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 … ]
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 … ]
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 … ]
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 … ]
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 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 … ]
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’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 … ]
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 … ]
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 … ]
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 … ]
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 … ]
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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