Economy news

World Bank's IFC plans Egypt currency swaps: CEO

18 Mar 2013
The International Finance Corp plans to conduct currency swaps in Egypt to help local firms meet their foreign exchange needs, and is considering whether to issue local currency bonds in several Middle Eastern countries to fund investments...
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Govt investigating how to continue funding energy subsidies

A banner reads "Empty Tank" as tens of cars queue at petrol station, Cairo, January 16,2012 amid fears of an oil shortage.
15 Mar 2013
Finance Ministry officials and representatives from the General Petroleum Corporation are currently discussing the amount of funding required to continue subsidizing petroleum commodities — gas, petrol, fuel and diesel — in the...
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Payments figures add to pressure for IMF deal

Building of headquarters of Central Bank of Egypt in Downtown
15 Mar 2013
The country's current account deficit narrowed in July-December, data showed on Thursday, but economists said it remained a major problem that is adding to pressure on the government to do a deal with the International Monetary Fund....
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IMF mission due in Cairo Sunday to discuss economic reforms

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.
14 Mar 2013
  An International Monetary Fund delegation is due to arrive in Cairo on Sunday to renew discussions regarding economic reforms, said IMF deputy spokesperson William Murray on Thursday. The IMF is committed to supporting the reform...
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Orascom woes weigh market down Thursday; EGX30 drops 2 percent

Stock exchange
14 Mar 2013
A sudden drop in Orascom Construction Industries (OCI) shares on Thursday led the main EGX30 stock index to nosedive by the end of trading, leading to total market losses of LE4.5 billion. The losses were triggered when foreign investors...
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Egypt asks China to crackdown on counterfeiting

14 Mar 2013
An Egyptian official is asking China to crackdown on counterfeit Chinese products being smuggled into Egypt. Atef Yacoub, chairman of the Consumer Protection Agency, told Turkish Anadolu news agency Thursday that he had spoken to Chinese...
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Authorities announce a US$20 million development near Cairo airport

Some passengers remain stranded at the Cairo International Airport as a result of Iceland's volcano
13 Mar 2013
  Civil Aviation Minister Samir Embaby Mewaly announced a development of worth US$20 million on Wednesday in the area surrounding the Cairo International Airport.    The new "global city" development is set to...
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Cabinet eases limits on carrying cash to and from Egypt

The American dollar
13 Mar 2013
Egypt said on Wednesday it was easing limits on travelers bringing currency in and out of the country and said visiting foreigners could now carry more than US$10,000 as long as they declare it upon entering. Egypt tightened currency...
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Government mulls regulating cement prices

13 Mar 2013
The government is mulling regulating the price of cement temporarily to promote fairness and curb price fixing. As of press time, cement cost LE880 per ton.    On Wednesday, the Shura Council criticized the Consumer Protection...
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Stock exchange sees capital market losses worth LE4.3 billion

The opening ceremony of the new Egyptian Stock Exchange in Smart Village, outside of Cairo.
13 Mar 2013
The Egyptian Stock Exchange’s EGX30 index fell 1.61 percent, or 5.17 points, on Wednesday as unrest continues to plague the country. The EGX70, which tracks the performance of small and medium-sized firms, also saw losses of 1.56...
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