UPDATE: Egypt’s business digest Sept. 30:Egypt gold prices down on Fri., 21-k sold at 485 EGP per gram
An Employee Shows Gold Bangles To A Customer - REUTERS/Danish Siddiqui


CAIRO: No more browsing from site to site, view the top business news stories on Sept. 30 here:

Egypt gold prices down on Fri., 21-k sold at 485 EGP per gram

Egypt gold prices witnessed a slight decline in local markets on Friday with a gram of 21-k reaching 485 EGP (about$53.8) per gram down from 483 EGP a day earlier, Youm7 reported

The decrease is attributed to “the drop in US dollar’s value against the Egyptian Pound in black market,” Ihab Wassef, member of Gold Division of the General Union Chamber of Commerce told Youm7.

A gram of 18-carat gold reached 415.70 EGP per gram, he added.


Egypt M2 money supply up 18.3 pct year-on-year in August – central bank

(Reuters) – Egypt’s M2 money supply was up 18.3 percent at the end of August from a year earlier, the central bank said on Thursday.

The money supply stood at 2.15 trillion Egyptian pounds ($242.12 billion), it said. Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank’s website.


Egypt to sign $500 mln deal with World Bank next week

Minister of International Cooperation Sahar Nasr announced that a deal worth $500 million is expected to be signed with the World Bank next week, Youm7 reported.

The deal aims to support local development program of Upper Egypt.

Egypt received $1 billion earlier this month, the first tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government’s economic reform program.

Prime Minister Sherif Ismail told Reuters on Thursday that Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year.


Main EGX index declines by 3.39% in September: report

The main stock market exchange index EGX30 has declined by 3.39 percent during September, according to EGX monthly report.

The report added that EGX 100 has decreased by 2.13 percent, and EGX20 also declined by 4.20 percent.


Heightened control measures at customs outlets to combat smuggling: Minister

Minister of Finance Amr el-Garhy said there will be heightened monitoring measures at customs outlets in a bid to combat smuggling attempts, Youm7 reported.

Garhy made his remarks during a surprise inspection visit at Cairo International Airport.

Customs authorities at Egyptian airports and ports have seized several attempts of smuggling drugs, sex toys, artifacts and spying cameras.


USD exchange rate ‘stable,’ reaches 8.88 EGP


The USD exchange rate has been stable against the Egyptian Pound, where it reached Friday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.93 EGP for purchase and 9.96 EGP for sale.

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