SCZone’s revenues hit EGP 8.245B in FY2023/24

The Suez Canal Economic Zone (SCZone) has achieved revenues totaling EGP 8.245 billion for the fiscal year (FY) 2023/2024, EGP 5.932 billion of which are in US dollars, comprising 72% of total revenues, Chairman Waleid Gamal El-Dien announced in a meeting with Prime Minister Mostafa Madbouly.

Updated 7/30/2024 4:01:00 AM

Egypt's net foreign assets deficit hits EGP 174.385B in April: CBE

Egypt's net foreign assets (NFAs) hit a negative EGP 174.385 billion in April, compared to a negative EGP 199.652 billion at the end of March, data from the Central Bank of Egypt (CBE) showed.

Updated 6/2/2024 4:01:00 AM

Egypt's Path to Close the Foreign Currency Gap

In December 2022, the International Monetary Fund's (IMF) board approved a $3 billion loan for Egypt. Under this agreement, Egypt is committed to boost its various sources of foreign currency to close the estimated financing gap of $17 billion. In this Factsheet, Arab Finance gives you a holistic view of the main sources of foreign currency inflows to Egypt and their performance in the second quarter (Q2) of the current fiscal year (FY).

Updated 6/15/2023 12:47:00 PM

Madbouly says Egyptian pound is undervalued

Egyptian Prime Minister Mostafa Madbouly said that estimations of the hard currency are overstated and that the Egyptian pound is undervalued.

Updated 5/18/2023 12:05:00 PM