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EGX gains 2.4 b EGP in a week
The Egyptian Exchange closed this week with 2.4 billion EGP gains and the capital market rose to 411 billion EGP up from 408.6 billion EGP last week.
During the course of the week, the main benchmark index EGX30 went up 0.80 percent to close at 8,343.3 points up from 8,277.21 points last week.
The small and medium caps index EGX70 increased 1.16 percent to close the week at 339.32 points, while the broader index EGX100 went up 1.03 percent to close at 799.72 points up from 791.58 points last week.
IMF says expects board to consider Egypt loan within weeks
(Reuters) – The International Monetary Fund said on Thursday that a $12 billion loan program for Egypt should soon be ready for board approval and insisted that it would not call for cuts to food subsidies.
“Progress has been made on a number of objectives and actions under that program…and we expect the program to come to the board within the next few weeks,” IMF spokesman Gerry Rice told a news briefing in Washington.
Egypt is battling a severe shortage of foreign currency that has crippled its economy and threatens to fuel spiraling inflation as it negotiates the final pre-conditions of the IMF deal, which include movement toward a flexible exchange rate.
Speculation that this will mean a swift devaluation of the pound drove Egypt’s currency to a new black-market low of 16.8 to the dollar on Thursday, against the inflated official rate of 8.8 to the dollar.
IMF Managing Director Christine Lagarde said in Riyadh on Thursday that “local circumstances” will determine the best way for Egypt to deal with its exchange-rate crisis, but she welcomed the Egyptian government’s willingness to do so.
“In terms of exchange rates, there is currently a crisis, because if you look at the official price, and you look at the gray market price there is a 100 percent difference, and that needs to be addressed,” Lagarde said in an interview with Bloomberg Television. “Historically, we have seen rapid transitions being most efficient, but it’s really a matter of circumstances.”
Petroleum Min. attends signing of natural gas pricing protocol with Jordan
A protocol of pricing natural gas was signed between the Jordanian Ministry of Energy and the Egyptian-Jordanian Company Fajr, specialized in transporting and importing natural gas, read a Friday statement by the Egyptian Ministry of Petroleum.
The Minister of Petroleum Tareq el-Mulla has attended the signing of the protocol, urging to activate all protocols signed with other Arab countries, especially in the field of natural gas and petroleum.
1.6 bln EGP worth vehicles released from Alexandria Customs department
The total value of the trucks, private cars and spare parts released by Customs department in Alexandria in September reaches around 1.6 billion EGP, Youm7 reported.
Last month, the General Administration of Customs in Alexandria released 8,283 private cars, 1,026 trucks and microbuses and 839 spare parts.
USD exchange rate 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 9.67 EGP for purchase and 9.69 EGP for sale.
Telecommunication Min. talks sector’s growth Nov. 7
Minister of Telecommunications and Information Technology Yasser el-Qady is set to attend a meetig at the Canadian-Egyptian Business Council Nov. 7, Youm7 reported.
The minister will talked about the sector’s growth rates and its plans for development.
Orange Egypt for Telecommunications posts Q3 consol net loss – REUTERS
* Oct 27 Orange Egypt For Telecommunications Sae
* Q3 consol net loss EGP 99.5 million versus net profit EGP 70.5 million year ago
* Q3 consol operating revenue EGP 3.04 billion versus EGP 2.87 billion year ago