UPDATE: Egypt’s business digest Oct. 29: Egypt, Jordan sign natural gas pricing protocol
Minister of Petroleum Tarek el-mola


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Egypt, Jordan sign natural gas pricing protocol

Petroleum Minister Tarek al Molla on Saturday attended the signing ceremony of a protocol regulating Egyptian natural gas prices for Jordanian local industries; Egypt’s Ambassador in Amman Tarek Adel was quoted by Youm7.

The protocol was signed by Jordanian Energy Minister Ibrahim Saif and Jordanian-Egyptian FAJR Company Chairman Foad Rashad, Egypt’s foreign ministry said in a press release on Friday.

The two ministers attended the inauguration of a gas measurement unit in Amman that supplies the third natural gas-based power plant IPP3 in the capital city.


Housing ministry allocates 2.4b EGP to establish 31 water, sanitation projects in Daqahliya

Housing Minister, Utilities and Urban Communities Mostafa Madbouly announced that as many as 31 water and sanitary drainage projects are being implemented in Egypt’s Delta governorate of Daqahliya at a total cost of 2.4 billion Egyptian Pounds, Youm7 reported.

Madbouly added that a social housing project with over 3,500 residential units is being implemented for low-income people in the governorate.


FEDCOC holds emergency meeting over high increase of gold price

The Federation of Egyptian Chamber of Commerce (FEDCOC) will hold an emergency meeting to discuss the high price of gold on Saturday a day after it reached 610 EGP for 21-carat gold, Youm7 reported an official at the FEDCOC.

On Saturday, the price hiked to 620 EGP for 21-carat gold. The gold price has been increased after the U.S. dollar boomed against the Egyptian pound in the parallel market.


Egypt’s Ministry of Finance borrows 11.7 bln in T-bills

Egyptian Ministry of Finance, via the Central Bank of Egypt (CBE), will borrow a total of 11.7 billion EGP in treasury bills (T-bills) on Sunday, according to the CBE data.

The offer is divided into two installments; the first auction is worth at 5.7 billion Egypt for 91-day term, while the second 273-day-term offer is worth 6 billion EGP.

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.


CBE gives domestic banks $120 mln amid currency crisis

The Central Bank of Egypt (CBE) will give a total of $120 million to the domestic banks on Tuesday in a way to ease the currency crisis Egypt lives amid the increasing the value of U.S. dollar against the Egyptian pound at the parallel market where one U.S. dollar is sold for 17 EGP.

IMF Managing Director Christine Lagarde said that Egypt is suffering a currency “crisis” that should be addressed, Bloomberg reported on Thursday.

“In terms of the exchange rate, there is currently a crisis because if you look at the official price (and) If you look at a black market price, there is a 100 percent difference. So that needs to be addressed and we believe that the authorities are right to prepare for that.”

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