The Minister of supplies was used as a parliamentary scapegoat for the governmental performance
In a 6-hour lengthy parliamentary session, 63 briefing requests and 12 interpellations were filed against the Minister of supplies and domestic trade, Ali Moselhi, last Tuesday. Several deputies attacked the veteran minister over the hiking prices of essential food commodities…
Following the new undeclared devaluation of the Egyptian pound, the US dollar hit 26.45 pounds
Wednesday, the Egyptian pound’s exchange rate dropped against the US dollar. That US dollar price was 26.45 pounds, up from 24.75 pounds a day ago. The new devaluation of the pound was accompanied by releasing new one-year investment securities with…
Central Bank of Egypt sells $850 million dollar-denominated treasury bills
On Tuesday, the Central Bank of Egypt sold $850 million dollar-denominated treasury bills. The treasury bills’ interest increased to 4.64-4.651%, compared to 4.59-4.6% in the last similar offering last December. According to financial analysts, the interest rate increase is slight…
ISIS Sinai Province claims responsibility for Ismailia terrorist attack
The Islamic State (IS) has claimed responsibility for an attack on a security point in Ismailia that took place on Friday, killing three police officers and wounding 12 others, according to the Egyptian Ambulance Authority. Amaq News Agency, a news…
Egyptian business people register their companies abroad to evade governmental looting
A few days ago, the Egyptian Oriental Weavers company, one of the castles of the textile industry in the Middle East, announced that Yasmine and Farida Khamis, daughters of the company’s founder, the late businessman Mohamed Farid Khamis, had sold…
Misr Cement Qena workers protest low wages
On Saturday, rights groups said Misr Cement Qena workers began a sit-in, protesting their working conditions. Last month, the company’s workers organized a protest to demand the payment of bonuses accumulated since 2016 and to protest against the company’s management…
CTUWS: The new labour bill does not keep pace with market changes
On Thursday, the Center for Trade Union & Workers Services criticized the draft labour law currently being discussed in the House of Representatives, stressing that it does not keep pace with developments in the labour market and does not solve…
Austerity in the Egyptian style: Electricity supply stagers to save natural gas for exporting
Two days ago, the Egyptian government published a lengthy statement listing its achievements in the energy sector and electricity production since El-Sisi came to power eight years ago. This is a fact. The country has succeeded in doubling its electricity…
The Egyptian Medical Syndicate warns of collapse due to doctors’ resignations in thousands
The Egyptian Medical Syndicate has warned that the continued resignation of thousands of doctors from the government health sector, which has been suffering from low services and wages for decades, may lead to the collapse of the medical system in…
Central Bank of Egypt cancels documentary credits system
On Thursday, the Central Bank of Egypt cancelled the system of documentary credits in import operations to meet the demands of the International Monetary Fund. The documentary credits system began in February 2022 as an attempt to keep foreign currency…
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