UPDATE: Egypt’s business digest Oct. 21: Egypt contracts for 134,300 tons of sugar amid shortage

 

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Egypt contracts for 134,300 tons of sugar amid shortage

Supply Ministry announced in a statement it has contracted for 134,300 tons of sugar to be directly pumped into the local market next month, Youm7 reported Friday.

The move comes after a notable price hike and shortage in one of the country’s basic commodities that have been reported in several governorates including Cairo during the past few weeks.

The shortage has sparked anger amongst shoppers and raised questions about the role of the government to afford such a basic commodity given that Egypt produces 75 percent of its sugar needs.

The government blames the shortage to an acute dollar shortage, leading to a current rise in prices of the unsubsidized sugar to reach 9-10 pounds per kg from four, five, six pounds per kg in August.

 

Yields rose at Egypt’s six-month, one-year T-bill auction – REUTERS

(REUTERS): Yields on Egypt’s six-month and one-year treasury bills rose at an auction on Thursday, data from the central bank showed.

The average yield on the 182-day bill inched up to 15.873 percent from 15.800 percent at the last auction, on Oct. 13, and the yield on the 357-day bill also rose to 16.503 percent from 16.442 percent at the last similar auction.

 

EGX30 declines by 2.68% during last week sessions

The main Egyptian Stock Exchange index (EGX 30) has witnessed a decline by 2.68 percent and EGX70 by 3.03 percent during last week’s transactions, Youm7 reported.

EGX100 decreased by 1.47 percent as well as EGX20 declined by 3.56 percent.

 

27.4 mln use internet via mobile phones in Egypt: CAPMAS report

The total number of users of internet service via mobile phones in Egypt rose to 27.4 million in June 2016, compared to 24.1 million in June 2015, announced a report by the Central Agency for Public Mobilization and Statistics (CAPMAS.)

The report said that the number of internet users via USB modem reached 3.4 million subscribers in 2016, while last year, around 4.1 million subscribed.

A total of 96.2 million have subscribed to mobile phone service in June 2016, after the figure reached 95.1 million subscriptions last year, according to the report.

 

14.6 feddans of Egypt’s potatoes crop ‘free of brown rot’: Ministry report

Egypt has 14.6K feddans of potatoes free of brown rot out of a total 521.7K feddans of the crop across the country, announced the Ministry of Agriculture.

The ministry examined some 17.7K samples of potatoes out of a total 452.5K tons meant to be exported abroad.

 

USD exchange rate reaches 8.83 EGP Friday

The USD exchange rate has been stable against the Egyptian Pound, where it reached Friday 8.88 EGP for sale and 8.83 for purchase, according to Youm7. Euro exchange rate reached 9.69 EGP for purchase and 9.79 EGP for sale.

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