Economy features

Egyptian pound steady on official market, stronger on black market

dollar vs Egyptian pound
19 Mar 2015
Egypt's central bank kept the pound steady at LE7.53 to the dollar at a foreign exchange auction on Thursday, while the domestic currency strengthened on the black market. The central bank has now kept the official exchange rate steady...

Egypt's dollar shortage squeezes private wheat importers

12 Mar 2015
Egypt's currency market reforms are inflicting a heavy toll on many private sector wheat traders struggling to secure shipments for the world's largest wheat importer. Last month, the central bank devalued the Egyptian pound and...

Egypt's Global Telecom says 2014 losses narrowed by 84 percent

25 Feb 2015
Global Telecom, the Egypt-based group formerly called Orascom Telecom, reported a 2014 loss of LE3.2 billion ($419.40 million), the company said in a statement on Wednesday. Global Telecom, which is 51.9 percent owned by Russia's...

Experts torn on Egypt’s drop to USD in trade exchanges with Russia

Reuters/Reuters - An employee counts money at a bank in Cairo September 4, 2014. REUTERS/Asmaa Waguih


15 Feb 2015
The two-day visit of the Russian president Vladimir Putin to Egypt resulted in many pivotal outcomes, including dropping the use of the American dollar in bilateral trade between Egypt and Russia to be exchanged by the countries'...

Egypt says to issue $950 mln 1-year Treasury bill

08 Jan 2015
Egypt plans to issue a $950 million 1-year Treasury bill next week, the central bank said on Thursday. It said the auction deadline was Jan. 12 and the issue was open both to local banks and international financial institutions. The dollar...

Cairo stops subsidies to farmers of cotton, once Egypt's "white gold"

06 Jan 2015
Growers of Egypt's high quality cotton will no longer receive any state support and have been advised not to plant the crop unless they have contracts to sell it, a move some traders say is a final blow to the long-neglected industry....

EFG Hermes: Early signs for recovery of Egyptian economy confirmed

27 Nov 2014
EFG Hermes, one of the Middle East's largest investment banks, confirmed early signs for the recovery of the Egyptian economy in a report issued on 20 November entitled "Early signs of recovery confirmed: More hurdles need to be...

EFG-Hermes: Low oil prices to boost disinflation, subsidy reforms in Egypt‏

An offshore platform of Aramco's Karan non-associated gas field is seen in Saudi Arabia's territorial waters in this undated handout picture.
25 Nov 2014
EFG-Hermes expects a new era of depressed oil prices and a stuctural shift in global supply and demand balances, according to a report it released on Tuesday.   The new shift would assist central government budgets from countries like...

Egypt pound volatile on black market due to commercial demand, Qatar repayment concerns

One hundred dollar notes are seen in this photo illustration at a bank in Seoul 9 January 2013.
19 Nov 2014
The Egyptian pound was flat at a central bank dollar sale on Wednesday but was volatile on the black market as a surge in commercial demand for dollars added to concerns over Egypt's plans to repay a US$2.5 billion Qatari deposit,...

Egypt's cement firms overcome gas shortages by importing coal

05 Nov 2014
Several of Egypt's major cement producers have begun retrofitting their plants to run on energy from imported coal, beating high gas prices and energy shortages that have curbed industrial output this year. Egypt has been suffering...