Tag:

The Egyptian economy

Egypt’s Economy Expected to Lead Middle East Growth, According to World Bank Report

by Chief editor of world-today-news.com June 7, 2023

written by Chief editor of world-today-news.com

a sh a

Wednesday, 07 June 2023 05:26 PM

The World Bank expected that the Egyptian economy would lead the growth of the economies of the Middle East region, with a growth of 4% during the current fiscal year, to continue its progress over the countries of the region until 2025.

According to a World Bank report on global economic growth prospects, the economic growth rate in Egypt will record 4% in 2024, increasing to 4.7% in 2025.

The bank expects the Saudi economy to grow by 2.2% in 2023, 3.3% in 2024, and 2.5% the following year.

As for the economy of the Middle East and North Africa, the bank expected it to grow by 2.2% in 2023, 3.3% in 2024, and 3% in 2025.

#World #Bank #Egyptian #economy #lead #growth #economies #Middle #East #North #Africa #seventh #day
2023-06-07 14:26:00

June 7, 2023 0 comments

Business

Egypt announces an increase in gasoline prices and the stabilization of diesel… and explains the reason

by Chief editor of world-today-news.com March 2, 2023

written by Chief editor of world-today-news.com

Dubai, United Arab Emirates (CNN) – The Egyptian Ministry of Petroleum and Mineral Resources announced, on Thursday, the new prices for gasoline and diesel.

The ministry said, in a statement, on its Facebook page: “In light of the fluctuation of Brent crude prices and the exchange rate of the pound against the dollar, the Automatic Pricing Committee for Petroleum Products concerned with following up and implementing mechanisms for applying automatic pricing for petroleum products on a quarterly basis decided in its meeting to recommend an adjustment to the current prices prevailing in the market.” “.

The statement added: “The price of selling gasoline products of all three types has been modified, starting from two o’clock in the morning on Thursday, to become as follows: 8.75 pounds per liter of 80-gasoline (0.29 US dollars), 10.25 pounds per liter of 92-gasoline (0.33 US dollars) and 11.50 pounds per liter of 95-gasoline (0.38). American dollar)”.

And he continued: “The selling price of a ton of diesel for non-electricity and bakery uses will become 6,000 pounds per ton (195.88 US dollars), and the selling price of diesel has been fixed at 7.25 pounds per liter (0.24 US dollars), and the price of diesel fuel for electricity and food industries has been fixed, and the fuel supply gas for cars has increased to become 4.50 pounds/meter ($0.15).

March 2, 2023 0 comments

Business

Why do international institutions lower their forecasts for the growth of the Egyptian economy? Experts answer

by Chief editor of world-today-news.com February 22, 2023

written by Chief editor of world-today-news.com

Cairo, Egypt (CNN) – The European Bank for Reconstruction and Development has joined the list of major international institutions that have lowered expectations for the growth of the Egyptian economy during 2023. In its latest report, the bank expected a decline in the economic growth rate to 4.6%, compared to 5.6% in its previous report in last September.

Experts see the reasons for this reduction as a result of the continuing repercussions of the Russian-Ukrainian war and the global wave of inflation.

The International Monetary Fund had previously lowered its forecast for the growth of the Egyptian economy during the current fiscal year, which is due to end next June, 3 times in a row, from 5% to 4.4% and finally to 4% in its latest report. The World Bank also lowered its forecast for the growth of the Egyptian economy to 4.5% during the current fiscal year.

Dr. Fakhry El-Feki, Chairman of the Plan and Budget Committee in the Egyptian Parliament, said that the EBRD report is in line with the government’s expectations, which reduced the growth rate target during the current fiscal year 2022/2023 from 5.5% to 5% due to the repercussions of the Russian-Ukrainian war crisis. The growth target is still positive and equal to two and a half times the population growth.

The Egyptian economy grew by 4.4% during the first quarter of the 2022/2023 fiscal year, which began in July 2022, according to data from the Ministry of Planning.

Al-Feki indicated, in exclusive statements to CNN in Arabic, that the European Bank’s reduction of the growth expectations of the Egyptian economy was preceded by similar steps by international institutions, most notably the International Monetary Fund, which reduced the growth rate to 4%, while the World Bank was more optimistic and expected to achieve a growth rate of 4.6%. By a slightly higher rate of 0.1% than the expectations of the credit rating agency Fitch which amounted to 4.5%, which indicates the agreement of all international institutions on the continued impact of the repercussions of the Russian-Ukrainian war on the Egyptian economy, and their expectations for the growth of the economy at a rate ranging between 4-5%.

Fakhry Al-Fiqi explained the impact of the repercussions of the Russian-Ukrainian war on the Egyptian economy, as it caused a rise in the global inflation rate, which was reflected in Egypt’s import bill of basic commodities and production requirements, and thus this appeared in the rise in inflation locally to record levels, as it affected foreign exchange flows in Egypt. Egypt, which led to a drop in the exchange rate of the pound against the dollar from levels between 15-16 pounds to more than 30 pounds in less than a year, deepening inflation levels and bringing it to record levels.

The exchange rate of the pound fell against the dollar by about 100% in the period from March to this month, bringing the price of the dollar to 30.54 pounds for purchase, and 30.65 pounds for sale at the Central Bank of Egypt, on Tuesday.

He said that the Central Bank of Egypt worked to limit the rise in inflation by offering government banks high-yield savings certificates, and increasing the interest rate by 8% over the past year, to absorb liquidity from the markets and calm prices, but these decisions caused a slowdown in economic growth because they raised the cost of borrowing. , and affected companies’ plans to expand or operate factories at full production capacity.

In the last meeting of the Monetary Policy Committee of the Central Bank of Egypt, on the 2nd of this month, the interest rate was fixed on the rates of deposit and lending returns for one night, and the rate of the main currency of the Central Bank at the level of 16.25%, 17.25%, 16.75%, respectively, and it was maintained. On the credit and discount rate at the level of 16.75%.

The head of the Parliament’s Plan and Budget Committee believes that the Egyptian economy’s achievement of high growth rates requires a solution to the foreign exchange crisis, by attracting direct foreign investments to ensure the availability of sustainable dollar resources. However, this solution faces a challenge in the decline in foreign direct investment globally in emerging markets, which prompted The Egyptian government to accelerate the government offering program by selling shares of state-owned companies to Gulf sovereign funds.

Foreign direct investment flows into Egypt during the past fiscal year 2021/2022 achieved the highest growth rate in the last 10 years, at a rate of 71.4%, to reach $8.9 billion, according to an official statement from the Cabinet.

And he continued another matter to increase the growth rate, which is the calming pace of inflation globally to push the major central banks in the world to abandon the policy of monetary tightening, and began a journey different from the gradual decline in interest rates to create more job opportunities, control prices, and put public debt, whether domestic or external. at safe levels.

Fakhry Al-Feki pointed to the Egyptian government’s steps to stimulate foreign direct investment, by approving a state ownership policy document with the aim of increasing the participation of the private sector in the economy through exit and reducing its share in many productive activities, in addition to providing industrial lands at cost prices, and announcing an initiative to finance productive activities. At an interest rate of 11%, and preparing a new program to support exports to encourage companies to increase Egyptian exports, in addition to abandoning bureaucracy in issuing licenses and expanding the issuance of the golden license to investors.

The Egyptian government launched an initiative to provide 150 billion Egyptian pounds ($4.9 billion) in financing for the industrial and agricultural sectors, at a soft interest rate of 11% over 5 years, to encourage investors to produce and export.

In another matter, El-Feki said that the government seeks to promote investment opportunities in the Suez Canal economic zone to Japanese companies, whether by establishing an industrial zone such as the Chinese industrial zone or entering into partnerships with local companies to deepen local manufacturing in Egypt, referring to cooperation with Japan in He offered Samurai bonds in Japanese yen, at a value equivalent to 500 million dollars, during the past year, at an interest rate of less than 1%.

During the past few days, a delegation from the Suez Canal Economic Zone visited Japan and met with nearly 100 Japanese economic entities, including companies, banks, and institutions for financing and international cooperation, in order to introduce the investment opportunities available to the Japanese economy within the Suez Canal Economic Zone.

The economist, Medhat Nafie, attributed the reasons for the European Bank’s reduction of the Egyptian economy’s growth rate expectations this year to the continuing crisis of the availability of foreign exchange, which has its consequences on the availability of production inputs necessary for local manufacturing, and the accumulation of goods in ports over the past year, even after the breakthrough in the release of goods. There is a fear of the possibility of recurrence, which affected the continuation of the production process.

Nafie added, in exclusive statements to CNN in Arabic, another reason for the European Bank report, which is the record high inflation rate in Egypt, which leads to economic stagnation.

The inflation rate in Egyptian cities recorded a level of 25.8% during the month of January, which is the highest level it has recorded in more than 5 years, according to data from the Central Agency for Public Mobilization and Statistics.

February 22, 2023 0 comments

News

Minister’s spokesman: The release of goods will be reflected in a gradual decrease in prices

by Chief editor of world-today-news.com January 28, 2023

written by Chief editor of world-today-news.com

Ambassador confirmed Nader Saada spokesman for the Presidency of the Council of Ministers, that the announcement by Standard & Poor’s agency confirming Egypt’s credit rating gives a very positive image and an important message to foreign investors that the Egyptian economy is on the right path.

Ambassador Nader Saad added, during a telephone interview with the “Al-Hayat Al-Youm” program, with the media, Lubna Assal, on Al-Hayat channel, that the economic plan undertaken by the Central Bank and the government to address the imbalances has begun to bear fruit, and the problem of accumulation of goods has also been resolved, and there are still existing goods. in the ports, but this amount is equivalent to the normal amount that existed in the pre-crisis periods.

He continued, “Goods are now regularly exiting the ports, and the impact of these releases will confirm the gradual decrease in prices, due to the abundance of raw materials, and all factory requirements are available, which will lead to production and an increase in supply in the market.”

Ambassador Nader Saad indicated that the main goal of all housing projects for the state is to establish planned cities, avoid slums, and provide all types of housing with an appropriate income for every citizen.

The positive outlook on the part of the international institutions of the Egyptian economy continues in terms of the credit rating and the promising future expectations of its indicators, to confirm the capabilities of the Egyptian economy in dealing with crises and containing them in a flexible manner, at a time when the state seeks to encourage and increase private sector investments, and strengthen its presence in the Egyptian market, thus contributing In raising economic growth rates and improving all economic indicators during the coming period, in addition to developing appropriate plans to contain inflationary pressures and keep them within safe limits, in conjunction with rationalizing government expenditures and expanding social protection programs to mitigate the severity and effects of the global crisis in various directions.

In this regard, the Cabinet’s media center published a report that included infographs highlighting Standard & Poor’s affirmation of Egypt’s credit rating despite successive global crises and its expectation of positive indicators for the Egyptian economy.

January 28, 2023 0 comments

News

Egypt News.. “Wintersale Dea” company discovers a gas well in the exploration area, east of Damanhur

by Chief editor of world-today-news.com January 12, 2023

written by Chief editor of world-today-news.com

During the past hours, Al-Youm Al-Sabaa published a number of important news and reports, the most prominent of which was the announcement by the Wintershall Dea company that it had discovered a gas well in the exploration area east of Damanhour.

The following is a summary of Egypt’s news at one o’clock in the afternoon.

The settlement of 1415 families in furnished apartments in Cairo and the evacuation of 512 properties behind the wall of Magra El Oyoun.

Cairo Governorate has come close to evacuating the slum area, creating the Mejra El-Oyoun wall in the Old Cairo district, in light of what the political leadership directed to develop the Megra El-Oyyun wall area, to restore the civilized face of the area so that it integrates in an exemplary manner with all the development work that takes place in the Fustat area within the framework of the development of Historic Cairo to restore it. To its previous era, coinciding with the implementation of the strategic plan developed by the state to eliminate slums and insecure areas that represent a threat to the life of the citizen.

The government denies bulldozing the trees of the Zoo in Giza, coinciding with its development plan

The Media Center of the Council of Ministers revealed that, in light of the reported reports claiming that the trees of the Zoo in Giza were bulldozed, coinciding with the implementation of a plan to develop them, the center communicated with the Ministry of Agriculture and Land Reclamation, which denied these reports.

Education: It was decided to amend the date for the start of exams for Egyptian students abroad.. Details

The Ministry of Education and Technical Education announced the amendment of the exam schedules for Egyptian students abroad for the first semester 2022/2023, as exams begin in the preparatory stage at ten in the morning, and exams in the secondary stage begin at eleven in the morning, and the primary stage begins at nine in the morning, adding that exams begin electronically. .

The Minister of Justice decides to operate 17 documentation branches in the evening shift, bringing their number to 82 branches

Counselor Omar Marwan, Minister of Justice, decided to increase the number of documentation branches that operate in the evening shift, by allowing work in (17) documentation branches distributed over (11) governorates, namely (Alexandria – Dakahlia – Damietta – Gharbia – Beni Suef – Assiut – Sohag – Qena – Luxor – Aswan – Red Sea), bringing the total number of branches operating during the evening shift to (82) “Tawtheeq” branches.

Meteorology: Thunder cells affecting the coasts of the northern delta

The General Authority of Meteorology revealed that the latest satellite images indicate thunderstorms affecting the coasts of the northern delta (the lake), accompanied by moderate rains that may be heavy and sometimes thundery, with thunderstorms continuing to fall on areas east of Alexandria.

Local development appeals to citizens to stay away from trees due to bad weather

The report of the Operations Room of the Ministry of Local Development indicated that the governorates of Matrouh, Alexandria, and Beheira were exposed to weather fluctuations.

National Alliance: We aim to increase resources to 20 billion pounds during 2023

Dr. Talaat Abdel-Qawy, President of the General Federation of NGOs, and a member of the National Alliance for Civil Development Action, confirmed that the resources of the coalition during the past year amounted to 14 billion pounds, and it is intended to increase the resources to 20 billion pounds during the year 2023 to reach the largest number of vulnerable families through the provision of aid and convoys. In addition to distributing food parcels and many other aids provided by the coalition.

Education: the electronic and paper exams for the first and second secondary exams at the same time

The Ministry of Education and Technical Education confirmed the completion of the preparations of educational directorates and departments for the general secondary and first year exams, which start on January 14, explaining that the paper and electronic exam are held simultaneously according to the exam schedules for each subject, stressing that students will not leave the examination committee. Until the end of the electronic and paper exam contract, where online accounts for 85% of the questions and 15% for the paper exam.

There is a great demand for “We are all one” shoppers to buy goods at discounted prices

The We Are All One initiative witnessed a strong turnout from the people, as the Ministry of Interior, under the auspices of President Abdel Fattah El-Sisi, continued to ease the burdens on citizens, by launching humanitarian initiatives, especially those related to providing food to citizens, at reduced prices.

Health: providing dental services to 10 million citizens by 2022

The Ministry of Health and Population announced the provision of specialized dental treatment services to 10 million and 237 thousand citizens in hospitals and units affiliated to the Central Department of Dentistry at the level of the governorates of the Republic, during the year 2022, with the aim of providing specialized treatment services in dentistry, as part of the Ministry’s strategy to improve health indicators. general citizens.

Meteorology: thunderstorms on the northern coasts extend to Cairo.. and the minimum in the capital is 11 degrees

The Meteorological Authority expects that today, Thursday, a decrease in temperatures will prevail, so that cold weather will prevail in the early morning, pleasant during the day in the north of the country to northern Upper Egypt, moderate in southern Sinai and southern Upper Egypt, and cold at night in most parts.

The price of gold in Egypt.. and 21 karat records 1875 pounds per gram

We publish gold prices in the Egyptian market today, Thursday, January 12, 2023, as a gram of gold of the main caliber 21 records a value of 1875 pounds per gram in today’s trading, amid a noticeable movement in the gold market.

21.1% increase in the value of the trade balance deficit for the month of October 2022

Today, Thursday, the Central Agency for Public Mobilization and Statistics issued the monthly bulletin of foreign trade data, October 2022. The trade deficit amounted to $3.58 billion during October 2022, compared to $2.95 billion for the same month of the previous year, an increase of 21.1%.

The Egyptian Tax Authority launches the hotline 16189 to report cases of tax evasion

The Egyptian Tax Authority announced the launch of the hotline 16189 to report cases of tax evasion.

Minister of Housing: The implementation of 3264 housing units in the “housing of all Egyptians” in West Qena

Dr. Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities, said that 3,264 housing units have been implemented and are underway, as part of the presidential initiative “The Housing of All Egyptians”, in the first phase in West Qena, which is one of the fourth generation cities being implemented in Upper Egypt within the territory of Qena Governorate, referring to It is also underway to implement 30 buildings in an advanced stage in the Misr housing project for medium housing, with a total of 720 housing units, and the first phase of the city’s drinking water plant is being implemented.

Wintershall Dea discovers a gas well in the exploration area east of Damanhour

The German Wintershall Dea company was able to find gas in the exploration area east of Damanhur in the onshore Nile Delta region.

Al-Ahly is coordinating with the youth team to take Makhlouf to the Club World Cup

The past hours witnessed Al-Ahly club officials communicate with the coaching staff of the youth team, led by Mahmoud Jaber, in order to accompany Mustafa Makhlouf, the young goalkeeper of the red team, to participate with his team in the Club World Cup in early February in Morocco.

Ahmed Schubert: Zamalek files a new complaint against Kahraba after the end of the suspension

The journalist, Ahmed Schubert, revealed the position of Zamalek club regarding lifting the suspension of Mahmoud Abdel Moneim Kahraba, the Al-Ahly player, by the International Football Association “FIFA”, which was announced yesterday, Wednesday, which gives the player the right to participate with the team in the coming period.

146 matches brought Al-Ahly together with Al-Masry Al-Port Said before tonight’s meeting.. Infograph

Al-Ahly team will face, at exactly seven o’clock in the evening, Thursday, its Egyptian counterpart, Port Said, at Burj Al Arab Stadium in Alexandria, in the thirteenth round of the Premier League competition.

Hossam Hassan’s account revealed in front of Al-Ahly before Al-Masry’s meeting tonight… Infograph

Hossam Hassan, the technical director of the Al-Masry Al-Port Said team, will play a new confrontation against Al-Ahly at exactly seven in the evening, Thursday, at Burj Al-Arab Stadium in Alexandria, in the thirteenth round of the Premier League competition.

Ibuka agrees to move from Ceramica to Zamalek

Nigerian John Ibuka, striker of the first football team at Ceramica Club, agreed to move to the ranks of Zamalek in the current winter transfers, despite the foreign offers he received, as the player approached his club officials to facilitate the procedures for his departure to the White Club.

The date of the Egypt-Croatia match in the first campaign of the Pharaohs in the World Handball Championship

Egypt’s first men’s handball team will start tomorrow, Friday, the World Championship tournament held in Sweden and Poland, against Croatia.

Wednesday’s goals.. Real Madrid qualifies for the Super Spain final, and Milan bid farewell to the Italian Cup

Yesterday, Wednesday 11-1- 2023, a large number of matches were held, most notably the Spanish Super Cup matches, in addition to the French League matches and the English League Cup, which witnessed the scoring of a large number of goals.

The “National Alliance” gives good news to the most vulnerable families before Ramadan.. Distributing 25 million cartons of foodstuffs.. Increasing resources to 20 billion pounds during 2023.. Supporting small farmers by providing seeds and fertilizers

Dr. Talaat Abdel-Qawi, President of the General Federation of NGOs and a member of the National Alliance for Civil Development Action, announced the distribution of 25 million cartons of foodstuffs to the most vulnerable families before Ramadan at the level of all governorates of the Republic. Distribution of food cartons according to the data of the most vulnerable families with the Ministry of Social Solidarity and the Decent Life Foundation at the level of the governorates of the Republic.

In short..the most important Arab and international news until noon..two Americans with the same name, features, and profession, with no connection between them..Russia adds 36 British personalities to the ban list from entering the country..Palestinian martyrdom in Qalandiya camp in Jerusalem

In order to provide integrated services to our valued readers, “The Seventh Day” provides a service to provide all Arab and international news over the past hours, through a comprehensive bulletin of the most important events.

Dawn rains in Alexandria.. 150 cars were dispatched to remove the accumulations of thunderstorm water from the streets.. The governor announces the suspension of exams in schools and the continuation of lifting the state of emergency.. and confirms the readiness of 202 pumping stations.. Photos

Alexandria governorate witnessed heavy thunderstorms from the early hours of dawn today, all over the governorate, as the governorate is exposed to a wave of bad weather in the month of Tuba, one of the coldest months of winter, as the governorate witnessed a noticeable drop in temperature and light balls of snow falling.

A tour inside the luxurious Talgo train.. The journey time from Cairo to Alexandria is two and a quarter hours, and the service is 5-star.. Isolated from vibrations and noise.. And the passengers: the same level as the second class in the plane.. It has a control system and safety means at the highest level

The seventh day conducted coexistence inside the luxury Talgo train, which was operated on the Cairo-Alexandria line and vice versa, as part of 7 trains scheduled to run on the railway lines. So far, 4 trains have arrived from them. 3 trains are currently being tested in preparation for their operation on the Cairo-Aswan and Cairo-Alexandria lines.

Mobile cars to offer food commodities in villages and hamlets at reduced prices.. “Welcome Ramadan” exhibitions open their doors daily to citizens.. and “catering” intensifies the pumping of products into the outlets of consumer complexes.. and discounts reach 30%

The Ministry of Supply and Internal Trade continues to offer large products of food commodities at the outlets of consumer complexes and branches of companies affiliated with the ministry at reduced prices of up to 30%, in light of the existence of a strategic stock of all commodities that suffice the needs of citizens for long periods.

January 12, 2023 0 comments

Business

The pound continues its downward journey against the dollar…and hits a record level after the IMF agreement

by Chief editor of world-today-news.com January 12, 2023

written by Chief editor of world-today-news.com

Dubai, United Arab Emirates (CNN) – The Egyptian pound fell against the dollar by 7.7% during trading on Wednesday, to record the green currency 29.63 pounds for purchase, and 29.76 pounds for sale at the Central Bank – to set a new record level – and for the pound to continue its downward journey against the dollar. By more than 100% since the decision to devalue the pound last March. Experts attributed the reasons for the decline to the central bank’s application of a permanently flexible exchange rate system in response to the requirements of the International Monetary Fund.

The price of the pound against foreign currencies witnessed fluctuations during the day’s dealings in Egyptian banks, as the day began with a significant decline against the dollar to exceed the level of 32 pounds before it gradually rose again to close at the level of 29.76 pounds for sale in the Central Bank of Egypt, and the Kuwaiti dinar jumped, the highest value currency against the pound, to Levels exceeded 106 pounds, before falling to the level of 97.3 pounds for sale.

Banking expert Hani Aboul Fotouh said that the Central Bank of Egypt applies a flexible exchange rate system permanently. To stop speculation on the dollar in the parallel market, which led to a significant decline in the price of the pound against the dollar today in banks, adding at the same time that the elimination of the parallel market requires foreign exchange and its availability in the market.

On October 27, the Central Bank of Egypt announced the implementation of a flexible exchange rate regime for the pound against other foreign currencies by means of supply and demand forces, in response to the requirements of the International Monetary Fund so that Egypt would obtain new financing to bridge the foreign exchange gap.

Aboul Fotouh expected, in exclusive statements to CNN in Arabic, that the price of the pound would fluctuate during the coming period until it takes control of the parallel market for the dollar, in light of the government’s insistence on applying a flexible exchange rate, noting that investment bank estimates expect the price of the dollar to range between 32-36 pounds during the first quarter of this year, before declining again.

And as the International Monetary Fund announced, the Egyptian government made commitments in return for obtaining new financing from the fund, and these pledges included the central bank’s commitment to a flexible exchange rate on a permanent basis; To help mitigate external shocks and reduce the balance of payments deficit.

Hani Aboul Fotouh indicated that the depreciation of the pound will positively affect attracting foreign direct investment, which fears entering the Egyptian market as a result of the existence of a parallel market for the dollar. Through monetary policy tools, stressing the need for government intervention to control the markets to stop any attempts by traders to exploit prices exaggeratedly.

The annual inflation rate rose to 21.9% last December, reaching the highest level since 2017, and the core inflation rate reached 24.2% during the same month.

The banking expert talked about the role of high-yield bank savings certificates in confronting the parallel market for the dollar, provided that the Central Bank of Egypt does not interfere again in exchange rate movements, and that banks provide dollar liquidity that meets the demands of customers’ needs, pointing at the same time to the government’s efforts to increase dollar revenues. And reduce its expenditures by rationalizing public spending, postponing dollar projects, setting priorities for imports, and increasing dollar earnings from export revenues.

Al-Ahly and Egypt Bank offered high-yield savings certificates for one year, with an interest of 25%, to be spent at the end of the certificate period, or with a return of 22.5%, to be spent monthly, and they have collected more than 100 billion pounds ($3.4 billion) since their launch on January 4, according to media statements. To the officials of the two banks – The Commercial International Bank offered a savings certificate with a return of 22.5% for a period of one and a half years.

Banking expert Mohamed Badra agreed with him that the drop in the price of the pound against the dollar came as a result of the Central Bank’s application of a flexible exchange rate system permanently, in response to the requirements of the International Monetary Fund. It should gradually rise near the level of 30 pounds, expecting the availability of dollar liquidity for banks from the local market during the coming period, due to the fear of dollar holders of its decline in banks.

Badra said, in exclusive statements to CNN in Arabic, that the elimination of the parallel market for the dollar requires the availability of dollar liquidity in local banks so that citizens do not have to obtain green currency from the black market.

The central bank’s net international reserves rose to $34 billion by the end of December 2022, an increase of $500 million over the previous November, according to central bank data.

January 12, 2023 0 comments

Newer Posts

Older Posts