Health Egypt’s net foreign assets retreat further into the red Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […] May 15, 2022
Banking & Finance Dubai sets up office to manage $49.4bn sovereign debt The Dubai government has established a debt management office and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, it announced on Monday. The office – which analysts say will streamline debt issuance and improve transparency – will manage the sovereign debt portfolio and be responsible for meeting the government’s financing requirements, the Dubai […] May 9, 2022
Banking & Finance Tunisia’s dinar hits record low versus dollar Tunisia’s dinar currency has fallen to record lows versus the dollar, driven down by high inflation, a worsening trade deficit and the severe impact of the Ukraine crisis on public finances. It traded at 3.074 against the dollar on Thursday, central bank data showed on Friday. Earlier this month, the state statistics institute said Tunisia’s […] April 29, 2022
Banking & Finance Dollar hits five-year high, growth concerns dent euro The dollar hit a five-year high ahead of the expected rate hike by Federal Reserve, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region. The dollar has gained on expectations that the US central bank will be more hawkish than peers. The Fed is expected to increase rates by 50 basis […] April 27, 2022
Banking & Finance Commodity stocks drag FTSE 100 lower Commodity stocks and banks led a near 2 percent drop in London’s FTSE 100 on Monday as fears of a global economic slowdown sapped sentiment at the start of a week loaded with corporate earnings. After falling as much as 2.4 percent, the blue-chip index pared some losses to close down 1.9 percent at its […] April 25, 2022
Retail Egypt’s urban inflation accelerates to 10.5% Egypt’s annual urban consumer price inflation accelerated in March to 10.5 percent, its highest in nearly three years and faster than analysts had expected, data from the state statistics agency CAPMAS showed on Sunday. The inflation figure, up from 8.8 percent in February, was greater than a median forecast of 10 percent in a Reuters […] April 10, 2022