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Luxor hotel occupancy down to 20%

Luxor hotel occupancy down to 20%

A US delegation of tourism company managers arrived Monday to Luxor, Upper Egypt, as part of the governorate’s effort to…
International financial agency cuts Egypt’s rating amid political strife

International financial agency cuts Egypt’s rating amid political strife

Standard & Poor's cut Egypt's long-term credit rating on Monday and said another cut was possible if political turbulence worsened,…
New taxes will not affect lower income categories, govt claims

New taxes will not affect lower income categories, govt claims

Finance Minister Momtaz al-Saeed said Monday that a planned set of tax amendments will not adversely affect people with low…
New constitution may remove veteran Central Bank governor

New constitution may remove veteran Central Bank governor

Several senior positions at monitoring and independent bodies will become vacant if the referendum approval of the new constitution is…
Govt slows diesel price increase in response to strike threats

Govt slows diesel price increase in response to strike threats

  The government has ordered a controversial 130 percent increase in the price of diesel fuel for industry put on…
Finance Ministry: Deficit climbed to US$13 bn in last five months

Finance Ministry: Deficit climbed to US$13 bn in last five months

The state budget deficit climbed to LE80.7 billion (US$13.1 billion) in the first five months of the 2012/2013 fiscal year,…
Is the Central Bank’s independence on the line?

Is the Central Bank’s independence on the line?

The Central Bank of Egypt has been making headlines recently, not least of which due to the dire state of…
Fragile economy overshadows Morsy’s referendum win

Fragile economy overshadows Morsy’s referendum win

Egyptian President Mohamed Morsy will have little time to savor victory in pushing through a new constitution as it may…
Draft constitution fails to protect economic rights, experts say

Draft constitution fails to protect economic rights, experts say

In voting for or against the draft constitution this week, Egyptians are determining what principles will guide their leaders in…
Egyptian banks bring in dollars from abroad to meet local demand

Egyptian banks bring in dollars from abroad to meet local demand

Egyptian banks have resorted to drawing on balances from abroad to meeting the growing domestic demand for US currency in…
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