Egypt's Ministry of Finance Dismisses Reports of Exchange Rate EGP 17.5 To 1 USDSource: www.export-egypt.com 3/6/2018, Location: Africa |
|
|
|
|
 Sources at the Egyptian Ministry of Finance denied that the government has fixed the exchange rate for EGP to USD in the country’s fiscal year 2018/2019 budget.
Reuters previously quoted three senior officials as saying the Egyptian government set the exchange rate at EGP 17.5 to the US dollar in the budget of fiscal year 2018-2019, which begins on the first of July. Unnamed official sources told that the draft budget for the new fiscal year is still being prepared. The sources described raisingthe rate in the upcoming budget to EGP 17.5 from EGP 16 per 1 USD in the current budget as "unreasonable." According to the sources, the ministry is aiming to reduce the budget deficit to below 9 percent of GDP in order to reach 8.5-8.8 percent of GDP in the upcoming fiscal year. The ministry is targeting a primary surplus of 1.8-2 percent of GDP. The figures of the new fiscal year budget will be announced before the end of March, the sources said. Finance Minister Amr El-Garhy reportedly met with Prime Minister Sherif Ismail to present an initial outline of next fiscal year’s budget, according to local media outlets. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | |
