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Gov’t ramps up efforts to clear import backlog following currency float
USD 12 bn of goods have been released since the start of 2024
Banks trade USD 1.9 bn in two days
The EGP lost almost 37% of its value against the greenback after the float
Moody’s upgrades Egypt’s outlook to positive
Moody’s expects the FX liquidity from the Ras El Hekma agreement to close the external funding gap until FY 2025-2026
Planet Finance breathes a sign of relief
The EGX30 was down 3% as traders locked in gains
“Back on the right track”: What the pundits are saying
The decisions “put us back on the right track,” but more needs to be done, pundits say
What to watch for next: Inflows and cooling inflation top the list
Commodity prices are expected to fall, Federation of Chambers of Commerce Secretary-General Alaa Ezz said
Banks roll out high interest rate CDs, ease currency controls on credit cards
The parallel market is “on its way to disappearing completely,” Banque Misr Chairman Mohamed El Etreby said
Two exchange rates is a “disease that throws things out of balance,” says CBE’s Abdalla
Abdalla says the central bank didn’t intervene in the market yesterday, signaling a hands-off approach to the exchange rate
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