Economy features

New finance minister supports IMF loan, lacks government experience

14 Jan 2013
A public finance professor with an Islamic finance specialization, and no experience in government or politics, has been named the country’s new finance minister. Al-Morsy Hegazy was appointed by President Mohamed Morsy on 6 January...
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In promised dialogue on tax laws, serious discord

Endangered species? One of the many Nasr City kiosks targeted in a recent crackdown by authorities.
13 Jan 2013
    A government-sponsored dialogue on Egypt’s controversial tax law changes turned into an airing of grievances by political party leaders, industry representatives, and economic experts on Wednesday, with participants...
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Qatar’s cash deposits raise questions of political leverage over Egypt

Building of headquarters of Central Bank of Egypt in Downtown
13 Jan 2013
The rich Gulf state of Qatar has once again made a sizeable dollar deposit into Egypt’s central bank, bringing its total to US$5 billion. Late Tuesday, Qatari Prime Minister Hamad Bin Jassim al-Thani said in a conference, alongside...
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Egyptians play the currency market as the pound falls

12 Jan 2013
  On Sunday, Ahmed Khalil stood monitoring the exchange prices of currencies at an exchange office in Giza.   He was planning to make a quick buck on the falling price of the Egyptian pound.   “How much is the dollar...
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Desperate times, desperate measures: Central Bank tries to halt run on dollars

Building of headquarters of Central Bank of Egypt in Downtown
04 Jan 2013
  Central Bank of Egypt (CBE) leaders introduced a series of measures to stop banks and individuals from buying dollars in the past week, as the Egyptian pound continues its worst downwards slide since the January 2011 uprising....
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Lifting subsidies, without impoverishing the people

Crisis of gasoline in Luxor, April 5,2012.
03 Jan 2013
As the Egyptian government comes to terms with its dwindling funds and struggles to navigate a worsening financial crisis, the country’s expensive public service of subsidizing energy usage is once again in spotlight. One researcher...
Yes

Tourism recovery likely to remain turbulent this year

A beach in Alexandria with very few vacationers, August 12, 2010. Traditionally, Egyptians are not typical beach goers and prefer to lead a different lifestyle during Ramadan, even in hor summers. 
03 Jan 2013
Mohamed, 24, studied tourism and graduated two years ago. The timing was unfortunate. By February 2011 — during and immediately after the 25 January uprising — the number of tourist arrivals slumped to five times lower than...
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Market movers: 10 projections on the global economy

Police officers holding banners that reads "Police Officers Union" during a rally that coincides with three-hour- private and public sector employees- sit-in against austerity laws, Athens, December 14, 2010.
28 Dec 2012
When trying to predict what the coming year has in store in the context of an increasingly intertwined global economy, it is vital to factor in all variables of change, venturing beyond the parameters of local and even regional markets....
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Turning to gas imports will weigh on Egypt’s budget

27 Dec 2012
Egypt will start importing natural gas for the first time due to rising local demand that is now outstripping supply, and the shift is expected to further burden an already strained budget deficit. In an unprecedented move, the Petroleum...
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Egypt’s economy will face tougher hurdles in 2013

An Egyptian woman walks into a currency exchange office in downtown Cairo.
27 Dec 2012
Talk of economic recovery has all but gone silent in Egypt, replaced by doomsday predictions about the depths to which the country’s dire conditions will spiral. While the foundations for a robust economy still exist, gross...
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