Egypt business digest Nov. 1: Gold price drops to 630 EGP on Tuesday; Egypt’s central bank leaves currency unchanged at dollar auction -bankers
A man walks past an exchange bureau advertisement showing images of the U.S dollar in Cairo, Egypt, February 21, 2016. REUTERS
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CAIRO: No more browsing from site to site, view the top business news stories on Nov.1 here:

Gold price drops to 630 EGP on Tuesday

Price of gold decreased by 10 EGP on Tuesday a day after it has reached 640 EGP for 21-carat gold, Youm7 reported.

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.

The Federation of Egyptian Chamber of Commerce (FEDCOC) held on Saturday an emergency meeting to discuss the high price of gold.

 

Egypt’s central bank leaves currency unchanged at dollar auction -bankers

(Reuters)- Egypt’s central bank has kept its currency stable at its weekly dollar auction, bankers said on Tuesday, holding the rate at 8.8 pounds per dollar.

Speculation has been mounting that the central bank would devalue its currency amid a rapidly weakening rate on the black market, which exceeded 18 pounds to the dollar on Monday.

 

Egypt’s central bank will offer $120 million in regular auction

(Reuters) Egypt will sell $120 million on Tuesday in its regular weekly dollar auction, central bank data showed.

Speculation has been mounting that the central bank would devalue its currency amid a rapidly weakening rate on the black market.

Bankers and economists have said a devaluation could come in an exceptional auction for a quantity of dollars greater than the usual $120 million sold weekly.

The rate for Tuesday’s auction has not yet been specified.

 

Inter’al Cooperation Minister talks on preparation of Slovenian President’s visit  

Egyptian Minister of the International Cooperation Sahar Nasr met with the Slovenian ambassador to Egypt Ms Tatjana Miškova on Monday to prepare for Slovenian President’s expected visit to Egypt due to be in December, the Egyptian ministry announced in a statement on Tuesday.

Both sides discussed the ways of activating 2009-signed deal of demining certain part is North Sinai; they also discussed enhancement of the bilateral economic relations.

 

 

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Comments

  1. steve Johnsen
    November 1, 2016 at 10:57 pm

    The American dollar is one of the weakest currencies in the world. the dollar should be considered to be comparable to the Nazi’s currency of the 1940’s. full of corruption and evil.

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