Greek Community of Alexandria

Category: ECONOMY

News about economy

  • Central Bank of Egypt Floats the Egyptian Pound

    Central Bank of Egypt Floats the Egyptian Pound

    ΟικονομίαIn 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 statement.

    Against the US dollar, the Egyptian pound was floated to EGP 13.00 per USD 1.00. Selling a US dollar, however, yields EGP 13.50. Prior to the devaluation, the US dollar’s official selling price was EGP 8.88, while the buying price stood at EGP 8.85. On the parallel market, however, the greenback reached an all-time high of EGP 18 earlier this week, before the pound strengthened amid calls for a boycott of the parallel market to drive down the rates.

    Following the devaluation, the Commercial International Bank (CIB) has placed the USD buying rate at EGP 13.25 and the selling rate at EGP 14.3, while it place the rate for euros at EGP 14.661 for buying and EGP 15.913 for selling. Other banks have yet to update their websites with the new rates.

    The Egyptian pound will be allowed to fluctuate (either positively or negatively) in value by 10 percent for a short period before it is set.

    In a separate announcement, the Bank Misr and Al-Ahly announced that buying Egyptian pound certificates will provide customers with an interest rate between 16 and 20 percent, depending on the duration that the certificates are kept.

    This story is developing.

    (egyptianstreets.com)

  • Alexandria Chamber of Shipping discusses twinning agreement with Greece, Cyprus

    Alexandria Chamber of Shipping discusses twinning agreement with Greece, Cyprus

    Λογότυπο Alexandria Chamber of ShippingThe 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 to discuss the challenges in maritime transport and the necessary mechanisms to deal with them.

    Meselhy said that they discussed the supporting mechanisms needed to create healthy competition among operators and maritime agents in markets so as to reduce harmful competition and prevent monopolistic practices among them.

    He told Daily News Egypt that the Egyptian delegation at the meeting discussed with participants ways to attract foreign investment in the fields of storage and shipping.

    Talks with participating delegations focused on the role of navigation in revitalising trade exchange with Egypt and all markets, he added.

    Meselhy said that the Alexandria Shipping Chamber seeks to be present in international forums and participate in the development of operational standards and the latest international maritime laws.

    The chamber’s participation in international forums allows it to promote investment opportunities in the Egyptian market among top operators and international companies.

    FONASBA is one of the largest international organisations that provides a united voice for the world’s chambers of shipping.

    Meselhy explained that the twinning agreement discussions between the Alexandria Chamber of Shipping and the Cypriot and Greek chambers will work to exchange experience and training. This partnership will also activate trade exchange between them in preparation for launching alliances among their respective chambers.

    (Daily News Egypt)

  • 111% increase in Egyptian exports to Cyprus: Trade Minister

    111% increase in Egyptian exports to Cyprus: Trade Minister

    ΠολιτικήMinister 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, imports to Egypt from Cyprus saw “a noticeable decline to €6m in comparison to €28.5m in the same period in 2015”. Consequently, Kabil added, the balance of trade with Cyprus, has reached a surplus of €13m for Egypt.

    Egypt’s most important exports to Cyprus were raw salt, natural sand, stones and goods made of stones, marble and ceramic tableware, foil paper and tableware made from aluminium, cables, tobacco, cigars, chemicals, organic solvents, and fresh fruit and vegetables, the release said.

    Fifteen representatives from Cyprus—government officials, cruise ship or air charter companies—have been able to conduct, or will conduct, visits Egypt thanks to the efforts of the ECOC.

    There are visits planned for October, during which the representatives will hold talks with their counterparts from the Egyptian Tourism Association to activate bilateral cooperation between the two countries in the tourism sector, in preparation for more inclusive cooperation with Middle East nations, the report said.

    During an ECOC meeting, it was also announced that two Cypriot companies will organise cruises to eastern Mediterranean ports, including Egypt, the release said.

    These indicators are a positive sign for trade and economic relationships between the two countries, which comes at a very important time before the scheduled tri-presidential meeting in October between Egypt, Cyprus and Greece, Kabil said.

    (www.dailynewsegypt.com)

  • Gas Finds in Egypt, Israel and Cyprus Redraw the Mediterranean Energy Map

    Gas Finds in Egypt, Israel and Cyprus Redraw the Mediterranean Energy Map

    ΠολιτικήIn 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 Kerry’s envoy on energy affairs, Amos Hochstein, told Bloomberg that “we’re just beginning to open the spigots of what is the potential for the broader region.”
    That is already evident in the improved ties between Israel and Turkey after their June rapprochement, motivated by gas diplomacy. And there is even the possibility of detente between Ankara and Cyprus, since any potential new gas pipeline from Israel to Turkey would need to travel through the island, the north of which has been occupied by Turkey since 1974. Washington, according to Bloomberg, is bullish on the eastern Mediterranean for another reason. “Even as the region struggles with regulatory uncertainty and an abundance of geopolitical risks, the U.S. is seeking to turn it into another corridor for gas supplies to Europe, which is trying to diversify its sources away from Russia.” …

    (www.worldpoliticsreview.com)