Egypt’s business digest July 12: CBE to pump $120 mln into domestic banks Tuesday; Counterfeit coins circulated in Egyptian market
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CAIRO: No more browsing from site to site, view the top business news stories on July 12 here:

Orange Egypt names new CEO

Orange Egypt has named Mr. Jean-Marc Harion as the CEO of the company to be a successor to Yves Gauthier who has resigned in May, the company has announced in a statement.

 

CBE to pump $120 mln into domestic banks Tuesday

The Central Bank of Egypt (CBE) will pump Tuesday around $120 million into domestic banks, amid expectation of further devaluation of Egyptian pound against the U.S. dollar, Youm7 reported.

In the black market, the Egyptians purchase the dollar for 10.93 EGP, and sell it for 1:32 EGP, U.S. dollar; the value of the pound is preserved at 8.8574 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP.

 

Egyptians consume 5.8 mln tons of petroleum, gas products in February: CAPMAS

Egypt’s domestic consumption of petroleum and gas products amounted to 5.8 million tons in February 2016, comparing with 2,6 million tons in the same month,  Youm7 reported a report issued by the Central Agency for Public Mobilization and Statistics Tuesday.

Saudi Arabia has sent the third petroleum shipment; including petrol and diesel, to Egypt as part of a deal signed between Saudi ARAMCO Company and the Egyptian Ministry of Petroleum, Youm7 quoted anonymous sources at the Egyptian General Petroleum Corporation.

The deal stipulates that the Kingdom provides petroleum supplies to Egypt for a period of five years to meet Egypt’s needs of fuel.

 

Counterfeit coins circulated in Egyptian market

Youm7 has got a counterfeit coin for the Egyptian pound valuable in the market; the Egyptian Mint Authority (EMA) chairperson Mohamed al-Sobki has confirmed that the coin that Youm7 got is fake. Sobki said such coins could be entered into the country before the outbreak of the January 25 Revolution in 2011.

 

Egypt to permit up to 0.05 percent ergot in wheat starting Tuesday

(Reuters)- Egypt will allow up to 0.05 percent ergot, a common grains fungus, in wheat shipments beginning on Tuesday, confirming the end of a months-long standoff just before the country re-enters the international wheat market.

Reuters exclusively reported on July 4 that a ministerial decree would allow the world’s top wheat importer to apply the 0.05 percent international standard to purchases, ending a zero-tolerance policy that has puzzled global trade.

The confirmation, in the form of decree number 1117/2016 issued in the state gazette on Monday, is set to take effect one day after publication, the document showed.

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