Bloomberg has announced that Egypt is on the course to become one of the world's top 10 natural gas exporters if it reaches full capacity in 2021, backed by the country's endeavors to boost its exports of liquified natural gas, through restarting one of its two production plants.
The American news agency stated that consumer prices in urban parts of Egypt grew at the slowest annual pace since November as the global pandemic weighed on demand and food costs declined.
The Egyptian pound has achieved a great performance against the US dollar since the beginning of 2020 compared to other emerging markets despite the coronavirus pandemic that is rocking the whole world, Bloomberg statistics noted on Thursday.
The EGX30 index climbed as much as 6.8 percent shortly after opening Monday in Cairo, extending a 5.9 percent increase in the previous session.
The nation’s central bank is no longer issuing licenses, making an acquisition the only way of gaining a foothold in the Middle East’s fastest growing economy.
The central bank's monetary policy committee is expected to meet next week. The regulator cut rates four times in 2019.
According to Bloomberg, Societe Generale SA forecasts that the currency will gain another 4.5 percent to 15.35 per dollar in 2020.
"The slowdown in inflation is a key gain for the bank," according to Bloomberg.
The Egyptian pound’s current stability has combined with high interest rates to make the country a darling among bond investors hunting for yield.
CAPMAS said that the monthly rate decreased due to the decrease in prices of food by 2.3 percent last month in comparison to the previous month.
Egypt is moving forward with comprehensive institutional and legal reforms to improve the business environment, Minister of Investment Sahar Nasr told Bloomberg.
Nassef Sawiris is worth US 6.76 billion (115.78 billion), while was able to score spot number 230 all over the world, and Naguib Sawiris, with a US 5 billion (LE 87.72 billion) fortune, ranked 334.
We used to borrow to repay both maturing debt as well as to finance new debt,” Kojak said.
“That grade of gasoline is one which is no longer subsidized. It also plans to announce the mechanism for the other grades in June, after lifting the subsidies, to implement the move in September."
“Egypt is offering new destinations for investments in the islands in the Red Sea and details regarding that will also be disclosed in due course.”
In light of volatile economies the world faces nowadays, Bloomberg reviewed Egypt's economy in a report, referring to it as the traders’ refuge from volatility.
Almost 12.6 million Egyptians are smokers, making up 20.2 percent of the total population, according to CAPMAS.
Foreign holdings of treasury bills was about $19 billion as of the end of November.
Israel's oil companies recorded sharp declines in shares after the Petroleum Minister stated that Egypt will stop importing liquid gas during 2018.
These funds are pledged for the feed-in-tariff (FiT) scheme announced by the government in September 2014.