UPDATE- Egypt’s business digest Sept. 27: Egypt pound steady at regular dollar sale, weaker on black market
Egyptian Pound - YOUM7

CAIRO: No more browsing from site to site, view the top business news stories on Sept. 27 here:

 

Egypt to request $500 mln loan from World Bank Thursday

Minister of International Cooperation Sahar Nasr said that Egypt will submit its request to receive a $500 million loan to be submitted to World Bank Thursday, she said in a press conference.

The loan aims to develop infrastructure of Upper Egypt’s governorates as part of program developing most impoverished villages across the country

 

Egypt pound steady at regular dollar sale, weaker on black market – REUTERS

(REUTERS): Egypt’s central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday, while the currency weakened on the black market.

The bank sold $118.6 million at an unchanged rate of 8.78 per dollar.

On the black market, four traders said they were selling dollars at a range between 13.05-13.10 pounds per dollar, weaker than last week’s 12.8. They did not give volumes of trade.

Egypt is facing an acute dollar shortage that sent its foreign reserves down to $16.564 billion at the end of August.

It had roughly $36 billion in reserves before an uprising in 2011 overthrew veteran ruler Hosni Mubarak. That ushered in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.

The widening gap between official and black market rates for the dollar has increased pressure to devalue the currency.

Egypt has reached an agreement with the International Monetary Fund on a $12 billion, three-year lending programme that it hopes will plug the nation’s funding gap and restore market confidence, encouraging investment that could help to ease the currency crunch.

 

BP signs three concession amendments with Egypt – REUTERS

(REUTERS): BP has signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt, allowing for the development of the Nooros field, the company said on Tuesday.

“BP is proud to progress the acceleration of its drilling activities in the three concession areas. The conclusion of these amendments was a critical milestone that allowed the discovery and fast track development of the Nooros field,” Hesham Mekawi, BP’s North Africa chief said in a statement.

Noroos achieved in September a record production of 700 million standard cubic feet per day, the company said, and is targeted to reach 880 million standard cubic feet per day by early 2017.

BP holds a 50 percent interest in Temsah and Ras El Barr, and a 25 percent interest in the Nile Delta Offshore Concession. The remaining working interest is held by ENI through its subsidiary IEOC.

Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.

Egypt currently produces about 3.9 billion cubic feet of gas per day and imports another 1-1.1 billion cubic feet per day.

 

CBE governor meets with Germany’s Deutsche Bundesbank President

Governor of the Central Bank of Egypt (CBE) Tarek Amer met with President of Deutsche Bundesbank Jens Weidmann to resume discussions of bilateral cooperation between the two banks on Monday, Egyptian state-owned news agency MENA reported.

Amer is paying Berlin a two-day visit to enhance the Egyptian-German economy’s financial and monetary fields.

It is scheduled that Amer will meet with German Finance Minister Wolfgang Schäuble and other high-profile economists.

 

International Cooperation Min. talks preparations for Singapore President to Egypt

Egyptian Minister of International Cooperation Sahar Nasr met with Singapore ambassador to Egypt Premjith Sadasivan on Monday to prepare for Singapore President Tony Tan’s visit that due to be held in late October upon an invitation from President Abdel Fatah al-Sisi.

The meetings was attended by Egyptian Minister of Transport Galal Said and Chairperson of the Economic Zone of the Suez Canal Ahmed Darwish.

 

Russian delegation to visit Egypt in October for imports of Egyptian crops

A Russian delegation will visit Cairo in October to discuss the ways of resuming Egyptian exports of fruits and vegetables after Moscow had agreed to lift the ban n imports of Egyptian crops, Youm7 reported head of the Egyptian Agriculture Export Council Abdel-Hamid El-Demerdash on Tuesday.

Russia has agreed to lift a temporary ban on imports of Egyptian crops after Cairo committed to take all necessary measures to guarantee the safety of the products exported to Moscow, Sergei Dankvert, Head of Russian food safety watchdog Rosselkhoznadzor was quoted by Sputnik on Monday.

 

CBE pumps $120 m in domestic banks Wednesday

The Central Bank of Egypt (CBE) will pump about $120 million in the domestic banks Wednesday, amid expectations of devaluating the local currency, after the closure of 55 foreign exchange companies, charged with violating the banks rules in currency dealings.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Tuesday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.95 EGP for purchase and 9.98 EGP for sale.

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