EGPC uncovers fuel smuggling, safety breaches in inspections in Sept
Egypt’s General Petroleum Corporation (EGPC) uncovered major violations during its inspection campaigns in the…
Browsing Tag
black market
Egypt shuts unsafe fuel, LPG sites in crackdown on illegal petroleum trade
Egypt’s General Petroleum Corporation (EGPC) has closed multiple fuel stations and liquefied petroleum gas (LPG)…
Egypt’s Hassan Abdalla wins Arab Banking Union’s Governor of the Year
Hassan Abdalla, the governor of the Central Bank of Egypt (CBE), was named the "Governor of the Year" by the Arab…
Egypt’s economy remains resilient amid global challenges – Tarek Fayed
Tarek Fayed, Chairman of Banque du Caire, said on Sunday that the Central Bank of Egypt's (CBE) recent decisions…
Egypt’s c. bank’s recent decisions eliminate FX parallel market
The Central Bank of Egypt’s (CBE) recent decision will boost confidence in the Egyptian economy and eliminate…
A prescription for restoring economic normalcy
Sharp swings have been observed in Egypt’s FX black market after the news of the signing of an agreement to…
Egyptian pound rises in parallel market
The Egyptian pound (EGP) has seen a significant rise in value on the local black market for U.S. dollars (USD),…
IMF new deal to put end for dollar, gold unstable rates
The International Monetary Fund’s (IMF) new loan agreement will put an end - in the short term - to the exaggerated…
Sudanese pound falls to record low on black market
Sudanese pound fell to a record low on the black market on Thursday as residents concerned by anti-government…
Egypt pays off by floating local currency in economic reform – experts
The relative growth of foreign investment and the sharp decline of foreign exchange black market are among the…
Business tycoon Sawiris hails Egypt currency floating move
Egyptian business tycoon Naguib Sawiris, chairman of Orascom Telecom Media & Technology (OTMT), has hailed the…
Banque Du Caire mulls establishing forex firm to combat black market
Egypt’s third biggest public lender, Banque Du Caire is studying establishing a foreign exchange firm in a bid to…
IMF’s $12 bln loan ‘not enough’ to save Egyptian pound: ex-finance minister
A $12 billion IMF loan will definitely support Egypt’s foreign reserves and budget but it won’t be enough to curb…
Egypt raids more foreign exchange bureaus, shut 48 so far
Egypt's central bank has shut down 48 foreign exchange bureaus since the start of the year for trading at black…
Egypt central bank shuts down so far 47 currency exchange bureaus
Egypt’s central bank has shut down and revoked the licences of 47 foreign exchange bureaus so far after finding…
Egypt suspends 10 forex bureaus for one year over black market trading
Egypt's central bank suspended Monday for one year the licenses of 10 foreign exchange bureaus in Cairo after…
Egyptian pound hits record low to 12.90 against dollar on black market
Egypt’s currency has weakened to a record low of 12.90 against the dollar on the black market on Sunday, as the…
Egypt stocks end week 0.89% lower on pound fresh fall in black market
Stocks in Egypt have extended the previous day’s drop lower as main index, EGX30 slid 0.89 percent, to 7436.87…
Egyptian pound continues decline on black market
The Egyptian pound dropped again against the dollar on the black market on Wednesday, extending its recent decline…
Egyptian pound weakens to record low against dollar on black market
The Egyptian pound dropped to an unprecedented low on the black market Monday, five traders said, as hard currency…
What will Egypt’s flexible exchange rate look like? – Reuters
Egypt's decision to make the exchange rate more flexible will return the central bank to the managed float in use…
CBE strengthens pound against dollar
The Egyptian pound was strengthened against the US dollar at an exceptional auction held by the Central Bank of…
CBE offering $1.5 bln at auction to eliminate black market
The Central Bank of Egypt (CBE) will offer on Wednesday to sell $1.5 billion in an exceptional auction to banks so…
Egypt central bank partially devalues Egyptian pound to 8.85 per dollar
Egypt's central bank has partially depreciated the Egyptian pound to 8.85 per dollar from 7.73 in an exceptional…
Egypt black-market pound climbs despite central bank’s FX bid
Egyptian pound weakened to a record Sunday despite the central bank’s $500 million exceptional foreign exchange…
Egyptian pound steady at forex sale, weaker on black market
The Egyptian pound held steady against the dollar at an official foreign currency auction on Tuesday but weakened…
World Bank slashes Egypt’s predicted 2016 growth rate to 3.8%
Egypt's economic growth is forecasted to slow to 3.8 percent in financial year 2015/16 from 4.2 percent expected in…
The Economist: Egypt’s foreign reserves; Dwindling dollars
Facing a shortage of foreign exchange, Egypt allows its currency to fall. Despite the government’s best efforts,…
Egyptian Currency weakens to 7.73 at Official Auction – Central Bank
Egypt's pound weakened to 7.7301 pounds per dollar from 7.6301 at a central bank auction Sunday. The bank offered…
Somalia Criticises US Bank’s Move to Halt Remittances
Somalia has criticised a move by a US bank to close accounts of money transfer companies, warning it could create a…
Favourable Economic Winds help Egypt As Pound depreciates to Court Investors
Egypt will likely avoid the inflationary implications of a weaker currency as the pound depreciates ahead of a much…
Egypt’s Pound weakens for Third Straight Day to 7.29 per Dollar
Egypt's pound weakened to 7.29 per dollar at an unscheduled central bank auction on Tuesday from 7.24 a day…
Egypt’s Pound hits Weakest Official Level since December 2012
The central bank let the Egyptian pound depreciate on the official market for the first time since July, allowing…
Egyptian Pound Steady On Official Market, Strengthens On Black Market
The Egyptian pound was unchanged at a central bank dollar sale on Monday and strengthened on the black market. The…
Egyptian Pound Steady On Official Market, Weaker On Black Market
The Egyptian pound held steady at a central bank dollar sale on Sunday but weakened on the unofficial market. The…
Egypt Steps Up Dollar Sales As Pound Weakens In Black Market
Egypt’s central bank will step up foreign-currency sales this week after a dollar shortage pushed the pound to its…
Egyptian Pound Steady At Official Auction, Weaker On Black Market
The Egyptian pound held steady at a central bank dollar sale on Wednesday, but weakened on the unofficial market.…
Egypt Needs More Flexible Exchange Rate – IMF
Egypt would benefit from a more flexible currency regime that would help the country attract investment and…
Egypt Pound Drops In Black Market On Qatar Loan-Payment Concern
Egypt’s pound fell to 19-month low in the black market amid concern the forthcoming $2.5 billion bond payment to…
Currency Black Market To Disappear Within A Year: CBE Governor
Egypt's central bank (CBE) plans to eliminate the currency black market in less than a year, Hisham Ramez, the…