Egypt to implement price indexation mechanism on 95 octane gasoline starting April

Jan 7 (Reuters) – Egypt will implement an automatic price indexation mechanism on 95 octane gasoline starting April, the petroleum minister said on Monday. The price of 95 octane gasoline may stay at the current rate or it could increase or decrease by no more than 10 percent, Petroleum Minister Tarek El Molla told Reuters. (Reporting by Ahmed Ismail, writing […]

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Egypt's pound set to weaken as banks deplete their foreign currency reserves

Egypt’s state banks have reportedly been propping up the Egyptian pound by selling their foreign exchange assets — a strategy that can only last a few more months, economists warn. While the pound has performed well versus its emerging market counterparts, capital flight out of Egypt has seen foreign holdings of Egyptian treasury bonds drop by $8 billion and the […]

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Egypt targets narrower budget deficit of 7 pct in 2019/20 – ministry document

CAIRO, Nov 15 (Reuters) – Egypt is targeting a budget deficit of 7 percent of GDP for the 2019-20 fiscal year that begins in July, compared with 8.4 percent in the previous year, according to a preliminary finance ministry budget draft. The budget deficit is expected to reach 427.8 billion Egyptian pounds ($23.84 billion) in 2019-20. The 92-page document that […]

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Egyptian authorities detain daughter of senior Muslim Brotherhood leader

CAIRO (Reuters) – Egyptian security forces have detained the daughter of former presidential candidate and senior Muslim Brotherhood leader Khairat al-Shater, family members and two security sources said on Thursday. Aisha al-Shater was one of six women arrested overnight. They also included Huda Abd al-Moneim, a lawyer and member of the now-banned Muslim Brotherhood. The Interior Ministry could not immediately […]

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