Majid Al Futtaim's latest investment comes after the recent announcement of its five-year investment plan worth 18 billion Egyptian pounds
He added that since Monday banks have witnessed a new phenomenon: customers selling parts of their deposits and saving certificates in foreign currencies, switching them to Egyptian pounds
, and then buying the pound saving certificates with a 16% or 20% interest rate that the banks offered recently.
Cairo: The Egyptian pound
hit a record low against the dollar yesterday as worried Egyptians shifted their money out of local currency after the central bank introduced a new currency regime to protect foreign reserves.
Sheikh Saleh bin Abdullah Kamel, President of the Saudi Commerce and Industry Chamber and Chairman of Jeddah Commerce and Industry Chamber, disclosed that a Saudi developmental bank with a capital of one billion Egyptian pound
would be established in Egypt at an initiative of businessmen to help alleviate the current economic situation in Egypt following the recent incidents.
then that will continue to breed uncertainty, and the Egyptian pound
will reflect that.
People walk past a major branch of HSBC at the financial Central district in Hong Kong - Reuters LONDON - 12 December 2017: HSBC economic experts said the tough measures taken by the Central Bank of Egypt (CBE) and the Egyptian government over the past few months before November 3, 2016 when the decision of liberalizing the Egyptian pound
was issued have rescued the Egyptian economy, according to a report published by "Risk Net" financial risk management website.
He added that this step comes complementary to floating the Egyptian pound
The value of the Egyptian pound
took a beating after the central bank purchased dollars.
The Egyptian pound
, subject to a managed float, gained 0.
Summary: The Egyptian pound
had been falling steadily since political protests broke out on Jan 25.
Dubai Bonyan for Development and Trade yesterday said that it has finalised arrangements for an 185 million Egyptian pound
(Dh123 million) syndicated loan to finalise the completion of Designopolis, the first furniture and home accessories mega mall in the Middle East and North Africa.
A state of uncertainty over the timing of the devaluation of Egyptian pound
by the Central Bank of Egypt (CBE) pervaded the market Sunday, following the meeting held between President Abdel Fattah Al-Sisi, CBE governor Tarek Amer, and a number of senior state officials.