06 Jul 2015

Egypt’s currency drops to new low against the dollar

Egypt's central bank says the Egyptian pound has fallen to a new low against the dollar, its second such drop since Thursday.

The central bank set a cutoff rate of 7.73 Egyptian pounds per dollar in an auction that sold $39.6 million on Sunday, compared to the previous rate of 7.63.

Before Thursday's auction, the pound had held at 7.53 since...

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01 Jul 2015

EBRD boosts Trading Facility for Egypt’s CIB to $100mn

The European Bank for Reconstruction and Development (EBRD) said Monday it would increase its trading facility limit to Egypt's largest private sector bank, Commercial International Bank (CIB), to US$100 million from US$50 million.


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30 Jun 2015

NBG-Egypt continues activities unaffected by Greek banks’ closure

The National Bank of Greece-Egypt (NBG-Egypt) continued its activities Monday, and its doors remained open to its clients, an official source, who preferred to remain anonymous, told Daily News Egypt.


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28 Jun 2015

Moody's marks Egypt's draft budget as “credit negative”

International credit agency Moody's has marked Egypt's draft budget as “credit negative” for slowing the government’s medium-term macroeconomic plan.

Last week, Egypt's cabinet approved the draft budget for the fiscal year due to start in July, projecting a deficit of 9.9 percent of GDP, down from an expected gap of 10.8 percent"......

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27 Jun 2015

Egypt bank to unseat Standard Chartered

Ahmed A Namatalla and Arif Sharif Cairo

AS the top loan arranger in Africa for the past three years, Standard Chartered is used to playing catch-up in the second half of the year. It has got its work cut out this year.


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