Business
Central bank sells $49.6 mn at forex auction
February 6, 2013
Central bank sells $49.6 mn at forex auction
Egypt's central bank said on Wednesday it had accepted bids worth $49.6 million with a cut-off price of LE6.702 to…
Stock market loses LE3.6 billion Wednesday
February 6, 2013
Stock market loses LE3.6 billion Wednesday
Egyptian stock prices fell Wednesday as investor fears ratcheted up over Egypt's gloomy economic prospects. Shares had dropped nearly LE3.6…
Authorities looking for revenue boost, says planning minister
February 5, 2013
Authorities looking for revenue boost, says planning minister
Minister of Planning and International Cooperation Ashraf al-Araby confirmed Tuesday that Egypt’s foreign cash reserves are enough to cover three…
Foreigners behind stock market bump
February 5, 2013
Foreigners behind stock market bump
Stock indexes climbed slightly on Tuesday thanks to foreign investors, who lead purchasing for a third consecutive session. Foreigners were…
Central Bank: Foreign reserves at 16-year low
February 5, 2013
Central Bank: Foreign reserves at 16-year low
The Central Bank announced on its website Tuesday that foreign reserves had fallen to US$13.613 billion in January, compared to…
Mobinil CEO says industry to face price hikes
February 4, 2013
Mobinil CEO says industry to face price hikes
Mobile phone services are going to get more expensive, and soon, Mobinil's Chief Operating Officer told a group of reporters…
Egypt says to finish revised economy plan
February 4, 2013
Egypt says to finish revised economy plan
Egypt's finance minister has said the government will complete the revision of its economic reform plan this week and invite…
Central Bank takes new measures to prevent pound slide
February 4, 2013
Central Bank takes new measures to prevent pound slide
The dollar dropped against the pound by about eight piasters on Monday after the Central Bank of Egypt (CBE) adopted a…
Central Bank cancels currency auction, to announce new mechanism Monday
February 4, 2013
Central Bank cancels currency auction, to announce new mechanism Monday
Egypt's central bank cancelled an auction of foreign currency on Sunday and said it would announce details of upcoming auctions…
Finance Ministry: State revenues up, but so is inflation
February 4, 2013
Finance Ministry: State revenues up, but so is inflation
State revenues jumped by 31 percent during the first half of the fiscal year 2012/2013, reaching LE153 billion as compared…