Category: ECONOMY
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Central Bank of Egypt Floats the Egyptian Pound
In a surprise morning announcement, the Central Bank of Egypt announced that it has floated the Egyptian pound against all foreign currencies. “The CBE hereby announces its decision to move, with immediate effect, to a liberalized exchange rate regime in order to quell any distortions in the domestic foreign currency market,” the bank said in a…
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Alexandria Chamber of Shipping discusses twinning agreement with Greece, Cyprus
The Alexandria Chamber of Shipping discussed a twinning agreement with the Greek and Cypriot chambers of shipping during the Federation of National Associations of Ship Brokers and Agents (FONASBA) annual meeting in London. Chairperson of Alexandria Chamber of Shipping Mohamed Meselhy met with FONASBA president Glen Gordon Findaly on the sidelines of the annual meeting…
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111% increase in Egyptian exports to Cyprus: Trade Minister
Minister of Industry and Trade Tarek Kabil received a report from the Egyptian Commercial Office in Cyprus (ECOC) on the development of trade relations between Egypt and Cyprus in the first half of 2016. Egyptian exports to markets in Cyprus increased by 111%, from €9m in 2015 to €19m in 2016. On the other hand,…
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Gas Finds in Egypt, Israel and Cyprus Redraw the Mediterranean Energy Map
In recent years, Egypt, Israel and Cyprus have all discovered huge natural gas fields off their coasts, raising export potential and perhaps the prospects for better political ties in the region through new energy partnerships. At least this is the scenario that the United States is hoping for. Last month, U.S. Secretary of State John…