Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egypt reduces gas production for ten days http://www.egyptindependent.com//node/2435576 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/09/08/92/gas.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="LTR" style="font-size: 14px;">A source at the Egyptian Natural Gas Holding Company said that Egypt will reduce gas production&nbsp;by 220 million cubic feet per day&nbsp;from&nbsp;17 to 27 April.&nbsp;<span style="line-height: 1.5em;">&nbsp;</span></p><p dir="LTR" style="font-size: 14px;"><span style="line-height: 1.5em;">Production will be 4.69 billion cubic feet per day instead of 4.91 billion cubic feet.</span></p><p dir="LTR" style="font-size: 14px;"><span style="line-height: 1.5em;">Yesterday, the ministries of electricity and energy and petroleum said that the petroleum sector will do its best to try to avoid being affected by the electricity sector from these cuts and provide additional quantities of liquid fuel.</span></p><p dir="LTR" style="font-size: 14px;"><span style="line-height: 1.5em;">The Egyptian Electricity Holding Company appealed to citizens to limit power consumption during the daily peak period, which is from 6 pm to 10 pm. &nbsp;</span></p><p dir="LTR" style="font-size: 14px;"><span style="line-height: 1.5em;">Egypt is currently suffering from frequent power outages in Cairo and most other governorates because of shortages in gas and fuel that are needed to operate power plants.&nbsp;</span></p> Tue, 15 Apr 2014 13:42:00 +0000 Ibrahim Alsahary 2435576 at http://www.egyptindependent.com sites/default/files/photo/2013/09/08/92/gas.jpg Egypt pound weakens at central bank's dollar sale and on black market http://www.egyptindependent.com//node/2435558 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/01/08/9948/the_story_of_the_egyptian_pound.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>The Egyptian pound weakened at a central bank dollar sale and on the black market on Monday, after hitting a six-month low last week.</p><p>The central bank said it sold dollars at a cut-off price of 6.9702 pounds, weaker than the rate of 6.9651 pounds at its last sale on Thursday.</p><p>Banks are allowed to trade dollars at rates determined by ranges set by the regular dollar sales. That gives the central bank effective control over rates in the official market.</p><p>Banks sold the dollar for as much as 6.9902 pounds for commercial transactions and 7.0102 pounds for retail transactions on Monday, a trader said.</p><p>On the black market, the dollar traded at around 7.49 pounds on Monday compared with 7.47 pounds on Sunday, according to a market participant.</p><p>The central bank sold $38.3 million on Monday, it said. It had offered $40 million.</p><p>Egypt&#39;s Central Bank said earlier this month that it had covered the entire backlog of dollars owed to foreign investors seeking to repatriate funds from the country but did not say how much money was involved.</p><p>Egypt&#39;s foreign currency reserves reached $17.414 billion in March. That compares with $17.307 billion in February and $36 billion before the uprising that led to the ouster of President Hosni Mubarak in 2011.</p><p>Egypt&#39;s annual urban consumer inflation rate stood at 9.8 percent in March, unchanged from February, the country&#39;s official statistics agency, CAPMAS, said on Thursday. Egypt&#39;s M2 money supply rose 17.02 percent in the year to the end of February, the central bank said last month.</p><p>The euro was offered for around 10.23 pounds on the black market on Monday, the market participant said. The euro was sold by banks at a retail rate of around 9.71 pounds on Monday.</p> Mon, 14 Apr 2014 16:27:00 +0000 Reuters 2435558 at http://www.egyptindependent.com sites/default/files/photo/2013/01/08/9948/the_story_of_the_egyptian_pound.jpg Stock exchange loses LE2 bn http://www.egyptindependent.com//node/2435537 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/12/26/484151/lbwrs_tswyr_mhmwd_bd_lgn_5.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian stock indices fell at the end of Sunday&rsquo;s trading session after giving up all the morning gains due to increasing pressure to sell leading stocks.</div><div>&nbsp;</div><div>The capital market lost more than LE2 billion to end at LE467,488 billion.</div><div>&nbsp;</div><div>The benchmark EGX30 index went down by 0.31 percent to close at 7,875.22 points, the small and medium stocks EGX70 index fell by 1.06 percent to 589.09 points, and the broader EGX100 index fell by 0.93 percent to 1,034.29 points.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from MENA</em></div> Sun, 13 Apr 2014 17:27:00 +0000 MENA 2435537 at http://www.egyptindependent.com sites/default/files/photo/2013/12/26/484151/lbwrs_tswyr_mhmwd_bd_lgn_5.jpg World Bank: Political unrest impedes Egyptian economy growth in 2014 and 2015 http://www.egyptindependent.com//node/2435495 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2012/11/22/93071/cooking_w_economy_pic.jpeg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>A report from the World Bank, issued in April, expected the economic growth rate in Egypt to rise slightly in 2014 and 2015.</div><div>&nbsp;</div><div>The report was titled &lsquo;The Middle East and North Africa: Taking Advantage of the Global Recovery, a Challenging Process to the Future.&rsquo;</div><div>&nbsp;</div><div>It projected a growth rate of 2.7 percent in 2014 and 3.8 percent in 2015, pointing out that aid from the Gulf states will continue to support the economic growth of Egypt, as Egypt has received US$17 billion since August 2013, which was more than half of the pledges from the Gulf countries.</div><div>&nbsp;</div><div>Yet it said Egypt&#39;s economic growth remains fragile due to the political and social unrest that impacts the debts and the budget deficit, making the economy more vulnerable to internal and external shocks.</div><div>&nbsp;</div><div>It stressed the importance of stimulus packages to encourage foreign and private sector direct investments.</div><div>&nbsp;</div><div>The report also predicted that the unemployment rate would rise from 13.9 percent in 2014 to 14.1 percent in 2015.</div><div>&nbsp;</div><div>It said the budget deficit as a percentage from GDP would rise from 11.6 percent in 2014 to 12 percent in 2015, the trade balance deficit would rise from 0 percent to 0.8 percent, while inflation would remain at 10.2 percent.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Sat, 12 Apr 2014 14:09:00 +0000 Al-Masry Al-Youm 2435495 at http://www.egyptindependent.com sites/default/files/photo/2012/11/22/93071/cooking_w_economy_pic.jpeg