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Egypt business activity shrinks in May: PMI

Reuters – Business activity in Egypt shrank for the third month in a row in May, a poll showed on Tuesday, in a sign the economy remains fragile as former army chief Abdel Fattah Al-Sisi is set to become the country’s next president. Egypt’s economy has been hit by more than three years of political and …

Daily News Egypt

China to further ease currency controls for multi-nationals in pilot

Reuters – China will expand a trial programme to make it simpler for multi-national firms to transfer funds within and outside the country, in a move that will further open its tightly controlled capital account. The experiment, which began in 2012 in Beijing and Shanghai, came in response to growing demand from international companies operating …

Daily News Egypt

Egyptian pound inches up on official, steady on black market

Reuters – The Egyptian pound was up slightly at a central bank foreign currency sale on Thursday and traded within its recent range on the black market. The central bank sold $39.6m to banks with a cut-off price of 6.9511 pounds to the dollar, fractionally stronger than the cut-off price of 6.9512 from Wednesday’s auction. …

Daily News Egypt

Egyptian Pound steady on official market

Reuters – The Egyptian pound was steady at official rates on Thursday, the central bank said, and slightly stronger in the black market, two sources said – a day after the bank’s governor said that parallel market for dollars would “not last long”. The central bank sold $38.4 million at its regular foreign exchange auction …

Daily News Egypt

Egyptian Pound strengthens at Dollar sale

Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday. The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday. The central bank introduced dollar sales last December to help …

Daily News Egypt

German tourist bookings expected to burgeon

Minister of Tourism Hisham Zaazou met German travel agents to promote Egypt as a tourist destination at a workshop in Al-Gouna resort on Saturday. Zaazou told attendees that tourism is one of the country’s top priorities and a vital source of foreign currency and employment opportunities. Up to 25 German tourism companies participated in the …

Islam Serour

International Monetary Fund headquarters in Washington DC (File photo) AFP PHOTO

Radwan to al-Arabiya: IMF expects Egypt to devalue its currency

By Islam Serour Former Finance Minister Dr Samir Radwan told al-Arabiya News that he expects the International Monetary Fund (IMF) to demand that Egypt devalue the Egyptian pound. However, Radwan stressed that there should be new steps to inject new investments into the Egyptian economy in order to overcome such critical phase. Angus Blair, founder …

Daily News Egypt

Currency market witnesses relative stability

By Inaam Al-Adawy The presidential election has cast its shadow on the local exchange market, pushing the dollar to relative stability amidst expectations that it will fall with the announcement of the election result and the subsequent stabilization of the political situation. Ali Al-Hariri, Deputy of Cair’so Chamber of Commerce Exchange Department, said that the …

Daily News Egypt

Egyptian pound falters after Constitutional rulings

By Ayat Al-Battawy The political chaos in Egypt that followed the Constitutional Court’s decision to dissolve parliament is being directly reflected in the local exchange market. The pound lost one piaster relative to the dollar as soon as the dissolution of parliament was announced. It approached its highest rate since the revolution and the record …

Daily News Egypt

ANALYSIS: Egypt shouldn’t let the pound slide just yet

By Una Galani /Reuters DUBAI: Egypt’s pound still looks vulnerable. Supporting the currency so far has been a costly strategy. Along with a decline in tourism and foreign direct investment, foreign exchange reserves have shrunk around 40 percent or by roughly $16 billion. But the decision may have helped avert a bigger capital flight. Furthermore, it …

DNE

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