Egypt | - Part 37

Moody’s upgrades Egypt to B3 with a stable outlook

Moody’s Investors Service has today upgraded Egypt’s issuer and senior unsecured bond ratings to B3 from Caa1, with a stable outlook. Key drivers for today’s rating action are: Improving macroeconomic performance, Reduction in external vulnerabilities, and Ongoing commitment to fiscal and economic reform. In today’s rating action, Moody’s has also raised Egypt’s foreign-currency bond ceiling to B2 from B3, the foreign-currency deposit ceiling to Caa1 from Caa2, and the local-currency country risk ceiling to Ba2…

Kuwait fund to lend Egypt $1.5 bln over next five years

Posted on by The Editorial Team

KUWAIT (Reuters) – The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund’s director-general Abdulwahab al-Bader told Reuters on Tuesday.He did not give details of the loans. The fund is the Kuwaiti government’s agency for aiding developing countries in areas such as agriculture, transport and energy.Kuwait, Saudi Arabia and the United Arab Emirates have provided billions of dollars of aid…

African Market Watch: Thurs, 26th March 2015

Posted on by The Editorial Team

BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day. BRVM 10 index rose from 270.42pts to 270.97pts, a gain of 0.20%. BRVM Composite index gained 0.28% to 266.05pts against 265.32pts previously. The equity market capitalization was recorded at XOF 6,564.81 billion. Likewise, the traded value was recorded at XOF 395.679 million and total volumes recorded at 56,555 shares in…

African Market Watch: Wed, 25th March 2015

Posted on by The Editorial Team

BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day. BRVM 10 index rose from 268.74 to 270.42pts, a gain of 0.63%. BRVM Composite index gained 0.53% to 265.32 against 263.91pts previously. The equity market capitalization was recorded at XOF 6,546.91 billion. Likewise, the traded value was recorded at XOF 806.047 million and total volumes recorded at 1,613,293 shares in…

African Market Watch: Tuesday, 24th March 2015

Posted on by The Editorial Team

BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, lower than the previous day. BRVM 10 index decreased from 269.39 to 268.74pts, a drop of 0.21%. BRVM Composite index lost 0.21% to 263.91 against 264.46pts previously. The equity market capitalization was recorded at XOF 6,512.01 billion. Likewise, the traded value was recorded at XOF 301.086 million and total volumes recorded at 902,438 shares in…

African Market Watch: Monday, 23rd March 2015

Posted on by The Editorial Team

BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, slightly higher than the previous day. BRVM 10 index rose from 269.37 to 269.39 points, a gain of 0.01%. BRVM Composite index gained 0.02% to 264.46 against 264.41 points previously. The equity market capitalization was recorded at XOF 6 525.66 billion. Likewise, the traded value was recorded at XOF 922.082 million and total volumes recorded…

Egyptian pound steady on official market, weaker on black market

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Sunday, while the domestic currency weakened on the black market. The central bank has now kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading. The bank said it had offered $40 million at auction and sold $38.4 million…

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