Egypt’s business digest July 23: Egypt frames plan to increase medicine exports by 100% over three years; CBE puts forwards treasury bills totaling 10 billion EGP Sunday
CBE building - YOUM7 (Archive)
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CAIRO: No more browsing from site to site, view the top business news stories on July 23 here:

Egypt frames plan to increase medicine exports by 100% over three years

The Health and Drug Council of Egyptian Union for Investors Associations (EUIA) has submitted the Cabinet a plan on increase the Egyptian medicine exports by 100 percent to reach 2 billion EGP (about $225.3 million) over the coming three years, Council Chairperson Mohie Hafez told Youm7 Friday evening.

 

CBE puts forwards treasury bills totaling 10 billion EGP Sunday

The Egyptian Bank of Egypt (CBE) will put forward Sunday Treasury Bills (T-Bills) totaling 10 billion EGP. The T-bills are to be offered in two installments; the first valued at 4.7 billion EGP with 91-day term, while the second worth 5.2 billion EGP with a 273-day term.

 

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 12.10 EGP, and sell it for 11:90 EGP; 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.

 

Egypt’s Supply Authority makes international tender to buy cooking oil

Egypt’s Public Authority of Supply (PAS) has made an international tender to purchase cargos of soybean oil and sunflower oil, Reuters reported Ahmed Youssef Saturday.

Per the tender terms, Egypt should receive the cargos in the period between September 1 and 15, he added.

Egypt import 95 percent of consumed cooking oil, which is one of basic subsidized commodities,   according to a report from the Ministry Agriculture in March 2015. Egyptians annually consume 1.8 tons of cooking oil, the report added.

 

Trade value on stock exchange securities hits 3.3 bln EGP over past week

The trade value on the stock exchange securities has reached 3.3 billion EGP over the past week, comparing with 4.4 billion EGP over the previous week, Youm7 cited a report issued Friday evening by the Egyptian Stock Exchange.

Trade volume in the Nile Stock hit 46.2 million EGP during the past week; the listed companies’ shares represented 79.93 percent of the speculation process, while the bond speculation represented 20.07 percent.

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