The Finance Ministry said LE 1.8 billion were earmarked for passenger transportation in the 2018/2019 budget, up from LE 89 million in the previous budget.
The Egyptian Exchange (EGX) ended Monday’s session in red and market capitalization lost LE 9.1 billion ($513.21 million); amid Egyptian selling.
The benchmark EGX30 slipped 1.16 percent, or 199.95 points, to close at 16,984.07 points.
Qatar’s central bank is seeking more data from banks about U.S. dollar-riyal trades as it investigates suspected attempts to devalue its currency at the height of a diplomatic standoff with some other Gulf states, sources familiar with the matter said.
Foreign currency inflows to banks operating in Egypt have risen to more than $120 billion since the flotation of the Egyptian currency in November 2016, Central Bank of Egypt (CBE) Governor Tarek Amer told local newspapers.
The Gross Domestic Product of 2018-2019 is estimated to reach some 5.250 trillion pounds compared with 4.106 trillion this fiscal year.
A statement by the Finance Ministry put at 5.8 percent the targeted increase in GDP rate during 2018-2019.
Egyptian Financial Group Hermes Holding (EFG Hermes) consolidated profit marked an increase of 6 percent on a year on year basis, during the first quarter of 2018, recording LE 249 million ($14.04 million) after tax and minority interest.
Central Bank of Egypt (CBE) Governor Tarek Amer announced an initiative to repay the loans of 5,000 faltering factories to banks, through the scheduling of debts and exempting these factories from the percentage of penalties delay and the accrued interest to end disputes in the courts.
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