Business news wrap-up

Russia’s industrial zone agreement expected in months: Mamesh

Negotiations with Russian officials over establishing a Russian industrial zone in the Suez Canal Economic Zone (SCZone) were “successful” and the agreement will be signed within months, head of the zone Mohab Mamesh said Wednesday.

Swiss business delegation to visit Egypt in November

A delegation of Swiss government officials and six companies, headed by Switzerland’s Minister of Economy, will visit Egypt next month to review investment opportunities, Minister of Industry Tarek Kabil said on Wednesday.

EGX benchmark slips 0.35% on Arab, foreign sales

The Egyptian Exchange (EGX) closed Wednesday in mixed note on Arab and Egyptian sales. The exchange’s benchmark EGX30 fell 0.35 percent at the end of the trading session to stand at 13,881 points.

Explaining the Required Reserve Ratio

The Central Bank of Egypt (CBE) raised the Required Reserve Ratio (RRR) on local currency deposits to 14 percent from 10 percent for domestic banks this week. The decision is effective as of October 10. Egypt Today explains in a snapshot what is the Required Reserve Ratio and what it is used for.

Online portal to be launched to promote Egyptian exports

Egypt will launch an online portal for investors and businessmen “soon” to promote exports, CEO of the Export Development Authority (EDA) Sherine el-Shorbagi said Wednesday. The platform will include a detailed map of the global spread of Egyptian products, target markets, international trade agreements, incentives for Egyptian exporters and shipping costs.

AfDB $500M loan to be signed before year-end

Egypt will sign a $500 million loan agreement with the African Development Bank (AfDB) before the end of 2017, which is a part of a $1.5 billion agreement reached in 2015 to support economic development, Minister of Investment Sahar Nasr said Wednesday.

U.S. dollar exchange rate bounces back against Egyptian pound

The Egyptian pound exchange rate slightly went up against U.S. dollar in Wednesday's morning banking transactions. The exchange rate of the Central Bank of Egypt (CBE) for the U.S. dollar recorded LE 17.60 for buying and LE 17.70 for selling, compared to LE 17.59 for buying and LE 17.69 for selling Tuesday.

European bourses dip as Spain, banks suffer from Catalonia crisis

European shares dipped on Wednesday despite a new set of record highs overnight on Wall Street, with Spanish and banking stocks suffering from the on-going Catalonia crisis, while Germany’s DAX was catching up after a bank holiday, boosted by strong auto stocks.