Egypt’s business digest July 17: Expected decline in rice prices by 40%; Egypt purchases 300K tons of wheat
Rice plant - YOUM7 (Archive)

CAIRO: No more browsing from site to site, view the top business news stories on July 17 here:


Price of rice expected to decline by 40% next week: official

The head of rice department at the chamber of grain industry at Federation of Industries, Ragab Shehata, expected a decline in rice price by 40 percent within the next week.

Shehata noted that there will be a surplus of rice this year to reach one million and half tons, creating crop abundance.


Egyptians’ net trading at EGX last week reached 77.15%: report

Egyptians trading at the stock exchange recorded 77.15 percent of total transactions during the past week, according to a weekly report by the Egyptian Bourse. The report noted that foreigners’ trading reached 14.19 percent, while Arabs’ reached 7.94 percent, excluding deals.


Egypt purchases 300K tons of wheat: Reuters

The Egyptian General Authority for Supply Commodities said that it has purchased 300,000 tons of wheat in a tender, as quoted by Reuters.


Pharaonic Petroleum Co started well drilling in May: official

Pharaonic Petroleum Company started drilling a developmental well called “Tort 8” last May aiming to increase its production to 120 million feet of gas per day, Youm7 quoted official sources at petroleum and mineral resources sector.


USD exchange rate steady at 8.88 EGP Saturday

The exchange rate of the dollar against the Egyptian pound was steady Sunday, reaching 8.85 EGP for purchase and 8.88 EGP for sale, according to official statement by the Central Bank of Egypt.

The Euro exchange rate against the EGP reached 9.84 EGP for purchase and 9.86 for sale.

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