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Egypt exchange to boost this week after Egyptian Pound strengthens to US dollar
The Egyptian Exchange (EGX) is expected to slightly boost this week after the Egyptian pound strengthened on the black market on Saturday to between 10.5 and 11 to the dollar, down from 13 per dollar a week ago, Youm7 reported on Sunday citing economic experts.
The drop in rate of US dollar to the Egyptian pound comes after the government announced it will finance its economic reform program through a $12bn from the International Monetary Fund (IMF).
An International Monetary Fund (IMF) delegation headed by Christopher Jarvis has arrived in Cairo Saturday to hold talks with Egyptian officials regarding the fund’s support to the country’s financial program, Youm7 reported.
Finance ministry to borrow 9.7b in T-bills and T-bonds on Sunday.
The Finance Ministry is set on Sunday to borrow a total of 9.7 billion EGP through bonds and treasury bills, Youm7 reported.
The Central Bank of Egypt (CBE) on behalf of the ministry will hold a 91-day auction at a value of 4.7b EGP, a 266-day auction at a value of 5b EGP.
Egypt’s budget deficit is expected to reach 322 b EGP during the 2015-206 fiscal year.
Yields rise at Egypt’s T-bill auction
(Reuters) – Yields on Egypt’s three-month and nine-month treasury bills rose at Sunday’s auction, data from the central bank website showed.
The average yield on the 91-day bill rose to 14.272 percent from 14.149 percent at the last auction on July 17. The 273-day bill slightly rose to 15.752 percent from 15.570 at a similar auction a week ago.
CBE to sell $120m to banks Tuesday
The Central Bank of Egypt (CBE) said it will hold its weekly dollar auction for $120 million on Tuesday.
The auction will be carried out on behalf of the Ministry of Finance (MoF), according to Youm7.
The bank sold $116 million on Tuesday, July 26.
Egypt, Spain sign letters of intent worth 125 euros
International Cooperation Minister Sahar Nasr and Spain Ambassador to Cairo Arturo Avello Diez del Corral signed letters of intent to boost financial cooperation between the two countries with an amount of 125 million Euros, Al Ahram reported on Sunday.
The signing of the letters, extended to Dec., 2018, took place in the Spanish embassy headquarters in Cairo.
The funds will be allocated to development projects in the fields of power plants, infrastructure, airports, railways and antiquities, the Egyptian ministry of international cooperation announced on Thursday.