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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Egypt Central Bank seen to hold Rates after Inflation Pick-up – Survey

Published 2015-04-21 11:35:30| Amwal Al Ghad English

Egypt's central bank is expected to keep interest rates on hold on Thursday, choosing not to cut borrowing costs to boost the country's slowing economy after inflation hit a five-month high in March. Five economists surveyed by Reuters all forecast that the bank's monetary policy committee (MPC) would keep its overnight rates unchanged at 9.75 percent for lending and 8.75 percent for deposits at its meeting. "Given the rise in the inflation rate in March, it is our expectation that the MPC in Egypt will maintain rates," said Angus Blair, chairman of business and economic forecasting think-tank Signet Institute. Price pressures eased in November but have crept back up since, in part due to a weaker Egyptian pound. Urban consumer inflation rose to 11.5 percent in March from 10.6 percent the previous month and core inflation ticked up to 7.21 percent from 7.15 percent. Inflation rose in July after the government slashed energy subsidies to help reduce its swelling budget deficit. The central bank subsequently raised its benchmark rates by 100 basis points but then unexpectedly cut them by 50 basis points in January. Critically low foreign currency reserves and a fluctuating exchange rate have also dogged the Egyptian economy since a 2011 uprising that ousted veteran autocrat Hosni Mubarak. "The pick-up in price pressures (in March) was driven almost entirely by a rise in food and utility price inflation, which seemed to partly reflect the depreciation of the pound against the dollar earlier this year," Capital Economics said in a research note. The central bank let the pound weaken to 7.53 per dollar from 7.14 in the early part of this year in an effort to wipe out black market currency trading. Economic activity has slowed in recent months. Gross domestic product grew 4.3 percent in the last quarter of 2014, compared to 6.8 percent in the same period a year earlier. The non-oil private sector continued to shrink in the first three months of 2015. "As seen in the recent HSBC PMI (poll), activity in Egypt still remains poor and we would like to see the MPC recognise this in its decision-making," Signet's Blair said.
Financial Institutions
Egypt has a good plan to reduce the budget deficit that should be carried out in parallel with working on boosting the growth rate and creating more job opportunities, the International Monetary Fund (IMF) chief of mission in Egypt Christopher Jarvis said. In press statements, Jarvis added that adopting that policy to help reduce the budget deficit and improve the balance of payments will contribute to promoting growth and creating more jobs. He lauded the Central Bank of Egypt's policies aiming at having more flexibility of the exchange rate. These policies could benefit economic growth and the balance of payments, he pointed out.
Real Estate
Egypt's leading construction firm Arab Contractors is tasked by the Egyptian government with carrying out additional works on a pumping station in Wau city of South Sudan, at cost of US$931.000. In addition, a sum of one million Egyptian pounds (US$131.018), currently available in the Nile Water sector’s budget, will be used to fund the works on the station under agreed terms to clean the Bahr al-Ghazal basin in South Sudan. Wau pumping station is one of several development projects Egypt pledged to implement in South Sudan, according to a Memorandum of Understanding (MOU) signed between Cairo and Juba in 2006. The MOU stipulates that Cairo to carry out water projects in South Sudan that are worth US$26.6 million extended as a grant by Egypt.