US dollar exchange rate hikes anticipating new devaluation of the pound
In anticipation of a new float for the local currency, the exchange rate of the Egyptian pound decreased further in the parallel market as the US dollar approached 33 Egyptian pounds. In November, the annual inflation rate spiked to 19.2%….
IMF loan is not enough to get Egypt out of its financial crisis
On October 27, the International Monetary Fund agreed to grant Egypt a loan of $3 billion in an extended credit facilitation program under a 46-month arrangement, bringing the country’s total loans from the IMF since 2016 to $23.1 billion, making…
US dollar exchange rate hikes in Egypt alarming new devaluation of the pound
Tuesday, the US dollar price witnessed a new high against the Egyptian pound in official banks and the parallel market. The US dollar price broke the barrier of 30 Egyptian pounds in the parallel market, while its price in banks…
Over greenback shortage: Egypt’s PMI falls to Covid-19 levels
The Purchasing Managers’ Index (PMI) has fallen to its second-lowest level since June 2020, recording 45.4 in November, down from 47.7 in October. The index data showed that non-oil private sector production declined in November at the fastest pace since…
Egyptian Medical Syndicate denounces new bill for medical liability in the Egyptian parliament
On Sunday, the Egyptian Medical Syndicate warned of the new bill proposed by members of the House of Representatives on medical liability that provides imprisonment as a legal penalty for medical errors. Rashwan Shaaban, a member of the Medical Syndicate Council,…
Even if high-class figures demonstrated for local interests: Egyptians were denied the right to protest
Yesterday, Saturday, several public figures, including former ministers, participated in a demonstration in Saray Al-Jazeera Street in the Zamalek neighbourhood in Cairo to protest the project to build a multi-stage garage that is considered a picturesque and quiet area. Participants…
Ismail Iskandarani: Egyptian researcher, after seven years in military prison
Monday, academic researcher and journalist Ismail Al-Iskandarani was released after seven years in military prison. Ismail was arrested on November 29, 2015. In May 2018, a military court sentenced him to ten years in prison after convicting him of several…
Egypt’s net foreign assets keep declining
The Central Bank of Egypt has said that net foreign assets declined by 109.9 billion pounds in October, continuing a fall that began in September 2021. The deficit in foreign assets thus amounts to 551 billion pounds. Net foreign assets…
Family of political activist Ahmed Doma calls on Sisi to pardon him
On Saturday, the family of political activist Ahmed Doma called on President Abdel Fattah El-Sisi to pardon him. “On December 3, Ahmed begins his tenth year in prison, far from us,” his family wrote in a public statement. Doma was…
Egypt’s inflation: Steel prices skyrockets
On Thursday, the head of the Building Materials Division at the Cairo Chamber of Commerce, Ahmed Al-Zaini, said that Ezz Steel, Suez Steel and El-Masryeen Steel raised the price of a ton of steel between 700 and 800 pounds. The…
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