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HomeBlack market

Black market

Egypt Latest News

Egypt’s Oil Minister: Debts to Foreign Oil Companies Reached $3.6 Billion

January 2, 2017 Ahmed Rashed

Egypt’s Petroleum Minister Tarek el-Molla says Egypt’s debts to foreign oil companies hit $3.6 billion. Tarek el-Molla, the Egyptian Petroleum Minister, said that Egypt’s debts to foreign oil companies have reached $3.6 billion. El-Molla added that the [ More … ]

Egypt Latest News

Egyptian Pound Declines on the Black Market

October 7, 2016 Ahmed Rashed

It has been a hard week for the Egyptian currency. “The Egyptian pound hit a record low against the dollar on the black market after the North African country’s central bank failed to devalue the [ More … ]

Egypt Latest News

Black Market Dealers Challenge New Threats of Fines and Jail Terms

August 18, 2016 Ahmed Rashed

Despite the Egyptian strict regulations and fearful of new jails against the black market dealers, Egypt’s currency traders are driving with bags of cash to meet clients in discreet locations around the vast capital Cairo, [ More … ]

Egypt Latest News

Egypt’s Tough Currency Policies Would Be Harmful

August 13, 2016 Ahmed Rashed

Experts believe that the recent suggestions issued in the Egyptian parliamant to draft a law to permanently close money exchange bureaus to resolve distortions in the exchange rate system might be harmful to the already [ More … ]

Egypt Latest News

Egypt’s Foreign Currency Reserves Drop to Lowest levels In 16 Months

August 8, 2016 Ahmed Rashed

The Central Bank of Egypt said that the foreign-currency reserves dropped in a great amount reaching $15.537 bn in the end of July after it was $17.546bn at the end of June. The drop in Egypt’s [ More … ]

Egypt Latest News

IMF Loan Could Be a Risk Rather Than a Cure To Egypt

August 7, 2016 Ahmed Rashed

Egypt is in negotiations with the International Monetary Fund (IMF) to finalize $12 billion loan over the next three years. The Egyptian economy has been struggling as it faced one of the harshest downfalls in [ More … ]

Egypt Latest News

Al-Sisi: Hard Days Ahead Tough Measures Seeking The IMF Loan

August 1, 2016 Ahmed Rashed

Ahead to reaching an agreement with the International Monetary Fund (IMF), Abdel Fattah al-Sisi warned Egyptians of hard days. Al-Sisi stated on  Monday that tough measures would be needed to turn the country’s ailing economy [ More … ]

Egypt Latest News

An Emergency Session to Discuss “CMA CGM” Decision to Collect Terminal Handling Charges in Hard Currency

July 25, 2016 Ahmed Rashed

Egypt’s Navigation Lines Agencies held an emergency negotiating session to discuss the  decision of “CMA CGM” company in Egypt to collect Terminal Handling Charges in hard currency instead of Egyptian pound from their importers and exporters [ More … ]

Egypt Latest News

Egypt: The Dollar approaching LE 13 in the Black Market

July 25, 2016 Ahmed Rashed

The Dollar has witnessed an unprecedented increase in Egypt’s black market recently. According to local reports, the dollar selling price ranged between 12.50 and 12.60 Egyptian pounds while its purchase price was around 12.30 pounds. In [ More … ]

Egypt Latest News

CBE Governor: Egypt Is to Witness Further Currency Devaluation

July 4, 2016 Ahmed Rashed

The Central Bank of Egypt’s Governor Tarek Amer considered the focus on defending the Egyptian pound over the past five years was a “grave mistake,” signaling the possibility of another devaluation after he weakened the [ More … ]

Egypt Latest News

Egypt’s Foreign Currency Reserves Declining

June 21, 2016 Ahmed Rashed

The Egyptian economy is going through its worst fall for decades. Over the past five years, the Central Bank of Egypt has been suffering from declining foreign currency reserves as a result of the withdrawal [ More … ]

Egypt Latest News

The CBE Raises the Interest Rate to its Highest Level in a Decade

June 17, 2016 Ahmed Rashed

After a debatable meeting, the Central Bank of Egypt (CBE) decided to raise its benchmark interest rate to the highest level in at least a decade. The CBE decision aims to contain inflation and rise [ More … ]

Egypt Latest News

Black Market Dealers Carry out External Transactions to Escape CBE Policies

June 16, 2016 Ahmed Rashed

The efforts of the Central Bank of Egypt (CBE) to abolish illegal currency trading are pushing black market dealers towards carrying out external transactions, to remain away from the reach of the law.  The black [ More … ]

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