EGP
The steps taken by Banque Misr and Commercial International Bank are part of an effort to attract hard currency, which the Egyptian market has been facing a shortage of for several months.
While the Central Bank leaves prices setting according to the mechanisms of supply and demand, without any intervention to support the value of the local currency.
Foreign Policy published an article indicating that the Egyptian Economy is "collapsing," but they ignored the bold economic reforms the government made.
The US dollar exchange rate continued its downward trend during transactions at major banks on Sunday.
In light of volatile economies the world faces nowadays, Bloomberg reviewed Egypt's economy in a report, referring to it as the traders’ refuge from volatility.
Spokesperson for Metro service Ahmed Abdel Hady said the service is operating normally and the number of passengers was not affected by the new hikes in fares.
Transport Minister Hisham Arafat said despite recent hikes in metro ticket prices, removing government subsidy will raise the price up to EGP 16.
The US dollar exchange rate was stable at major banks on Thursday.
Head of the board of trustees of the German University in Cairo (GUC) Dr Ashraf Mansour said that devaluing the US customs dollar contributed to increasing foreign exchange flows to Egypt.
Egypt’s exports increased 9.4 percent to $14 billion in the period between November 2016 and June 2017, after the devaluation.
A wrap-up for the most prominent news circulated during the day.
A wrap-up for the most prominent news circulated during the day.
Delta Company for Fertilizers incurred LE 168 million losses from the Egyptian pound's flotation and LE 190 million from stoppage of the plants in three months.
CBE decided Wednesday to expand the benefits of the small project loans scheme to encourage agricultural, livestock and fisheries production.
The U.S. dollar exchange rate slightly declined against the Egyptian pound in Monday transactions.
Dollar down 2 piasters
Egypt's Trade Ministry has issued tough new regulations on importers by sharply raising the minimum capital they need to operate.
The U.S. dollar exchange rate held steady against the Egyptian pound in major banks on Wednesday.
Talaat Mostafa Group Holding registered sales worth of 4.3 billion EGP ($237 million) in the first quarter (Q1) of 2017.
The U.S. dollar exchange rate held steady against the Egyptian pound in major banks on Monday.
