UPDATE: Egypt’s Business digest June 21:CBE closes 2 foreign exchange offices over black market dealing
Egyptian Exchange - YOUM7 (Archive)

CAIRO: No more browsing from site to site, view the top business news stories of Egypt on June 21.

CBE closes 2 foreign exchange offices over black market dealing

The Central Bank of Egypt (CBE) has closed two exchange companies for selling foreign currency at more than the official rate, Reuters quoted a CBE source Tuesday.


EGX rebounds on Thursday, benchmark rises by 0.66%

The Egyptian Exchange (EGX) rebounded on Tuesday boosted by local institutions as well as Arab and foreign buying appetite, Youm7 reported.

The benchmark index EGX30 inched up 0.66 percent to end at 7,250.90 points.


CBE keeps pound stable on Tuesday foreign currency sale

The Central Bank of Egypt (CBE) kept the pound steady against the dollar on Tuesday for the first time since raising its benchmark interest rate by one percentage point last week, Reuters quoted sources at CBE.


UK’s Brexit will not affect Egypt’s petroleum agreements with EU- EGPC officials

Official sources at the Egyptian General Petroleum Corporation (EGPC) told Youm7 that oil agreements, imports and exports that were signed between Egypt’s petroleum sector and EU member states will not be affected in case a UK referendum, set to be held June 23, decided Britain should leave the European Union.

Sources added that all petroleum agreements between Egypt and other states “are governed by business not political relationships,” and that Egypt is dealing with commercial companies within the states in accordance with signed agreements.


Int’l Cooperation Min., EU ambassador discuss 370 m Euros grant for budget support

International Cooperation Minister Sahar Nasr discussed Monday with the EU’s ambassador to Cairo James Moran programs to support Egypt’s budget with grants worth 370 million Euros.


Works at Eastern Port Said industrial zone to begin Feb. 2017

Trade Minister Tariq Qabeel said that 80 percent of the designs of the to-be-established industrial zone in eastern Port Said have been finalized, and that works will kick off in the project February 2017.


Egypt, Canada to sign grant agreement in women empowerment

International Cooperation Minister Sahar Nasr is set to sign a grant agreement worth 345 million EGP (C$50 million) with Canada Tuesday, to fund women’s economic empowerment programs and develop small and medium enterprises in Egypt.

The minister has already signed three grant agreements worth C$30.6 m in the fields of technical education, food security, and small- and medium-sized enterprises (SMEs.)


Egypt bearish technically – Reuters

Egypt’s main index broke technical support on the April and May lows of 7,276-7,327 points on Monday to close at 7,204 points, according to Reuters.


USD exchange rate steady at 8.88 EGP Tuesday

The U.S. dollar exchange rate remained steady against the Egyptian pound in the official market at the beginning of Tuesday’s trading, where the USD reached 8.8575 EGP in purchasing and 8.8794 EGP for selling. The Euro exchange rate against the EGP reached 10.02 EGP for purchasing and 10.05 for selling.

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