Economy news

Egypt-Saudi Arabia trade up by 20%, says ambassador

Saudi Arabia's King Abdullah (R) meets with Egypt's President Mohamed Morsy at the Royal Palace, Jeddah,11 July 2012.
15 Apr 2013
Bilateral trade between Egypt and Saudi Arabia grew by 20 percent last year in transactions worth US$30 billion, said Egyptian Ambassador to Saudi Arabia Afifi Abdel Wahab on Monday. The trade balance is in favor of Saudi Arabia, as Egypt...
Yes

Budget deficit to near LE2 bln in 2013/14 fiscal year

Session of Shura Council, Cairo, 2 January 2013.
15 Apr 2013
The budget deficit for the fiscal year 2013/14 is estimated to swell up to LE197.493, as compared to a deficit of LE134.996 billion in the previous year, according to copies of the budget obtained by Al-Masry Al-Youm. Revenues are...
Yes

Stock market declines on Monday

Stock exchange
15 Apr 2013
The Egyptian stock market declined on Monday, with its main index, EGX30, dropping by 0.48 percent to register 5275 points. More than 93 million stocks were traded with a total trading value of LE395.1 million. Egyptians and Arabs tended...
Yes

Officials: Central Bank auction reduces black market dollar price

Building of headquarters of Central Bank of Egypt in Downtown
14 Apr 2013
A US$600 million auction proposed by the Central Bank of Egypt Sunday reduced price of dollars on the black market to LE7, officials said. A prominent official said the “sharp” decline in the price of the dollar compared with...
Yes

IMF mission to meet ElBaradei, Sabbahi Saturday

International Monetary Fund (IMF) Managing Director Christine Lagarde looks at one of the pyramids while listening to a guide's explanation as she visits the Pyramids in Giza, at the end of her visit to Egypt, 22 August 2012. Egypt requested a $4.8 billion loan from the IMF and hopes for a deal by the end of year, officials said during a visit on Wednesday by Lagarde to discuss helping the ailing economy.
12 Apr 2013
The International Monetary Fund delegation is scheduled to meet with Dostour Party founder Mohamed ElBaraei and Popular Current party founder Hamdeen Sabbahi on Saturday, as the delegation seeks to learn more about the opposition’s...
Yes

Govt to hold more talks with IMF on loan next week

11 Apr 2013
The Cabinet has made progress in talks with the International Monetary Fund (IMF) on a US$4.8 billion loan and will continue negotiations next week, Finance Minister Morsy Hegazy said on Thursday. "Talks are continuing with the...
Yes

Egypt hits 2-wk high after funding pledge

11 Apr 2013
The stock exchange hit a two-week high on Thursday after Qatar and Libya pledged US$5 billion in funding to a cash-strapped Egypt, while most Gulf markets also gain in earnings anticipation. Qatari Prime Minister Sheikh Hamad bin Jassim...
Yes

Egypt gets US$2 bn loan from Libya

An Egyptian woman walks into a currency exchange office in downtown Cairo.
10 Apr 2013
Egypt and Libya finalized a US$2 billion loan agreement Wednesday evening to shore up the Egyptian economy and foreign reserves, according to state news agency MENA. The interest free loan is repayable in five years, with a grace period of...
Yes

Barclays Egypt starts adopting expansion plans

Edward Marks, Managing Director of Barclays Bank Egypt  
10 Apr 2013
  Barclays Egypt has begun adopting its expansion plans to add more branches in Egypt this year, after it re-opened a branch in Maadi, said a statement by the bank on Wednesday. “Despite the current conditions the Egyptian...
Yes

Egypt inflation jumps in March with rise in fuel and food prices

Foodstuff prices are expected to rise by next year 2010.
10 Apr 2013
Egypt's monthly inflation rate was once again on the rise in March, increasing by 0.8 percent to 8.2 percent, the statistics agency CAPMAS said on Wednesday. However, urban consumer inflation eased to 7.6 percent in the 12 months up...
Yes

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