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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        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        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        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        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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        

Business - Banks

Mohamed Hamdy - 2016-09-24 16:08:36
Financial institutions operating in Egypt registered total investments worth 656.740 billion Egyptian pounds ($74 billion) in treasury bills put forward by Ministry of Finance by the end of June. By the end of May, investments stood at $643.240 billion pounds. Public banks captured 40.8 percent of the total investments in the treasury bills, registering 268.159 billion pound by June end, according to the central bank’s latest report. Meanwhile, private banks acquired 30.66 percent, investing 201.366 billion pounds in treasury bills during June; while foreign banks recorded around 532 million pounds in investments, the report added. Specialised banks spent around 6.997 billion pounds by end of June. More»
Amwal Al Ghad English - 2016-09-24 11:30:59
Egypt’s third biggest public lender, Banque Du Caire is studying establishing a foreign exchange firm in a bid to combat black market traders and violated forex bureaus. “I believe it is the right time to establish such a foreign exchange firm, which will be a strong effective monetary policy tool to combat black market, an official Banque Du Caire spoke to state news agency MENA on Thursday on condition of anonymity. Those kind of proposed foreign exchange firms will be subject to regulatory control; they will be under the supervision of the central bank, Egyptian Financial Supervisory Authority (EFSA), and the bank’s general assembly, said Ruqaya Riad, a legal adviser to the Federation of Egyptian Banks. Both the central bank and EFSA will be charge of determining the capitalisations of those firms, Riad added. Since the start of the year, a total of 53 foreign exchange bureaus have been closed as the central bank accelerated a crackdown against black market traders, closing a large number of the countries’ foreign exchange offices, which it blames for growing pressure to devalue the currency. Egypt is facing a dollar shortage with sources of hard currency inflows like tourism and investment slowing down. Driven by the shortage, rates on the black market exceed 12.65 to the dollar while banks kept the pound steady at 8.88. More»
Amwal Al Ghad English - 2016-09-24 08:59:12
Russian economy is facing a different range of issues than those facing the U.S., Japan and the euro zone and so the central bank has to take a different approach, Russia's central bank governor told CNBC on Friday, questioning whether other central banks still had the means to influence their economies. "Whether (other) central banks still have in their possession the types of tools to influence this situation (is the subject of a very broad discussion)," Russia Central Bank Governor Elvira Nabiullina told CNBC in Moscow. "Whether they are already finding themselves on the brink of negative interest rates and some are already in negative interest rate territory. These are most certainly not trivial problems. But as far as the Russian economy is concerned, we find ourselves in a totally different situation," she said. Nabiullina was critical of the environment of easy monetary policy that other central banks have created in recent years with their quantitative easing (QE) programs. These were aimed at boosting liquidity, investment and economic growth but they have not necessarily translated into investment in the real economy. Rather, there has been increased liquidity in financial markets, prompting concerns of an equity and bond bubble that will burst when QE programs are eventually wound down and monetary policy "normalized." Nabiullina warned that "because of the continued easing of monetary policy in many countries there is also the possibility that a higher level of financial market volatility will persist." She conceded, however, that many central banks do try to follow a "very moderate, cautious policy, trying to manage expectations and to create as few surprises for the markets as possible." Cautious stance While central banks in Japan and the euro zone are trying to boost inflation and growth, the Russian central bank is trying to combat high inflation, brought on by international sanctions and a slump in the oil price that sent the Russia ruble into a tailspin and caused a spike in prices and a recession. This has posed a challenge for Russia's central bank which made tackling rampant inflation its priority, rather than promoting growth with lower interest rates. The inflation rate is slowly coming down, however (it stood at 6.6 percent in September) and last week, the central bank cut its key interest rate for the second time in a year, lowering the rate to 10 percent. It cited the slowdown in inflation as a reason for its decision, although it warned that economic activity remained "unstable." The bank said that it would continue its "gradual rate cut strategy" in order to stabilize the rate of inflation to 4 percent by 2017. The bank forecast that it would reach this target in late 2017 and said further rate cuts would take place in the first or second quarter next year. The bank has come under pressure to cut rates faster in a bid to stimulate the economy and borrowing but is wary of stoking inflation, which it has been at pains to reduce. As such, it ruled out another rate cut this year. Nabiullina told CNBC that just because inflation was going down didn't mean "that there are no inflationary risks." "Although inflation has been going down in accordance with our forecasts these have been affected by external factors and a stronger ruble and a good crop yield, and in order to ensure that inflation will continue to go down, that inflation expectations will be decreased and this trend strengthens, we have sent a signal to the market saying that our policy is going to remain moderately tough in order to ensure that inflation reduces to our target level," she said. More»
Amwal Al Ghad English - 2016-09-24 08:18:25
Egypt’s central bank (CBE) has decided to keep interest rates unchanged from July at a meeting of its monetary policy committee on Thursday. The bank kept the overnight deposit rate, the overnight lending rate and the rate of the CBE's main operation at 11.75 percent, 12.75 percent and 12.25 percent respectively, according to a statement on CBE's website. The annual core consumer price index that the central bank uses to measure the level of prices after excluding the volatile cost commodities such fruits and vegetables jumped to 13.52 percent in August from 12.38 percent the month before. More»
Amwal Al Ghad English - 2016-09-22 08:52:42
The European Investment Bank (EIB) is set to lend Ethiopia $200 million to build two industry parks that will employ 30,000 refugees in a move aimed at curbing migration to Europe, the bank announced Wednesday. The Horn of Africa country hosts more than 743,000 refugees and asylum seekers from neighbouring countries, many of whom use its camps as way stations on a longer journey to Europe. The bank said the 30,000 refugees will be among 100,000 people who will be employed altogether in a scheme that will cost $500 million. The World Bank, Britain, and other EU nations will provide the rest of the financing. "We know that Ethiopia is for many a stopping point before making the dangerous onward journey to final destinations in Europe," said Werner Hoyer, the EIB's president. "Initiatives and projects like this provide people with a choice to stay closer to home and an opportunity for economic growth as well," he added in a statement. Over 161,000 Eritrean refugees currently reside in Ethiopia, the majority of whom say they fled the prospect of unlimited service in the Eritrean military. More than 33,000 Eritreans sought asylum in Europe last year, the European Union says. Eritrea accounts for five percent of the refugees and migrants to have reached European shores so far this year, according to data obtained from the United Nations refugee agency UNHCR. More»