UPDATE: Egypt’s business digest Sept. 17:Trade Minister, Russian Ambassador to Cairo discuss Russia’s restriction on Egypt’s crop imports
Egyptian trade Minister Tarek Kabil - YOUM7


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

Trade Minister, Russian Ambassador to Cairo discuss Russia’s restriction on Egypt’s crop imports

Egypt’s Trade Minister Tareq Qabil met on Saturday with Russian Ambassador to Cairo Serge Kirpichenko to discuss impact of Russia’s recent decision imposing temporary restrictions on Egyptian crops imports, Youm7 reported.

Following the meeting, Qabil announced that an Egyptian technical team is due in Russia by the end of September to discuss the issue.

Russia’s food safety watchdog has banned fruit and vegetable imports from Egypt over sanitary concerns starting from Thursday “until Egypt’s authorities take steps to ensure their safety,” according to Reuters.

The move comes after Egypt, the world’s largest wheat importer, changed its import regulations to ban any ergot fungus in imported wheat.


Egypt gold prices drop 3 EGP, 21-k gram sold at 462 EGP

Egypt gold prices have dropped on local markets on Saturday as the price of gram of 21-carat gold reached 462 EGP (about$53,) versus 465 a day earlier, Youm7 reported.

A gram of 18-carat gold reached 395 EGP, Ihab Wassef, member of Gold Division of the General Union Chamber of Commerce told Youm7.

The price of the Gold pound (7 grams 24 carat) stood at 3,696 EGP, he added.


Mobile service companies talk with taxation authority on crisis of increasing recharge cards price

Representatives of the three mobile service companies in Egypt (Vodafone, Etisalat, and Orange) will meet with officials at the Taxation Authority to discuss the ways of reducing the impacts of newly applied Value-Added Tax (VAT), Youm7 reported on Saturday.

After the VAT law was applied on mobile service companies, the price of recharge cards increased, pushing the consumers to launch a fcaebook campaign to boycott buying recharge cards. The Facebook page was joined by more than a million users.


14 imported products could be domestically manufactured: SIA

Egypt’s Small Industries Association (SIA) has drawn up an Inventory of all imported products that could be domestically manufactured to participate in solving hard currency shortage and provide more job opportunities, SIA chairperson Saad Ismail told Youm7 on Saturday.

According to the inventory, 14 industrial products could be manufactured domestically in sectors of civil defense, electricity, and feeding industries, he added, noting that the association is studying a plan to re-operate the installed and closed factories.


IMF sees “productive” talks on Egypt loans with China, Saudi Arabia

The International Monetary Fund said on Thursday it has held “very productive discussions” with authorities in China and Saudi Arabia about them contributing to $5 billion to $6 billion in additional bilateral gap financing needed for Egypt.

IMF spokesman Gerry Rice told a news briefing that he expected to the Fund’s board to meet in the next few weeks to consider a $12 billion financing program for Egypt.

“There were, at the G20 leaders summit, very productive discussions with China and Saudi Arabia” regarding contributing to the gap financing,” Rice said. “We are helping to secure the necessary financing, and progress is being made.”


Egyptian pound steady at Saturday auction

The Central Bank of Egypt has kept the pound steady against the US dollar at its official foreign currency auction on Saturday, with the unchanged rate of 8.88 per dollar, data from the bank showed.

Meanwhile, The Central Bank of Egypt will pump Saturday $120 million in the domestic banks, amid the crisis of hard currency shortage, Youm7 reported.


Finance ministry to borrow 11.2 bln EGP in T-bills on Sunday

The Egyptian Ministry of Finance, via the Central Bank of Egypt (CBE), will borrow a total of  11.2 billion EGP ($1.2 billion) through treasury bills (T-Bill Saturday) Sunday, Youm7 reported Saturday

The auction is divided into two installments:  the first 91-day-term treasury bills are to the value of 5.7 billion EGP, while the second 237-day-term bills’ value is estimated at 5.5 million EGP.

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