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Financials and Investment News in Egypt

Egypt Tax Authority Launches VAT-Avoidance Campaign Targeting North Coast Resorts
8/31/2019 - The Egyptian Tax Authority (ETA) has launched a massive campaign targeting North Coast resorts that have been avoiding paying value-added tax.

ETA head Abdel Azim Hussein said the campaign ha...
Egypt Liberalises Custom Dollar for Imported Commodities
9/1/2019 - Egypt’s Ministry of Finance announced the liberalisation of the custom dollar for imported commodities, which will set according to the dollar price at the Central Bank of Egypt (CBE) as of September...
Moody's Keeps Egypt’s Credit Rating at B2
9/1/2019 - Moody’s financial services company has announced in its annual report, which was released on 29 August, that it is continuing to rate Egypt's credit profile at B2.

In April this year, Moody...
Egypt's Fuel Subsidy Bill Falls to around $5.15 Bln in FY 2018-2019
9/2/2019 - Egypt’s fuel subsidy bill fell to around 85 bln Egyptian pounds ($5.15 bln) in the 2018-2019 financial year which ended in June, from 120.8 billion Egyptian pounds ($7.31 bln) a year prior, a senior p...
EGX Gains EGP 55.1 Bln in August, All Indexes Up
EGX Gains EGP 55.1 Bln in August, All Indexes Up 9/2/2019 - The Egyptian Exchange (EGX) gained EGP 55.1 billion in August, with the market capital hitting EGP 770.2 billion, compared to EGP 715.1 billion the previous month.

All EGX indexes went up du...
Government Working on Plan To Promote Pharmaceutical Industry, Exports
9/3/2019 - Prime Minister Mostafa Madbouli said his government is working on a national plan to support the pharmaceutical industry and exports.

All chances should be used to upgrade this vital sector, ...
Egypt's Finance Ministry Auctions EGP 2.5 Bln T-Bonds
9/3/2019 - The Ministry of Finance auctioned treasury bonds at a total value of EGP 2.5 billion.

In an online statement, the ministry said it auctioned three-year T-bonds worth EGP 1.250 billion, with a...
EGP 1.3 Trillion Allocated for Insurance Funds Within 7 Years
9/3/2019 - Egypt's Minister of Social Solidarity Ghada Wali and Minister of Finance Mohamed Maait held a joint meeting to reach an agreement on settling disputes and paying back debts due to insurance funds in l...
Moody’s Announces Completion of Egypt's Periodic Review
9/3/2019 - Moody's financial services company has announced that it has completed the periodic review of a group of issuers that includes Egypt and may include related ratings, with no changes in Egypt’s credit ...
Egypt's Non-Oil Business Activity Slips Back Into Contraction
9/3/2019 - Activity in Egypt’s non-oil private-sector contracted in August after a marginal expansion the month before, a survey showed .

The IHS Markit Egypt Purchasing Managers’ Index (PMI) for the no...
EGP 1.3 Trillion Allocated for Insurance Funds within 7 Years
9/3/2019 - Egypt's Minister of Social Solidarity Ghada Wali and Minister of Finance Mohamed Maait held a joint meeting to reach an agreement on settling disputes and paying back debts due to insurance funds in ...
Egypt's Non-Oil Business Activity Slips Back Into Contraction in Aug
9/3/2019 - Activity in Egypt’s non-oil private-sector contracted in August after a marginal expansion the month before, a survey showed .

The IHS Markit Egypt Purchasing Managers’ Index (PMI) for the no...
Al-Wazeer Witnesses Signing of an Agreement on Two Ferries Cairo and Riyadh
9/3/2019 - Minister of Transport Kamel Al-Wazeer witnessed the signing of a contract for the management, operation and maintenance of the two ferries Cairo and Riyadh between the Ministry of Transport and Cairo ...
Government Working on Plan to Promote Pharmaceutical Industry, Exports
9/3/2019 - Prime Minister Mostafa Madbouli said his government is working on a national plan to support the pharmaceutical industry and exports.

All chances should be used to upgrade this vital sector, ...
CBE: Foreign Currency Reserves Up By $53m
CBE: Foreign Currency Reserves Up By $53m 9/4/2019 - The Central Bank of Egypt (CBE) announced an increase in the foreign currency reserves in August compared to July.

According to the CBE, the reserve increased in August by 53 million dolla...
Annual Global Bribes Reach $2 Trillion, Tax Evasion $3 Trillion
9/4/2019 - "Bribes to the tune of $1.5–$2 trillion change hands every year. Tax evasion costs governments more than $3 trillion a year, and countless more is lost through other illicit activities.

This...
Cairo, Constra Globe Firm Probe Marketing Military Companies Products
9/5/2019 - Minister of State for Military Production Mohamed el Assar discussed with chairman of Algeria’s Constra Globe construction company the possibility of bilateral cooperation on marketing products of Eg...
Trade Minister Praises Economic Ties with Belarus
9/5/2019 - Trade and Industry Minister Amr Nassar has stressed the important role played by the Egyptian and Belarusian business forums in bolstering relations between the two countries.

This came in an...
Germany's BVMW President Hails Growing Egyptian Economy
9/5/2019 -  President of the German Mittelstand Association of Small and Medium-Sized Enterprises (BVMW) Mario Ohoven commended the growing Egyptian economy.

He made the remarks on the fringe of a cerem...
Egypt’s Non-Oil Exports Hit $2.02 Bln in July
9/6/2019 - Egypt's non-petroleum exports rose 2 percent in July to stand at $2.02 billion against $1.976 billion in the corresponding month last year, the General Organization for Import and Export Control (GOEI...

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