Egypt business news digest June 15: Areas cultivated by cotton decline by 48 percent: report
Central Bank of Egypt - YOUM7 (Archive)
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5 solar power plants to operate in Cairo, Aswan by August

Five new solar energy plants will be inaugurated in Cairo and Aswan by the end of August, head of Misr Petroleum Company Mohamed Shaaban told Youm7.

 

CBE’s monetary policy committee meets Thursday to discuss raising interest rates

The Central Bank of Egypt’s (CBE) Monetary Policy Committee will convene on Thursday to review whether to raise or hold current benchmark interest rates including the overnight deposit rate and the overnight lending rate, Youm7 reported.

 

Areas cultivated by cotton decline by 48 percent: report

The total area cultivated with cotton declined by 48 percent to register 127,149 feddans during this summer season, compared with 248,000 feddans during last summer, Youm7 reported Wednesday citing a report issued by the Agriculture Ministry.

The report said the decline was caused by several reasons including the government’s recent decision to end decades-long policy of subsidizing farmers.

 

Home appliance prices rise by 60%

The prices of household items and home appliances have increased by 60 percent during the past two months, Fathy al Tahawy, Deputy Head of the Division of Home Appliances at the Cairo Chamber of Commerce told Youm7.

Tahawy attributed the price hike to wrong decisions taken by the Trade and Industry Ministry.

 

French firm to build car assembly factory in Egypt

A French auto maker plans to establish car assembly factory in the Egypt within the upcoming period, Egyptian Trade Minister Tarek Qabil said Sunday, according to Amwal al Ghad.

The factory is set to operate using high rates of locally-manufactured components.

 

 

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