Egypt Inflation Rate Drops as Currency Float Shock Eases

Egypt Inflation Rate Drops as Currency Float Shock Eases

CAIRO (Capital Markets in Africa) – Egypt’s monthly urban inflation rate fell for the first time in more than two years as the impact of lifting currency controls eased. The month-on-month inflation rate came in at minus 0.2 percent in December, its lowest rate since November 2015, while the annual inflation rate eased to 21.9 percent from 26 percent the previous month, according to the state-run statistics agency CAPMAS. Annual prices were affected by a slowing of…

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Egypt Presidential Vote in March as Top El-Sisi Rival Out

Egypt Presidential Vote in March as Top El-Sisi Rival Out

CAIRO (Capital Markets in Africa) – Egypt’s top election body said Monday that the next presidential election will be held in March, and gave prospective candidates about three weeks to declare. So far the race has only one potential contender: incumbent Abdel-Fattah El-Sisi. His most serious possible challenger to date, former premier and air force general Ahmed Shafiq, backed out of contention late Sunday after a mysterious string of events. That left the field wide open…

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Politics Trumps Oil Recovery: A Guide to Mideast Markets in 2018

Politics Trumps Oil Recovery: A Guide to Mideast Markets in 2018

LAGOS (Capital Markets in Africa) – For as long as Gulf economies rely on oil, crude will be a factor in determining how investors trade regional markets. But right now, politics is king. In the past 12 months, tension between Saudi Arabia and Iran escalated, ties between Qatar and its neighbours were severed, rebels in Yemen fired rockets over Riyadh and Saudi Arabia started a crackdown on corruption that led to the arrest of high-profile…

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Moody’s: Challenging operating conditions keeps 2018 outlook for African banks negative

Moody’s: Challenging operating conditions keeps 2018 outlook for African banks negative

LAGOS (Capital Markets in Africa) — Moody’s Investors Service says its negative outlook for the African banking system in 2018 reflects high macroeconomic risks that expose banks to asset quality pressures, reduced government support and sovereign credit risk. Moody’s report, “Banks — Africa, 2018 Outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release. This report does not constitute a rating action. “Although…

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Egypt’s Ibnsina Pharma Plans Expansion After $90 Million IPO

Egypt’s Ibnsina Pharma Plans Expansion After $90 Million IPO

  CAIRO (Capital Markets in Africa) – Ibnsina Pharma, Egypt’s second-biggest pharmaceuticals distributor, plans to invest 700 million Egyptian pounds ($39 million) over the next five years to expand its storage hubs using the proceeds from its ongoinginitial public offering. The company, which is offering 40 percent of its shares in the local market for about $90 million, plans to add 20 new distribution centers over the next five years to boost growth, co-Chief Executive Officer Omar…

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Egypt Lifts Remaining Currency Restrictions as Crunch Abates

Egypt Lifts Remaining Currency Restrictions as Crunch Abates

CAIRO (Capital Markets in Africa) – Egypt’s central bank lifted its last remaining official foreign-currency controls, as a dollar shortage that stymied the economy receded since authorities floated the pound and introduced wide-ranging reforms. The regulator removed limits imposed in 2015 for deposits and withdrawals by importers of non-essential goods, the bank said in a statement Tuesday. Deposits had been restricted to $10,000 per day and $50,000 monthly, while withdrawals were capped at $30,000. Caps…

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Israel, Egypt Ministers Said to Discuss Potential Gas Exports

Israel, Egypt Ministers Said to Discuss Potential Gas Exports

  CAIRO (Capital Markets in Africa) – Ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to a person with direct knowledge of the matter. Egyptian Oil Minister Tarek El-Molla and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation Egypt would halt talks on buying gas from Israel, the person said. El-Molla…

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