Day: March 7, 2024

The price of the dollar rose against the Egyptian pound on Wednesday morning in government and private banks, following several new decisions issued by the Central Bank of Egypt (CBE) – the most important being the devaluation of the dollar exchange rate against the Egyptian pound. Price of the US…

Egypt’s international bonds increased more than two cents following the Central Bank of Egypt‘s Wednesday decision to raise interest rates by 600 basis points. The currency fell to new record lows, indicating the beginning of a long-awaited devaluation, according to Reuters. Data from “Tradeweb” showed that longer-dated bonds made the…

Coinciding with the Cairo International Book Fair (CIBF) TikTok, the globally leading platform for short videos, witnessed a widespread surge in engagement within the #BookTok community in Egypt during just those few days. The platform garnered immense interest from book lovers, enthusiasts, and content creators. Since its inception, the #BookTok…

Savills Egypt, the local branch of the leading global real estate advisor, shared its insights on the expected impact of the Ras El Hekma development project on the North Coast of Egypt. According to Savills, the Ras El Hekma project will be a game-changer for the North Coast, making it…

The Egyptian Exchange (EGX) indices showed a mixed reaction on Wednesday, following the Central Bank’s decision to float the Egyptian pound and raise the interest rates by 600 basis points. The initial response was a sharp rise of over 5%, as the pound crossed the EGP 50 mark. However, the…

Tanmiya Capital Ventures, a leading investment firm in Egypt, is preparing to launch its second fund, “TCVII,” with a target size of up to $100m. The fund will focus on investing in medium-sized enterprises with high growth potential. The company’s managing partner, Mohamed Mahgoub, told Daily News Egypt that the…

The local gold market experienced a sharp rise in prices and a state of confusion on Wednesday, following the decision of the Central Bank of Egypt (CBE) to let the exchange rate be determined by supply and demand. This coincided with a 6% increase in interest rates to curb high…