Moody’s yesterday (Thursday) downgraded Egypt’s credit rating by a notch to ‘Caa1’ from ‘B3’, citing the country’s worsening debt affordability, reported Reuters. Egypt has been facing an economic crisis with record inflation and a chronic [ More … ]
The UAE and Egypt have agreed to a currency exchange deal, which could help Egypt’s dire economic situation. The central banks of the United Arab Emirates and the Arab Republic of Egypt agreed Thursday to [ More … ]
Egyptian inflation has soared to a fresh record, with consumer costs now increasingly at the mercy of whether authorities will allow the pound to weaken again, reported Bloomberg. Price growth in urban parts of the [ More … ]
Egypt’s two biggest state banks on Tuesday issued U.S. dollar-denominated certificates of deposit with high returns, in what appears to be the country’s latest attempt to lure dollars away from the black market and back [ More … ]
The country’s industries are struggling to fund imports and lure investors amid foreign currency crisis that is stifling business. Egyptian entrepreneurs have warned that uncertainty over the exchange rate is suffocating business and impeding their [ More … ]
Egyptian business tycoon Samih Sawiris says Saudi Arabia a more promising place to invest, as his country now has three different exchange rates Egyptian billionaire Samih Sawiris has declared that he is not going to [ More … ]
Egypt’s economy has recently been seen growing 4% this fiscal year, according to a Reuters poll. Egypt’s economy will grow 4.0% this fiscal year and 4.5% next even as it endures a continuing depreciation in [ More … ]
Egypt’s pound currently ranks as the sixth worst performing currency since early January; and it has extended a decline that saw it lose more than half its value during 2022. Egypt’s headline inflation in February [ More … ]
Egypt sold a tiny fraction of the bonds on sale in an auction as the government balked at paying what investors fearful of another plunge in the value of the pound are demanding to buy [ More … ]
Egypt starts the new year with a disastrous economic environment and social tension, according to a recent report. “Public anger has been growing for months in Egypt over a severe dollar crunch and soaring food [ More … ]
Egypt, a country of more than 103 million people, is running low on foreign currency needed to buy essentials like grain and fuel, a recent report states. According to a recent report published by ABC [ More … ]
The central banks of Turkey and the United Arab Emirates (UAE) have inked a swap agreement with a nominal size of 18 billion UAE dirhams and TL 64 billion ($4.7 billion), the Central Bank of [ More … ]
Turkey officials have held talks with Japan and the UK on setting up currency swap lines, sources tell Reuters. The recently embattled Turkish lira edged up on Friday and held gains from late Thursday following reports that [ More … ]
Egypt’s currency crisis is escalating as its national currency continues to decline against the dollar in the parallel market, amid growing signs of a currency devaluation, with the government talking about painful necessary economic reforms, [ More … ]
Two government sources said that Egypt has reached a preliminary agreement with the International Monetary Fund after nearly two weeks of talks to secure a $12 billion (9.25 billion pounds) lending programme and will make [ More … ]
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