Tag: Egypt
Egyptian pound plunges to record low against the US dollar
Egypt’s pound plunged further on Wednesday reaching a record low of 31.4 to the dollar as the North African country moved to a more...
Egypt’s inflation accelerates to 21.3% as currency rout deepens
Egypt’s annual urban consumer inflation accelerated to 21.3% year-on-year in December, the fastest in almost five years, as the North African country struggle with...
Egyptian authorities cancel letters of credit for importers. Here’s why
Egypt said Thursday that it had scrapped a requirement for importers to secure letters of credit as part of the government’s broader strategy to...
Egypt’s President Sisi banks to help clear import backlog within days
Egypt’s President Abdel-Fattah El-Sisi said Monday that banks will help secure the necessary dollars to clear a backlog of imports, which is estimated to...
Egypt secures $500 million from the World Bank to expand social security
The World Bank has approved $500 million in new development financing to expand and strengthen Egypt’s social safety net and protection programme as the...
Egypt’s central bank hikes key interest rates by 300 bps
Egypt hiked overnight interest rates by a more-than-expected 300 basis points (bps) on Thursday, the most since 2016, as part of the authorities’ broader...
UAE-based Fintech Galaxy expands into Egypt with the acquisition of Underlie
UAE-based Fintech Galaxy said Thursday that it has acquired Underlie, an Egyptian open banking platform that offers application programming interfaces (APIs) to banks and...
IMF reportedly expects Egypt to switch to flexible exchange end of December
The International Monetary Fund (IMF) is expecting Egyptian authorities to switch to a flexible exchange rate after a requirement to finance imports through letters...
IMF executive board approves $3 billion Egypt extended arrangement
The International Monetary Fund (IMF) said Saturday that its executive board has approved a 46-month $3 billion financial support package for Egypt which is...
Egypt’s headline inflation jumps to five-year high in November
Egypt’s annual urban consumer inflation soared to a five-year high of 18.7% in November, data from state-run statistics agency CAPMAS showed Thursday, as the...