Business News Wrap-Up
Thu, Feb. 22, 2018
The Egyptian Exchange (EGX) ended the third week of February in green, amid Egyptian buying.
The benchmark EGX30 increased 0.49 percent, or 74.43 points, to end at 15,318.92 points.
The Central Agency for Public Mobilization and Statistics (CAPMAS) said in its monthly bulletin that the Restaurants and Hotels sector and the Suez Canal sector recorded the highest revenues among all sectors during the first quarter (Q1) of Fiscal year 2017/2018.
The US dollar exchange rate showed varied performance during morning transactions at major banks on Thursday.
The dollar exchange rate dropped one piaster recording LE 17.59 for buying and LE 17.69 for selling at the National Bank of Egypt.
Egypt is moving towards self-sufficiency in gas and becoming the Middle East’s energy hub, with expectations to stop importing liquefied gas by June 2018, after the production of its giant gas field, Zohr, began last December.
Egypt Today reviews the concession areas in the Mediterranean Sea and the companies working on them.
The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 16 billion in treasury bills on Thursday.
The T-bills are to be offered in two installments, with the first valued at LE 7.5 billion with a 182-day term and the second worth LE 8.5 billion with a 357-day term.
Egypt Post’s Board Chairman Essam al-Saghir said Wednesday that Egypt Post launched an ATM service for citizens with no minimum charges, adding that an ATM card could be issued with a balance of LE 10 ($0.57).
Prime Minister Sherif Ismail witnessed the signing of a concessional financing agreement by the Japanese government in the framework of the Egyptian-Japanese Education Partnership Program to support and establish Japanese schools in Egypt with total support of $175.7 million.