CAIRO: No more browse from site to another, here is Egypt’s business news digest for September 11:
Egyptian expats remittances decline by 14% in Q3 of 2016: CAPMAS
The remittances received from Egyptians working abroad declined by 14 percent in the 3rd quarter of 2016 reaching $4.2 billion, down from $4.9b during the same period a year earlier, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday.
Egypt depends on its hard currency sources to support the foreign reserves, which declined from $36 billion in January 2011 to $16.5 billion in August 2016.
CBE governor Tareq Amer has previously stated that the total of Egyptian expats’ remittances to Egypt during the FY2014/2015 stood at $19 billion.
Egypt’s foreign reserves saw a severe shortfall over the past four years as tourism revenues and foreign direct investments tumbled over political turmoil following the January 25 Revolution in2011 which toppled Former President Hosni Mubarak, when they were valued at $35.8 billion.
Out of Egypt’s population of 91 million, around eight million Egyptians live abroad, according to figures from the Ministry of Foreign Affairs
Egypt’s petroleum exports in May decline by 36.7%: CAPMAS
Egypt’s petroleum exports declined in May, 2016 by 36.7 percent to stand at #273 million, down from $431m million during the same period a year earlier, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday.
Meanwhile, the country’s petroleum imports in May 2016 dropped by 30.1 percent to hit $742 million down from $1.61 billion during the corresponding period last year, according to the report.
Minister, EIB discuss 500 mln Euro loan to purchase 13 metro trains
Minister of International Cooperation Sahar Nasr held discussions with official from the European Investment Bank (EIB) over a 500 million Euro loan to purchase 13 new metro trains, Youm7 reported.
60% increase in prices of imported clothes: official
An increase has been spotted in prices of garments, where imported clothes witnessed increase of more than 60%, while the increase reached 35 percent for the local ones, said Yasser el-Sheikh, member of garments division at Cairo Chamber of Commerce.
Misr Petroleum Co. pumps 15.2 m liters of diesel during Eid al-Adha
Misr Petroleum Company increased the amount of petrol pumped into gas stations by 30 percent, Youm7 reported.
The company also said it will pump 15.2 million liters of diesel during the Eid el-Adha (Feast of Sacrifice.)
USD exchange rate ‘stable,’ reaches 8.88 EGP
The USD exchange rate has been stable against the Egyptian Pound, where it reached Sunday 8.88 EGP for sale and 8.85 for purchase.