Reuters: Egypt’s inflation rate will continue to increase
On Monday, Reuters predicted that Egypt’s core inflation rate would continue to rise after it hit a five-year high. At the same time, the devaluation of the local currency continues to cast a shadow over the country. The Egyptian Central…
IMF says Egypt’s external debt will rise to 39.6% of the GDP
The International Monetary Fund (IMF) has said that Egypt’s external debt will rise to 39.6% of GDP in the current fiscal year, compared to 37.3% in the previous fiscal year. The IMF has lowered its forecast for the growth of…
Shrinking in Egypt: Layoffs and work reduction in Egyptian companies
Bloomberg has said that Egyptian companies are reducing production and staff numbers due to the devaluation of the local currency, which the government was forced to do to conclude a deal with the International Monetary Fund. S&P Global economist David…
Massive violations of media freedom in Egypt in 2022
The Arab Observatory for Media Freedom has noted the continuous detention of journalists and the shutdown of news websites in a recent report on media freedom in Egypt in 2022. Sixty-three journalists were detained in 2022, while more than 600…
Egyptian Air Force orders 12 Boeing helicopters worth $426 million
On Tuesday, Boeing said the Egyptian Air Force had purchased 12 Boeing CH-47 Chinook helicopters in a $426 million deal. The aircraft will be delivered starting in 2026. Last May, the aircraft industry company sold as many as 23 Boeing…
Qatar’s Kuwari Group to acquire Ramses Hilton Hotel in Egypt
Asharq Business has reported that the Qatari Al-Kuwari International Group submitted an offer to the Arab International Company for Hotels and Tourism (AICHT) to buy the famous Ramses Hilton Hotel in Cairo for $ 320 million. Last March, Qatar agreed…
PMI at 47.2: Non-oil private sector in Egypt continues to contract
Under the pressure of inflation, the weakness of the local currency, and the continued restrictions on imports, the activity of the non-oil private sector in Egypt continued to contract, recording 47.2 points last December, to remain below the 50-point level…
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…
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