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Egypt

Egypt to keep customs exchange rate at 16.5 pounds/dlr in July

CAIRO: Egypt will keep its customs exchange rate steady at 16.5 pounds per dollar for July, Deputy Finance Minister for fiscal policies, Amr al-Munir, told Reuters on Wednesday. Egypt’s annual inflation rate has soared since it floated its currency at 8.8 per dollar last November. Inflation eased a bit in May but remained close to 30 percent, a number that ... Read More »

Saudi-Egyptian business ties set to strengthen

RIYADH: After several months of reported tensions between the two countries, it seems that Saudi Arabia and Egypt are overcoming their differences meaning their ties are back on the right track. President Sisi’s visit to Saudi Arabia last month and prior to that, his meeting with King Salman on the side-lines of the Arab League summit in Jordan on March ... Read More »

India, Egypt to enhance ties in various fields this year

NEW DELHI: India and Egypt plans to step up their ties this year in many areas, including counter-terrorism, defence, cyber security, agriculture and IT.  “2017 will be very exciting because we are starting on a very strong base of the interactions in 2016,” India’s Ambassador to Egypt Sanjay Bhattacharyya told PTI. Bhattacharya said that exchanges in counter-terrorism field will continue ... Read More »

Egypt destroys 12 smuggling tunnels

CAIRO: Egyptian army spokesman Tamer al-Rifae said that the tunnels, in the north of the Sinai, had been destroyed, though he did not specify when the demolitions were carried out. Earlier Monday, Hamas published a report in which it said that it had lost 21 members of its armed forces while digging tunnels under the Gaza Strip in 2016, some ... Read More »

Egypt seeks to import crude directly from Iraq

BAGHDAD: Egypt’s Petroleum Minister Tarek El Molla said his country was seeking to reach an agreement with Iraq over importing crude oil directly and that he hoped to finalise the deal by the first quarter of 2017. El Molla told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) that Egypt aims to ... Read More »

Egypt seeks to import crude directly from Iraq

CAIRO: Egypt’s Petroleum Minister Tarek El Molla said on Thursday his country was seeking to reach an agreement with Iraq over importing crude oil directly and that he hoped to finalise the deal by the first quarter of 2017. El Molla told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) that Egypt ... Read More »

Egyptian exporters might need to wait for that boom in sales

CAIRO: The coming months will be a test to see if last month’s sharp devaluation of Egypt’s currency will boost demand for its products at home and abroad. After nearly six years of pegging the pound to the dollar at a rate far above market value, the central bank last month finally let go and let it float. One dollar ... Read More »

Egypt sharply increases customs duties as it seeks to curb imports

CAIRO: Egypt has sharply raised customs duties on more than 300 goods to encourage domestic production and curb a ballooning trade deficit, prompting fears consumers already struggling with double-digit inflation will face further price increases. The increases, which saw many tariffs jump to 60 percent, are the second to be imposed this year in Egypt, which relies heavily on imports ... Read More »

Customs on imported cars increase by 66% after flotation

CAIRO: Customs charges on imported cars increased by 66% on Friday following the flotation of the Egyptian pound. This decision was made on Thursday when customs recorded a 52% increase calculated according to the price of the US dollar against the Egyptian pound in the free market, which will be reviewed on a daily basis. The decision to increase customs ... Read More »

Egypt, Iraq discuss joint cooperation in oil sector

BAKU: Minister of Petroleum and Mineral Resources Tarek el-Molla discussed, during an Iraq visit, with Iraqi Prime Minister Haider al-Abadi means of boosting joint cooperation in the fields of oil and natural gas and establishing an Egyptian-Iraqi partnership, according to Arabfinance. Egypt’s Ambassador to Iraq Ahmed Darwish and the delegation accompanying Molla attended the meeting that was held in Baghdad ... Read More »

Egypt to import 500,000 tons rice, 400,000 tons sugar to boost reserves

CAIRO: Egypt will look to import 500,0000 tonnes of rice and 400,000 tonnes of sugar in order to boost strategic stocks and keep prices down, the prime minister said. The government buys commodities and sells them at subsidised prices to the country’s poorest citizens. But prices of sugar and rice have been climbing on Egypt’s local market in the past ... Read More »

Egypt’s annual inflation hits 15.5% in August

CAIRO: Egypt’s state statistics bureau says the annual inflation rate in urban areas has reached 15.5 percent in August, a surge of nearly two percentage points over the previous month. Data released Thursday by the bureau says food and beverages prices, the single largest component in the basket of goods and services used to gauge inflation, rose to 19.3 percent ... Read More »

Jordan, Egypt agree on customs clearance

CAIRO:  Egypt and Jordan have agreed on an e-linking project to facilitate customs clearance procedures between the two countries. Egypt’s transportation ministry confirmed the agreement in an announcement on Saturday. The agreement includes easing the transit of ships and passengers between Nuweiba and Aqaba Ports. Egypt and Jordan are discussing ways to boost investment and economic cooperation and simplify procedures ... Read More »

Egypt’s 2015 exports fall by 16.4%, imports increase by 8.7%

CAIRO: Egypt’s official statistics agency said on Wednesday that the value of the country’s exports declined to 163.3 billion EGP (around $18.3 billion) in 2015, compared to 195.3 billion EGP ($21.99 billion) in 2014, with a 16.4 per cent drop. The Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a statement that the total value of Egyptian imports ... Read More »

Egypt’s trade deficit narrows due to fall in imports’ prices – Official Agency

CAIRO: Egypt’s trade deficit by 44.4 per cent narrowed in March compared to the same month last year amid a fall in imports’ prices, an official statistics agency said on Tuesday. The Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement that a 27.2 per cent fall in imports pushed down the deficit to EGP 19.9 billion ... Read More »

Egypt-Saudi islands deal comes amid structural economic issues

RIYADH: “The people call for the fall of the regime,” a slogan made familiar during the 2011 uprising in Egypt, rang eerily through the streets of Cairo last month. Defying draconian laws, thousands marched in the streets to protest against President el-Sisi’s agreement to transfer sovereignty of two Red Sea islands-Tiran and Sanafir – to Saudi Arabia. Outraged Egyptians accuse ... Read More »

Egypt, Iraq sign $216 m worth framework agreement

BAGHDAD: Egypt’s Minister of Trade and Industry Tareq Qabil and his Iraqi counterpart Mohammed Shia’ Al-Sudani signed an urgent framework agreement Thursday to meet the Iraqi needs from food products. The $216 million deal reflects Egypt’s keenness on supporting Iraq and boosting friendship linking the two Arab countries, Qabil said in a statement. Under the deal, purchase agreements would be ... Read More »

Egypt’s NBE bank sells $2.5 bln in 3 months to cover imports

CAIRO: Egypt’s biggest lender, the state-owned National Bank of Egypt, provided more than $2.5 billion to cover import payments in the last three months as the country faces a currency crisis, Chairman Hisham Okasha told Reuters in an interview. Egypt, which depends heavily on imports, has been suffering from a worsening dollar crunch since a 2011 uprising drove away foreign ... Read More »

Egyptian exports decrease 2.3% in 2014

CAIRO: Egypt’s exports registered EGP 195.5bn in 2014, compared to EGP 199.8bn in 2013, down by 2.3%, according to the annual Central Agency for Public Mobilisation and Statistics (CAPMAS) report on exports. Non-petroleum exports increased from EGP 146.4bn to EGP 150.23bn, an increase of 2.6%. Petroleum exports amounted to EGP 45bn in 2014, compared to EGP 53.4bn in 2013, a ... Read More »

Egypt looks to reduce import bill by 25% in 2016

CAIRO: Egypt aims to reduce its import bill by 25 percent in 2016 compared to the previous year after the central bank imposed sweeping new import controls last month, its governor said. The country plugged major loopholes that had long allowed some importers to dodge customs tariffs, robbing the government of revenues and making it harder for local producers to ... Read More »