Egypt’s business digest Oct. 15: 3.5 % increase in Wheat production in 2014/2015- CAPMAS

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3.5 % increase in Wheat production in 2014/2015: CAPMAS

Egypt’s wheat production reached 9.6 million tons in 2014/2015 compared with 9.3 million tons in 2013/2014, with an increase of 3.5 percent, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Saturday in a report.

The report, which was issued on the World Day of Food on Oct. 16, attributed such increase to enlargement of the cultivated area of wheat, adding “the primary self-sufficiency rate reached 44% this year.”

“Grain production reached 21.3 million tons in 2014/2015 compared to 21.9 million tons in 2013/2014, a decrease of 2.7 %,” however, the report said.


Egypt, Kazakhstan to hold meetings of joint business committee in December

Egyptian Minister of international Cooperation Sahar Nasr met with Kazakhstan ambassador to Cairo Berik Aryn, agreeing to hold the fifth round of the joint business committee’s meetings in December, according to a statement from the Egyptian Ministry of International Cooperation on Saturday.

The meetings of the committee have been suspended since 2007; the coming round aims to activate bilateral cooperation in several sectors, the statement added.

Both sides agreed to continue restoration works for the Mosque of al-Zahir Baybars by Kazakh side, the statement noted.


Government borrows 11 bn EGP in T-bills on Sunday

The Egyptian Ministry of Finance will put forward, via the Central Bank of Egypt (CBE), a total of 11 billion EGP in treasury bills (T-bills) on Sunday, according to the CBE data.

The auction is divided into two installments; it will auction 5.5 billion EGP in 91-day-term treasury bills, 5.5 billion EGP will be offered in 273-day-term T-bills.

It is expected that the state’s general budget deficit could reach 322 billion EGP by the end of Fiscal year of 2016/2017. Auctioning the treasury bills and bonds are the government’s financial tools of borrowing.


USD exchange rate ‘stable,’ reaches 8.78 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Saturday 8.58 EGP for sale and 8.88 for purchase. Euro exchange rate reached 9.76 EGP for purchase and 9.78 EGP for sale.

Meanwhile, the Central Bank of Egypt will pump a total of $120 million to the domestic banks nationwide, amid expectation of devaluating the Egyptian pound against the dollar.


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