Business
Central Bank auction temporarily stabilizes dollar-pound exchange rates
January 3, 2013
Central Bank auction temporarily stabilizes dollar-pound exchange rates
Dollar exchange rates in Egyptian banks have stabilized at the amount of LE6.42 for buying and LE6.39 for selling, with…
Tourism recovery likely to remain turbulent this year
January 3, 2013
Tourism recovery likely to remain turbulent this year
Mohamed, 24, studied tourism and graduated two years ago. The timing was unfortunate. By February 2011 — during and immediately…
Brotherhood may pay price for currency fall
January 3, 2013
Brotherhood may pay price for currency fall
Life in Egypt is about to get harder for ordinary people who will bear the brunt of inflation caused by…
Customs blocks Sukari gold mine shipment
January 2, 2013
Customs blocks Sukari gold mine shipment
Customs authorities have blocked Centamin, the Australian firm operating Sukari mine, from exporting a gold shipment because it has not…
Finance minister hopes to grow foreign reserves by mid-year
January 2, 2013
Finance minister hopes to grow foreign reserves by mid-year
As the value of the pound falls and the country struggles to deal with a foreign currency shortfall, Planning and…
Authority pursues LE20 bln in late taxes
January 2, 2013
Authority pursues LE20 bln in late taxes
Tax officials are pursuing LE20 billion in back taxes this fiscal year as part of an effort to exceed last…
Al-Azhar: Ministry-proposed bonds at odds with Sharia
January 2, 2013
Al-Azhar: Ministry-proposed bonds at odds with Sharia
Members at Al-Azhar's Islamic Research Academy have rejected a Finance Ministry-proposed bill sanctioning the introduction of Islamic financial bonds, saying…
Egypt takes provisions ahead of expected food price hikes
January 1, 2013
Egypt takes provisions ahead of expected food price hikes
An official at the Investment Ministry said that state budget allocations for food and commodities will be increased in order…
Foreign reserves at critical low, Central Bank says
December 31, 2012
Foreign reserves at critical low, Central Bank says
Foreign reserves are now at a critical low and must be maintained to repay the foreign debt to preserve the…
IMF welcomes Egypt’s effort to safeguard reserves
December 31, 2012
IMF welcomes Egypt’s effort to safeguard reserves
The International Monetary Fund said Monday that it welcomed steps Egypt has taken to stop a drain on its international…