Ministry of Supply raises prices of food commodities
On Thursday, the Ministry of Supply and Internal Trade increased the prices of food commodities, including sugar, rice, oil and flour. Sugar will be sold to ration card holders at 14 pounds per kilo instead of 10.5 pounds, an 800-ml…
W.S.J.: Egypt is Spending Billions on a New Capital that Egyptians May Not Visit
“In a desert plain 40 miles east of central Cairo, a sprawling new capital city is taking shape, with skyscrapers, luxury residences and pedestrian malls representing President Abdel Fattah Al Sisi‘s vision of a modern Egypt, fueled by billions of…
Debt addiction: Egypt exempts German bank from taxes to take EUR 15 million loan
On Thursday, President Abdel Fattah El-Sisi approved a German loan of 15 million euros in exchange for a tax exemption for the KfW Development Bank. According to the decision, the Egyptian government will exempt the German bank from direct taxes…
“Threatening Egypt’s sovereignty”: Civil Democratic Movement criticize Suez Canal Fund
On Wednesday, the Civil Democratic Movement considered the establishment of a fund for the Suez Canal Authority a threat to Egypt’s sovereignty and national security. The movement attributed its opposition to the fund to its “economic disadvantages” and its “political…
Against hiking inflation: Central Bank of Egypt raises interest rate
On Thursday, the Central Bank of Egypt raised the interest rate by 3%, 300 basis points, to 16.25% on deposits and 17.25% on lending. The bank is trying to rein in rising inflation and contain its pressures after a sharp…
Egypt-Libya maritime demarcation: Cairo insists Eastern Mediterranean moves against Turkey
On December 11, the Egyptian presidency announced the delineation of the western maritime borders of Egypt with its neighbour Libya. The National Unity Government in Libya, a close ally of Turkey, rejected the Egyptian declaration. Tripoli described the Egyptian decision…
Government proposes Suez Canal Fund to get canal revenues outside the public budget
On Monday, the House of Representatives approved a draft law to establish a fund owned by the Suez Canal Authority to increase its ability to contribute to the economic development of the canal, according to government statements. MPs criticized the…
Egyptian national debt reaches 288.9 billion dollars
Statista has said Egypt’s national debt rose from $149.6 billion in 2017 to $288.9 billion this year. The online platform specialized in the market and consumer data has expected the rise to continue in the coming years, reaching more than…
IMF expects daily movements in exchange rates in Egypt
On Tuesday, Reuters reported that the International Monetary Fund (IMF) expects to see daily movements in exchange rates in Egypt by the end of the month. On Friday, the IMF issued a statement announcing that its Executive Board had agreed…
Banque du Caire: New state-owned asset to be abandoned to acquire cash
On Sunday, press reports revealed that Banque Saudi Fransi showed interest in acquiring Banque du Caire amid an expected valuation of about $3 billion. It still needs to be determined whether the acquisition will be partial or complete. According to…
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