Business News wrap

CBE removes cap on deposit, withdrawal of companies

CBE halted a deposit cap for companies set at $10,000 per day and $50,000 per month, in addition to a withdrawal limit at $30,000.

EGX strikes all-time high, benchmark up 2.2%

Market capitalization skyrocketed from LE 15.6 billion to record LE 812.4 billion

Dollar exchange rate inches up at Egypt's banks

The exchange rate of the US dollar slightly went up at the five major banks in Egypt on Tuesday.

IFC to increase investments in Egypt to $1bn

The International Finance Corporation will increase its investments in Egypt to a billion dollars in the coming period, the IFC regional director said.

Finance Ministry offers new financial contributions at LE 4.9 B: MIN

The Finance Ministry has allocated urgent financial contributions valued at LE 4.9 billion for a number of entities.

SMEs portfolio at NBE reaches LE 37.5B: Deputy General Manager

The National Bank of Egypt's (NBE) SMEs portfolio is registered at LE 37.5 billion.

Government invests LE 1.8B in North Sinai in FY 2017/18

The agriculture sector is dominating the largest share in the projects at LE 505.5 million.

EFG Hermes picks Egypt as top market in MENA

Egypt’s market can offer large potential ahead as market capitalization currently stands at 17 percent of the GDP.

Asian shares retreat from decade peak on China anxiety

Asian shares drifted away from decade highs on Tuesday as Chinese stocks stumbled for a second straight session.

Oil prices fall on pipeline restart, uncertainty over OPEC output cuts

Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers.