Author Archives: enterpriseam admin

CBE leaves interest rates unchanged, says it already moved preemptively: The central bank’s Monetary Policy Committee (MPC) decided to keep interest rates unchanged during its last meeting of 2016, moving with market expectation. The overnight deposit rate remains at 14.75% and the overnight lending rate at 15.75%. The CBE had increased rates by a total […]

Egypt’s balance of payments (BoP) recorded a surplus of USD 1.9 bn in 1Q2016-17, driven primarily by a net inflow of USD 7.1 bn in the capital and financial account, the CBE reported. The trade balance in the three months ending September 2017 narrowed to USD 8.67 bn from USD 10.01 bn a year earlier […]

Has the endgame in the rift with KSA begun? The Ismail government approved an agreement to transfer the Tiran and Sanafir islands to Saudi Arabia on Thursday and passed it on to the House of Representatives for approval. On Saturday, the “appeals court in Cairo upheld a verdict by a lower court that annulled a […]

GASC, the world’s largest wheat trader, is flexing its muscles: Egypt’s haggling power in the global wheat market is back in full force, Bloomberg reports. The world is overloaded with wheat and Egypt, “bought 235,000 metric tons of wheat in a tender Thursday and managed to pay an average 82 cents a metric ton less […]

El Sisi gives nod to pharma price pact, calls for more investment in industry: President Abdel Fattah El Sisi appeared to give a nod yesterday to an agreement between big pharma and the Health Ministry that would allow manufacturers hit by spiraling input costs to raise prices on a pre-determined schedule. A statement carried by […]

How many times have we heard this? Flights between Russia and Egypt will be resumed “soon,” Russia’s president Vladimir Putin reportedly told President Abdel Fattah El Sisi, according to Reuters. “Putin affirmed Russia's intention to resume regular flights between Moscow and Cairo in the very near future," the Egyptian presidency said in a statement, but […]

Speaking of the EGX: EFG Hermes topped the bourse’s December 2016 league table with an 18.9% market share, followed by CI Capital (8.0%). A close-fought campaign saw Pharos close the month with 6.0%, followed by Pioneers (5.9%). Beltone closed out the top five with a 3.7% share. On a full-year basis, EFG Hermes was ranked […]

New year, new pricing: A number of high-profile food and FMCG companies have raised prices by 10-40% for the new year, Al Borsa reports, pointing to dairy and dairy product producers Al Marai, Greenland, and President, as well as snack makers Edita and Chipsy. Pepsi Co., Danone, Cadbury, Solo, and household product makers Procter & […]

The state will continue to subsidize bread in 2017, the price of which will remain unchanged at EGP 0.05 a loaf despite the additional costs of production (currently at EGP 0.5 per loaf), Supply Minister Ali El Sheikh confirmed. According to Al Borsa, El Sheikh also said that Egypt’s wheat reserves are enough to cover […]