the value of commodities and other expenses will become cheaper for them.</div><div>&nbsp;</div><div>Sisi pointed out that the dollar increase is under the association&rsquo;s watch, adding that it &ldquo;leads to increasing the value of other foreign currencies in the market, and since 5 percent of services provided to pilgrims are paid for in Saudi riyals, they are expected to increase in price too.&rdquo;</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Mon, 06 Jul 2015 15:16:00 +0000 Al-Masry Al-Youm 2453704 at sites/default/files/photo/2014/06/05/484151/dwlrt.jpg Egypt's credit jumps by 18.4% during July/April 2014/15 <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Banks&#39; credit balances in Egypt jumped &nbsp;by 18.4 percent or LE108 billion (US$14 billion) during July/April 2014/2015, according to the Central Bank of Egypt&rsquo;s (CBE) monthly <a href=""><span style="color:#0000ff;"><u>report</u></span></a> released on Monday.</div><div>&nbsp;</div><div>Moreover, the report noted that the private business sector accounted for 61.8 percent of total non-government credit balances at the end of April 2015.</div><div>&nbsp;</div><div>The CBE report pointed that at the end of April 2014, the relative breakdown of non-government credit balances by economic activity ran as 34.9 percent for the manufacturing sector, 25.2 percent for services, 10.4 percent for trade, 1.2 percent for agriculture and 28.2 percent for the unclassified sectors (including the household).</div><div>&nbsp;</div> Mon, 06 Jul 2015 15:09:00 +0000 Egypt Independent 2453710 at sites/default/files/photo/2014/01/27/484151/2013-03-06t142504z_329992155_gm1e9361q0501_rtrmadp_3_egypt-sukuk.jpg Industry, finance ministers to establish Egyptian Trade Network <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The ministers of industry and finance agreed to take operational steps to establish a network for the development of Egyptian trade and facilitating the work of importers and exporters.</div><div>&nbsp;</div><div>The network targets the electronic linking of the ports community components, including service providers like the customs, control, shipping and logistics authorities, and beneficiaries of both exporters and importers, freight forwarders, and customs clearance so as to complete all procedures safely, quickly and accurately.</div><div>&nbsp;</div><div>Trade and Industry&nbsp;Minister Mounir Fakhry Abdel Nour said the project aims to improve the climate and provide a suitable environment for foreign trade and strengthen Egypt&#39;s position on the map of global investment and trade.</div><div>&nbsp;</div><div>He added that the first phase of the project includes the operation of the port of Alexandria and Cairo airport by the end of July in accordance to the new system with the participation of all parties.</div><div>&nbsp;</div><div>Finance Minister Hany Qadry Dimian said that the Egyptian Trade Network will work to raise the efficiency of all Egyptian ports.</div> Mon, 06 Jul 2015 12:47:00 +0000 Egypt Independent 2453687 at sites/default/files/photo/2015/02/26/1755/mounir_fakhri_abdel_nour.jpg Egypt's market loses LE11.9 billion on Monday, EGX30 falls 4.2% <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&#39;s market lost ground on Monday&#39;s session, as the benchmark EGX30 index dropped plummeted by 4.23 percent, recording 7,870.78 &nbsp;points and a turnover of LE503 million, the Egyptian Exchange data showed.</div><div>&nbsp;</div><div>Meanwhile, the small and mid-cap EGX70 index and the broader EGX100 index fell 3.08 percent and 2.81 percent, respectively.</div><div>&nbsp;</div><div>Emaar Misr shares, which started trading on Egyptian Exchange yesterday, ranked first in terms of turnover in today&rsquo;s session losing 5.87 percent to close at LE3.53 with a turnover of LE99.70 million.</div><div>&nbsp;</div><div>Local, foreign and Arab institutions were net sellers, recording net flows of LE27.2 million, LE8.2 million and LE67.4 million, respectively, while local retail investors were net buyers, recording net flows of LE36.7 million.</div><div>&nbsp;</div><div>The EGX market capital lost LE11.9 billion (US$1.5 billion), hitting LE484.19 billion, compared to LE496.1 billion on Sunday.</div><div>&nbsp;</div> Mon, 06 Jul 2015 12:15:00 +0000 Egypt Independent 2453688 at sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg