Banking and Finance

Egyptian pound continues to lose value

Economists expect Egypt's central bank to loosen its grip on the exchange rate of the Egyptian pound in its meeting later this month, but the possible move is fraught with fears from a sharp rise in commodity prices.

Egypt

Egypt to adopt Russian Mir payment system to encourage tourism, trade exchange

Russian tourists and companies will be allowed to pay through the Russian Mir system in Egypt ahead of the winter season, which Cairo is hoping will boost its tourism sector.

Egypt

Egypt to issue bonds in China’s currency yuan

The US dollar may be losing its dominance in the Middle East to the yuan.

Egypt

Egypt's Central Bank governor resigns amid economic crisis

The resignation of Egypt's central bank governor has put the country's economy under pressure.

Egypt

Money inflows of unknown origin headed for record in Turkey

As Turkey’s current account deficit continues to widen in the coming months, foreign currency inflows of unknown origin might end up covering more than 70% of the gap.

Turkey

Family of man who held up Beirut bank stages protest

Bassam al-Sheikh Hussein took hostages at gunpoint to get his own money out of the bank. Many Lebanese, who are unable to access their savings amid the economic crisis, called him a hero.

Lebanon

Saudi Arabia secures funding for electricity interconnection with Egypt

Egypt just approved a plan to ration electricity, though the government said there is not a shortage of power.

Egypt

Saudi Arabia’s Public Investment Fund acquires stakes in Egyptian state-owned firms

The acquisitions help make good on Saudi Arabia’s pledge to invest billions in Egypt.

Saudi Arabia

Turkey’s current account gap widens, with no respite in sight for the lira

The Turkish lira is likely to tumble further in the coming months as the country’s current account gap threatens to grow beyond $40 billion by the end of the year.

Turkey

Breaking | Last Updated: August 17, 2022, 12:21 pm

Reports: armed man who held bank hostage in Lebanon now in custody

Lebanese cannot access most of their savings amid the worsening economic meltdown.

Lebanon

Here's how the latest US rate hike will impact Egypt's economy

A stronger US dollar will inevitably drive higher import costs, and subsequently prices, in the most populous Arab country, yet could eventually provide a boost to the local currency with an increase in exports.

Egypt

Downward spiral causes crash in Egypt’s gold prices

Gold prices sharply dropped in Egypt amid a drop of global prices after the US Federal Reserve hiked interest rates.

Egypt