Economy

Yields on Egypt's T-bills rise at auction on Thursday

Tarek Amer
11 Feb 2016
Yields on Egypt's six-month and one-year treasury bills rose at an auction on Thursday, data from the central bank showed.   The average yield on the 182-day bill rose to 11.838 percent from 11.832 percent at the previous auction...
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Egyptian pound weakens on black market, steady at official auction

dollar vs Egyptian pound
11 Feb 2016
The Egyptian pound slipped further on the black market on Thursday, piling more pressure on the central bank to devalue the currency even as the official rate against the dollar remained unchanged at an auction.   Egypt, which relies...
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Egypt, Saudi drop in global rout; Saudi breaks chart support

11 Feb 2016
Egypt's stock market fell in early trade on Thursday, erasing the previous day's gain as global bourses sagged, while Saudi Arabia's index was headed for a third straight day of losses after oil slid back near $30.   Cairo...
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Egypt's CIB to issue LE8 bn in financial instruments

CIB
11 Feb 2016
Commercial International Bank (CIB), Egypt's largest listed company, said on Thursday its board had approved a plan to issue financial instruments worth up to LE8 billion (US$1.02 billion) to fund expansion.   The bank said in a...
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Egypt's OTMT approves final offer for CI Capital

Orascom
11 Feb 2016
Egyptian firm Orascom Telecom and Technology has approved the final offer for the acquisition of CI Capital, a subsidiary of Commercial International Bank, the company said on Thursday.   OTMT, which has holdings in media, technology...
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Egypt's stock market edges down in early trade

10 Feb 2016
The Egyptian stock market’s benchmark index EGX 30 moved down by around 0.08 percent in the first 15 minutes of trade on Wednesday to reach 5,999 points.   Both the index for small and medium enterprises EGX 70 and the broader...
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Egypt's annual urban consumer price inflation falls to 10.7 pct in Jan

Canned vegetables are displayed at a Walmart store in Secaucus, New Jersey, November 11, 2015.
 
10 Feb 2016
Egypt's annual urban consumer inflation fell to 10.7 percent in January, the official statistics agency CAPMAS said on Wednesday, down from 11.1 percent in December.   Egypt said in November it would control the prices of 10...
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Egypt PM says VAT bill to go to parliament this month

Prime Minister Sherif Ismail
09 Feb 2016
Egyptian Prime Minister Sherif Ismail said the government expects to present a long-awaited value added tax (VAT) bill to parliament at the end of this month.   Ismail told reporters on the sidelines of a conference in Dubai that he...
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Egypt cancels temporary tariff on sugar imports: trade ministry

plant sugar
09 Feb 2016
Egypt is cancelling a temporary tariff levied on sugar imports in 2015 after completing an investigation into possible dumping of the commodity, the Trade Ministry said on Tuesday.   Egypt said in April it would impose a minimum...
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Egyptian pound marginally weaker on black market, steady at official auction

Ministry of Finance issues commeorative pounds for the New Suez Canal
09 Feb 2016
The Egyptian pound continued to weaken on the black market on Tuesday, piling more pressure on the central bank to devalue the currency even as the official rate against the dollar remained unchanged at an auction.   Egypt, which...
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