Business news wrap-up
Wed, Dec. 6, 2017
Egypt’s budget deficit in the first quarter (Q1) of fiscal year 2017/18 stood at LE 85.3 billion ($4.8 billion), which is around 2 percent of gross domestic product (GDP), Minister of Finance Amr El-Garhy disclosed Wednesday.
The decision by Egypt’s Trade Ministry to maintain tariffs on steel rebar from China, Turkey, and Ukraine for a period of five years will not lead to an increase in steel prices in Egypt, Tarek el-Geyoushi, member of the Metallurgical Industries Chamber (MIC) of the Federation of Egyptian Industries said Wednesday.
he Egyptian Exchange (EGX) ended its transactions Wednesday in red for the third day in a row due to profit making. Benchmark index EGX30 went down 0.80 percent to stand at 14,345 points.
The Egyptian government saved around LE 4 billion from its budget in the first quarter (Q1) of fiscal year 2017/18 as it spent LE 23.7 billion on petroleum subsidies, Minister of Petroleum Tarek El-Molla announced Wednesday. The value spent is lower than the expectations for Q1, which was LE 27.5 billion in the state budget.
The Central Bank of Egypt (CBE) paid $600 million to the African Export-Import Bank (Afreximbank) Wednesday, with the last $600 million to be repaid next Monday, CBE governor Tarek Amer announced.
South Korean investments in Egypt are estimated to be at $445 million for 171 projects in various fields, Industry and Trade Minister Tarek Kabil announced in a statement on Wednesday.
The Egyptian pound exchange rate inched up in Wednesday’s morning banking transactions. The exchange rate of the U.S. dollar recorded an average of LE 17.68 for buying and LE 17.78 in the Central Bank of Egypt (CBE) and Banque du Caire.
In a meeting on Wednesday with Acting Prime Minister and Housing Minister Mostafa Madbouly, and a number of ministers, President Abdel-Fatah al-Sisi has followed up on the latest developments of the Africa 2017 Forum: “Business for Africa, Egypt and the World”, which will take place in the Red Sea resort of Sharm El-Sheikh from 7-9 December 2017.