Suez Canal diversions pile pressure on Egypt’s distressed economy
By Patrick Werr CAIRO (Reuters) – A sharp downturn in revenue after sea attacks by Yemen’s Houthis diverted away shipping away from the Suez Canal has struck a painful new blow to…
Egypt’s headline inflation eases to 35.8% in October
CAIRO (Reuters) – Egypt’s annual urban consumer price inflation rate dropped to 35.8% in October from a record high of 38.0% in September, data from the country’s statistics agency CAPMAS showed on…
Egypt’s non-oil activity contracts in September as backlogs rise -PMI
CAIRO (Reuters) – Egypt’s non-oil private sector shrank for the 34th straight month in September as a slowdown at ports and low consumer demand caused company backlogs to jump at the fastest…
Egypt’s August headline inflation jumps to a record 37.4%
(Reuters) – Egypt’s annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country’s statistics agency CAPMAS showed on Sunday. Headline…
Egypt’s Sisi and Ethiopia’s PM discuss Sudan’s crisis and Ethiopian dam -presidency
CAIRO (Reuters) – Egyptian President Abdel Fattah al-Sisi and Ethiopian Prime Minister Abiy Ahmed on Wednesday discussed the Sudanese crisis, bilateral relations and Ethiopia’s giant dam on the Blue Nile, the Egyptian…
Egypt’s current account moves into surplus in Oct-Dec
CAIRO (Reuters) – Egypt’s current account turned a surplus for the first time in years in the October-to-December quarter as imports dropped and exports rose, the central bank said in a statement…
Egypt’s economy seen growing 4% this fiscal year as currency weakens- Reuters poll
By Patrick Werr CAIRO (Reuters) – Egypt’s economy will grow 4.0% this fiscal year and 4.5% next even as it endures a continuing depreciation in its currency, a Reuters poll showed on…
Egypt’s headline inflation rate increased to 32.7% in March
CAIRO (Reuters) – Egypt’s annual urban consumer inflation rate in March climbed to 32.7% year-on-year, just shy of an all-time record, from 31.9% in February, data from the country’s statistics agency CAPMAS…
Container ship refloated in Egypt’s Suez Canal after breakdown- Canal Authority
CAIRO (Reuters) – A container ship that broke down in Egypt’s Suez Canal on Sunday causing some traffic to be diverted has resumed its journey, the Canal Authority said. The authority said…
Egypt’s December inflation accelerates to annual 21.3%
CAIRO (Reuters) – Egyptian annual urban consumer inflation in December rose to 21.3% from 18.7% in November, exceeding analyst expectations, data from the statistics agency CAPMAS showed on Tuesday. The inflation figure…
Egypt’s pound keeps falling on black market ahead of IMF meeting
By Patrick Werr CAIRO (Reuters) – The gap between the official rate of the Egyptian pound against the dollar and the price on the black market has widened further, putting pressure on…
Egypt’s core inflation rises to 21.5% yr/yr in November – central bank
(Reuters) – Egypt’s core inflation rose to 21.5% year on year in November from 19.0% in October, the central bank said on Thursday. (Reporting by Moaz Abd-Alaziz and Alaa Swilam; Editing by…
Egypt’s economic growth at 4.4% in Q1 of FY 2022/23 – cabinet
CAIRO (Reuters) – Egypt posted economic growth at 4.4% in Q1 of the fiscal year 2022/23, a cabinet statement said on Monday. The employment rate rose slightly to 7.4% in Q1 against…
Egypt’s central bank transfers subsidised loan programmes to govt in line with IMF demand
CAIRO (Reuters) – Egypt’s central bank is transferring the administration and costs of its main subsidised loan programmes to the ministry of finance, according to a circular published on its website on…
Gap shrinks between Egypt’s official, black market dollar prices – traders
By Mahmoud Salama CAIRO (Reuters) – The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy,…
Egypt’s current account deficit drops by half in April-June quarter
CAIRO (Reuters) – Egypt’s current account deficit fell by almost half in the April-June quarter as non-oil imports tumbled by nearly 20% from the previous quarter, the central bank said in balance…
Egypt’s non-oil private sector extends contraction in September -PMI
CAIRO (Reuters) – Egypt’s non-oil private sector shrank for the 22nd month in a row in September as the country’s faltering economy weighed on business, a survey showed on Tuesday. The S&P…
Egypt’s central bank seen hiking rates to dampen price rises – Reuters poll
CAIRO – The Central Bank of Egypt (CBE) will hike its overnight deposit rate by 50 basis points (bps) on Thursday as it works to keep inflation in check, a Reuters poll…
Second woman killed in shark attack in Egypt’s Red Sea
CAIRO -Two women were killed in shark attacks in Egypt’s Red Sea, south of the city of Hurghada, the Egyptian Ministry of Environment said on Sunday. Two sources told Reuters that the…
Egypt’s foreign debt rose by $8.1 billion in last quarter of 2021
CAIRO – Egypt’s net external debt climbed by $8.1 billion in the fourth quarter of 2021, central bank data showed on Sunday. Egypt had been increasing its borrowing to plug current account…
Egypt’s core inflation at 11.9% yr/yr in April vs 10.1% pct in March – central bank
CAIRO – Egypt’s core inflation increased to 11.9% year on year in April from 10.1% in March, data from the central bank showed on Tuesday. (Reporting by Yasmin Hussein; Editing by Jan…
Egypt’s Suez Canal Q1 revenue at $1.69 billion – statement
CAIRO – Egypt’s Suez Canal recorded revenue of $1.69 billion in the first quarter of 2022, up from $1.4 billion in the same period a year prior, the canal authority said in…
Egypt’s Suez canal to increase tolls by up to 10%
CAIRO – Egypt’s Suez Canal Authority said on Sunday it was increasing canal tolls by up to 10% for laden and ballast vessels, effective March 1. The decision was “in line with…
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