Egypt to get $271 million loan from the African Development Bank
On Monday, the Egyptian House of Representatives approved a food security and economic resilience loan from the African Development Bank of US$271 million. The loan aims to enhance the ability of the country’s agricultural sector to face its successive crises…
Fitch says the Egyptian pound crisis will continue during 2023
On Tuesday, Fitch published a report stating that the Egyptian pound has fallen by 16% since the beginning of the year and by 60% since last June. The US dollar exceeded 32 Egyptian pounds last week. The report expected that…
Egypt: No economic reform is possible without a political one
The Egyptian pound continued to decline to make all-time low records after the Central Bank of Egypt moved to a flexible exchange rate suggested by the International Monetary Fund. After hitting 32.5, the US dollar now ranges between 29 and…
Egypt’s trade balance deficit increased to $3.58 billion last October
On Thursday, the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said that the country’s trade balance deficit increased last October by 21.1%, on an annual basis, to reach about $3.58 billion. The official statistical agency attributed the increase…
Back to hot money: Central Bank of Egypt says it sold EGP 87.1bn in T-bills
On Sunday, the Central Bank of Egypt said it sold about EGP 87.1bn in 91-day treasury bills. A source has revealed that the demand for government bills was driven by purchase requests submitted by Gulf and foreign investment funds. According…
Egyptian universities drown in nepotism and corruption
Amr Nabil Abdel Hakim, a master’s degree researcher who graduated from the Faculty of Commerce, Department of Political Science, Helwan University, recently tried his last chance to obtain his right to be appointed as a teaching assistant in his department…
Egyptian state-sponsored media men exchange attacks over the current economic crisis
On the screen of MBC Egypt, funded by the Saudi government, on Friday evening, the controversial broadcaster, Yasmine Ezz, was responding to people’s reactions to what she presented. This ended with her being referred for investigation by the head of…
Pound devaluation: What does it mean for Egypt’s stability?
Last Wednesday, the Central Bank of Egypt reduced the price of the pound against the dollar again, for the fourth time in less than one year, bringing the cost of the dollar to 32 pounds for the first time in…
World Bank lowers prediction for Egypt’s economic growth
The World Bank has issued the World Economic Outlook report, which lowered its forecast for the growth of the Egyptian economy. High inflation rates in Egypt contributed to the erosion of citizens’ consumption capacity, which limited growth opportunities. The country’s…
Egypt’s Sovereign Fund prepares for the public offering of five major state-owned companies
On Thursday, Asharq Business said that the Sovereign Fund of Egypt is preparing to sell government stakes in five major companies. The companies are the National Company for Productive Projects (Safi), the National Company for the Sale of Petroleum Products…
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