Egypt | - Part 20

Central Bank of Egypt to auction US$1.5bn to stabilise the currency

CAIRO, Egypt, Capital Markets in Africa — Egypt’s central bank will offer US$1.5 billion today in its third special foreign exchange auction of the week, part of an effort to crush the currency black market and stabilize the Egyptian pound a day after a major devaluation. Egypt devalued the pound on Monday to 8.85 pounds to the dollar from 7.73 pounds and announced that it would shift to a more flexible exchange rate. The equity…

Egypt Equity Markets | 09 Mar 2016: Egypt’s bourse benchmark maintains gains, market cap US$192m higher

Posted on by The Editorial Team

Cairo, Egypt, Capital Markets in Africa — Egypt Exchange equity trading ended in a positive mood for the fifth session in a row at the end of today’s session, the highest level in two months. The equity market capitalization added nearly EGP 1.5 billion (about US$192 million) to end at EGP 402.892 billion relative to the previous market capitalization of EGP 401.359 billion. The benchmark index EGX30 gained 32.80 points or 0.52 percent to close at 6,372.64…

Egypt Slops Limits on Foreign Currency Deposits for Individuals

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa — Egypt removed restrictions on the amount of foreign currency individuals can deposit and withdraw from banks, to ease the damage from an intensifying dollar shortage. However, Egyptian banks are still mandated to maintain caps on corporate accounts, Egypt’s central bank said in a statement on its website on Tuesday. The central bank had limited foreign currency deposits to US$50,000 per month since February, 2015, before easing the rule for…

Egypt Plans Eurobond Sale to Ease Pressure on Reserves

Posted on by The Editorial Team

CAIRO, Egypt, Capital Market in Africa — Egypt plans to tap international bond markets in the second quarter this year, Prime Minister Sherif Ismail said, in order to preserve foreign reserves amid a slowing global economy. Egypt has approved a bond-issuance program of up to US$10 billion, and in June 2015, it raised US$1.5 billion of Eurobonds as part of the program. The government plans to issue another US$1.5 billion in the fourth quarter of 2015 but…

African Stock Market January 2016: Tunisia equity triumph, rewards investors amid of global equity markets panic

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Global equity markets opened 2016 on a panic mood amid of negative outlook on China’s growth prospects and commodity slumps. As a result, African equity market performance measured by country equity benchmark index returns ended in negative for the month, with four gainers and fourteen losers on the local currency basis. Still on local basis return, the January’s average return of -3.0 percent (relatively to -0.9 percent in…

IFC Investment Boosts Egypt’s Energy Infrastructure, Port Sector

Posted on by The Editorial Team

Cairo, Egypt, Capital Markets in Africa —IFC, a member of the World Bank Group, is providing a financing package of $144 million to Sonker Bunkering Company, SAE, to help develop vital new energy infrastructure and boost the performance and competiveness of Egypt’s ports. IFC’s financing – including a loan of up to $70 million, $52 million mobilized from partners, and $22 million in mezzanine financing – will go toward the development of Egypt’s first private…

African Equity Markets in 2015: BRVM Bourse 2015 Champion, Botswana runner-up, Zimbabwe worst market

Posted on by The Editorial Team

Lagos, Nigeria Capital Markets in Africa — African stock market performance measured by country equity benchmark index returns produced a negative returns in 2015, with four positive growths and fourteen negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted performance basis, with just one equity market produced a positive return. These unimpressed performances (compared to 2014) across African equities can be attributed to interlocked negative feedback loops between declining commodity…

« 1 … 18 19 20 21 22 … 44 »