Day: March 6, 2024

The Central Bank of Egypt (CBE) announced a two-pronged approach on Wednesday, in an effort to address pressing economic challenges. The bank decided to float the Egyptian pound, ending its peg to the US dollar, and raised interest rates by 6%. Governor Hassan Abdalla explained that the decision to float…

The chairperson of the Egyptian Businessmen’s Association, Ali Issa, said that the decision of the Central Bank of Egypt (CBE) to liberalise the exchange rate of the Egyptian pound was an inevitable and very important step in the path of economic reform. He added that it was important for the…

The Egyptian pound plunged against the US dollar on Wednesday, as the Central Bank of Egypt (CBE) announced the liberalisation of the exchange rate, allowing banks to set their rates based on supply and demand. The average price of the dollar in the banking market reached EGP 49.4743 for buying…

The Central Bank of Egypt’s (CBE) decisions on Wednesday struck a severe blow to the black market, according to several banking leaders and experts. Mohamed El-Etreby, Chairperson of Banque Misr and President of the Federation of Egyptian Banks and the Arab Banks Union, said that the CBE’s decisions will lead…

Following the Central Bank of Egypt (CBE)’s decision to raise its key interest rates by 6% in an extraordinary meeting of the Monetary Policy Committee (MPC) on Wednesday, the National Bank of Egypt (NBE) and Banque Misr announced the issuance of new three-year savings certificates with a return of up…

The International Monetary Fund (IMF) announced Wednesday an expansion of its loan program with Egypt, increasing the total amount from $3bnto $8bn. This move comes alongside the Central Bank of Egypt’s  decision to allow the Egyptian pound to trade more freely. The original $3bn agreement, reached in December 2022 under…

Egypt announced on Wednesday that it had signed an expanded loan program with the International Monetary Fund (IMF), increasing an existing loan program by USD 5 billion. The move came in conjunction with the Central Bank of Egypt’s (CBE) decision to allow the Egyptian pound to trade freely after months…

The Central Bank of Egypt (CBE) directed banks to remove foreign spending limits on all credit cards, state-owned AlQahera News TV reported on 6 March. According to the report, the CBE’s decision is aimed at boosting the stability of local exchange currency. The decision comes in light of a recent…

In the presence of His Highness Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of Sharjah and Chairman of the Sharjah Media Council (SMC), the 8th annual edition of the Xposure International Photography Festival (Xposure 2024) held its closing ceremony on Tuesday, after a weeklong celebration of photography, film and…

Safir Hotel Cairo team is delighted to invite guests to Ramadan experience to remember where every moment is precious and expresses Ramadan vibes. As joyful get-together is back, we proudly present special accommodation packages to whom look for a five-star hotel experience combined with the genuine feeling of home warmth and…