Thursday 25 August 2016
 
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Foreign Exchange

Sisi warns of harsh and tough measures to fix economy

Egyptian President Abdel Fattah al-Sisi warned citizens on Monday that tough measures would be needed to turn the country's ailing economy around as the government negotiates a $12 billion loan programme with the International Monetary Fund.

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Ooredoo Q1 profit jumps 75pc to $244m

Qatari telecom operator Ooredoo reported a 75 per cent rise in first-quarter net profit on Wednesday driven by foreign exchange gains from Indonesia and Myanmar. The earnings of the former monopoly, which operates in about a dozen

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Egypt pumps $22 billion to clear goods piled at ports

Egypt's Central Bank Governor Tarek Amer said that devaluing the Egyptian pound had attracted foreign investment worth $500 million in treasury bills and that he had pumped $22 billion into the banking system to clear goods piled at ports.

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Egypt pumps $22 billion to clear goods piled at ports

Egypt's Central Bank Governor Tarek Amer said that devaluing the Egyptian pound had attracted foreign investment worth $500 million in treasury bills and that he had pumped $22 billion into the banking system to clear goods piled at ports.

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Egypt lifts forex transaction caps for companies

Egypt's central bank has removed caps on foreign exchange deposits and withdrawals for companies, the state-owned Al Ahram newspaper reported on Wednesday, a day after lifting withdrawal restrictions for individuals. It gave n

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Egypt lifts FX transaction caps for individuals

Egypt's central bank removed caps on Tuesday on how much individuals can withdraw or deposit in foreign currencies at banks, a move aimed at boosting liquidity in a market that has been starved of dollars. Egypt, which relies

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Suez Cement ‘profit transfers hit by FX crisis’

Suez Cement, which is 55 per cent owned by Italian firm Italicementi, is struggling to transfer shareholder profits out of Egypt because of a foreign currency crisis, the Egyptian firm said on Monday. Egypt has been struggling to

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Egypt central bank to hold $500m forex auction

Egypt's central bank said it would hold an exceptional auction on Sunday for $500 million to cover imports of strategic goods, pumping more foreign exchange into an economy that has been starved of dollars. Egypt, which relies

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Air France-KLM urge Egypt to release stuck revenue

Air France-KLM has urged Egypt to release upward of EGP100 million ($13 million) in revenue it is unable to repatriate due to an acute dollar shortage, saying the delays were making it increasingly difficult to operate in the country.

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Saxo Bank cuts FX trading costs by up to 50pc

Saxo Bank, an online trading and investment specialist, has launched a new pricing structure which reduces the FX trading costs by up to 50 per cent and provides the opportunity to trade stocks for as low as $6 dollars per trade.

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