Category: ECONOMY
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Central Bank of Egypt Floats the Egyptian Pound
“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…
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Alexandria Chamber of Shipping discusses twinning agreement with Greece, Cyprus
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…
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111% increase in Egyptian exports to Cyprus: Trade Minister
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…
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Gas Finds in Egypt, Israel and Cyprus Redraw the Mediterranean Energy Map
(www.worldpoliticsreview.com)