Egypt’s top business news on June 29: Egypt bans use of debit card abroad -central bank official; Egypt forms committee to study Brexist’s repercussions on its economy
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo in this March 17, 2013 file photo. REUTERS/Amr Abdallah Dalsh/Files
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CAIRO: No more browsing from site to site, view the top business news stories on June 29 here:

 

Egypt bans use of debit card abroad -central bank official

(Reuters)- Egypt’s central bank has ordered banks to stop the use of debit cards for accounts in Egyptian pounds abroad, a central bank official said on Wednesday.

“We sent a letter to bank chiefs today to stop the use of debit cards outside the country. As for credit cards it is business as usual and each bank sets their own limit for their clients,” the official told Reuters by telephone.

 

Egypt forms committee to study Brexist’s effects on its economy

Federation of Egyptian Chambers of Commerce (FECC) has formed a committee to study the repercussions of the Brexist on Egypt’s economy, Youm7 reported FECC chairperson Ahmed al-Wakil, who stated that the brexist will affect Egypt and there should be a study to know the challenges, particularly during the two-year negotiations between the European Union and Britain.

 

48 vessels transit Suez Canal on Tuesday: SCA

A total of 48 vessels with 2.5 million tons of cargo have transited the Suez Canal on Tuesday, Youm7 reported citing a statement issued by the Suez Canal Authority.

A total of 23 vessels carrying 1.2 million tons of cargo transited the canal through the south-bound convoy while the north-bound convoy included 24 vessels carrying 1.3 million tons, according to trhe statement.

 

Egypt’s wheat reserves enough till Jan. 2017: minister

Egypt’s strategic wheat reserves are enough to last until mid-January 2017, Supply Minister Khaled Hanafi said in a statement on Tuesday.

His comments came a few weeks after the General Authority for Supply Commodities (GASC) announced it has purchased a total of 5 million tons of wheat from local farmers since the start of this year’s harvest season mid-April.

 

Egypt’s central bank sells $117.1 m at Tuesday auction

The Central Bank of Egypt (CBE) sold $117.1 million at its regular rate of 8.78 to the dollar at Tuesday’s sale, according to data from CBE.

 

Egypt exports to Nile Basin countries register 2% decrease in March

Egypt’s exports to Nile Basin countries registered a year-on-year (YoY) decrease of approximately 2 percent reaching $94.995 million in March 2016, down from $97.901 million in the same month last year, according to a Central Agency for Public Mobilization and Statistics (CAPMAS) report issued Tuesday.

Egypt’s imports from the same states also decreased to reach $32.918 million in March down from $34.603 million during the same month last year.

 

550 EGP square meter price at Badr City plots: IDA head

A plot of one million square meters at Badr City will be put up for sale for investors at a total cost of 550 EGP ($61) per square meter, Head of the Industrial Development Authority (IDA) Ismail Gaber was quoted by Youm7.

 

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