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Egypt sets jail as punishment for black market forex trading
(Reuters)-Egypt’s parliament on Tuesday set prison sentences to up three years and fines to up to 5 million pounds ($563,000) for traders selling foreign currency on the black market.
The central bank has in recent weeks revoked the licenses of dozens of foreign exchange offices that it says were selling dollars at rates far wide of the official one.
But the gap between the official and black market rates continues to widen after a March devaluation failed to ease an acute dollar shortage.
“Egypt currency exchange bureaus are like cancer and I call on parliamentarians to draft a legislation that abolishes and eliminates them completely,” parliament speaker Ali Abdelaal said.
Egyptian bourse main index down by 0.89 on Tuesday closing,
The Egyptian Exchange (EGX) indices closed Tuesday’s session collectively down over amid Arab and foreign institutions’ selling wave.
The main index (EGX30) dropped by 0.89 percent to 8199.65 points, while the mid- and small-cap index EGX70 slid by 0.49 percent to 360.89 points.
Market Capitalization lost 2.2 billion EGP to close at 416.9 billion EGP down from 419.1 billion EGP a day earlier.
Egyptian pound stable at Tuesday’s dollar sale, weaker on black market
Egypt’s central bank kept the pound steady at 8.78 to the dollar on Tuesday at its weekly foreign exchange auction, as the currency continued to weaken on the black market.
Egypt is struggling with an acute dollar shortage that has hampered trade and business confidence. A widening gap between the official dollar rate and the black market rate has increased pressure to devalue the currency.
Exported meat price increases by 25%; flour and tea by 6%
The price of exported meat has increased by 15 EGP, reaching 60 EGP for 1 kg instead of 45 EGP, Youm7 reported.
The price of the local meat varies between 80 and 100 EGP for Kg.
For tea and flour, prices increased by 6 percent, Youm7 quoted Emad Abdeen, secretary of the Food division at the Chamber of Commerce.
EGX begins Tuesday session at slight increase
The Egyptian stock market has begun Tuesday trading sessions at a slight increase to all indices, except for the main index EGX30 that decreased by 0.02 percent.
Egypt’s Palm Hills Q2 profit falls sharply to $7.2 million – Reuters
Revenues for the quarter were up at 1.07 billion pounds compared with 732.9 million last year, the company said in a statement on Tuesday.
Egypt’s Talaat Mostafa H1 (not Q2) net profit up at $48.95 mln – Reuters
(REUTERS): Egypt’s Talaat Mostafa posts first half net profit of 434.7 million Egyptian pounds ($48.95 million), up from 393.7 million last year
* First half revenues at 2.92 billion Egyptian pounds, up from 2.91 billion last year.
Egypt’s Edita Q2 net profit down at $5.42 million – Reuters
(REUTERS): Second quarter net profit of 48.1 million Egyptian pounds ($5.42 million), down from 66.9 million last year
* Sales for the second quarter at 550.2 million Egyptian pounds versus 514.8 million last year.