The Egyptian President declares pound exchange rate as a matter of national security

Newsletter

18 Jun 2023

The Egyptian President declares pound exchange rate as a matter of national security. Egyptian President Abdel Fattah al-Sisi addressed the issue of Egypt’s exchange rate, emphasizing its importance as a matter of national security. He stated that his government cannot make any changes to the exchange rate if it negatively impacts the lives of Egyptian citizens. Egypt has faced pressure from the International Monetary Fund (IMF) regarding exchange rate flexibility, and there have been concerns about the official exchange rate’s misalignment with the parallel market and futures contracts. President al-Sisi’s remarks came during the National Youth Conference in Alexandria and marked his first direct response to the IMF’s call for greater exchange rate flexibility. (Asharq)

Egypt seeks BRICS membership with formal bid submission.
Russia's ambassador to Egypt, Georgy Borisenko, has confirmed that Egypt has submitted its formal application to join the BRICS alliance. The move is motivated by Egypt's keen interest in the alliance's goal of promoting trade conducted in alternative currencies, including national currencies or a new common currency. (Enterprise)
State workers receive salary payments today to mark fiscal year closure and Eid al-Adha.
Minister Mohamed Maait has confirmed that state workers will receive their salaries for the month of June starting today, June 18. The payment is in celebration of the closure of the fiscal year and the upcoming Eid al-Adha. Tarek Bassiouni, head of the accounts and financial directorates sector, highlighted that specific days are designated each month for salary payments, including arrears, while urging workers to avoid overcrowding ATMs as salaries will be available throughout the specified disbursement period. (Arab Finance)
Qatar engages in negotiations with Egypt for acquisition of government shares in seven tourist hotels.
Qatar's sovereign wealth fund, QIA, is reportedly engaging in negotiations with Egypt to acquire government stakes in seven hotels. The Qatari side aims to acquire a 30% share, with the QIA managing investments valued at around 445 billion USD. The Egyptian government had previously announced the establishment of a holding company for seven government-owned hotels, with plans to offer a 30% stake to investors. (Reuters)
South Korea grants Egypt 460 million USD to purchase subway trains.
Egypt's Minister of International Cooperation, Dr. Rania Al-Mashat, has signed a development financing agreement with South Korea for a sum of 460 million USD. The funds will be utilized for the manufacturing and supply of 40 train units to be used on the second and third lines of the Greater Cairo Metro. (Economy Plus)
Egypt seeks competitive bids from banks for advisory role in ALEXBANK stake sale.
Egypt's Finance Ministry has invited local and international banks to compete for the advisory role in the sale of its 20% stake in Bank of Alexandria, a subsidiary of Italy's Intesa Sanpaolo Group. ALEXBANK, established in 1957, is a prominent private sector bank in Egypt and has approximately 175 branches, 4,200 employees, and serves around 1.6 million customers. (Reuters)
Allianz Egypt partners with startup Esaal to expand wellness services.
Insurance company Allianz Egypt has entered into a partnership with local wellness startup Esaal to offer its clients a comprehensive range of digital healthcare services. These services encompass mental and physical health as well as nutrition guidance. Through the partnership, Allianz customers will gain access to Esaal's extensive network of over 350 healthcare professionals, enabling remote consultations for various health concerns. The collaboration is pending regulatory approval before implementation. (Enterprise)
Government-private sector collaboration boosts low-carbon energy development.
Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, advocates for hydrogen as a low-carbon energy source during a roundtable with UK energy companies. He emphasizes collaboration between governments, the private sector, and financial institutions to support climate measures and reduce emissions. El Molla encourages the use of modern technologies and research to accelerate global carbon reduction efforts. (Arab Finance)
Vodafone Egypt Collaborates with El Mansour Real Estate for digital services across 7 projects.
Vodafone Egypt has formed a partnership with Mansour Real Estate Development Company to provide integrated digital services, specifically "Triple Play," in the residential communities developed by the company. This collaboration reflects Vodafone Egypt's dedication to promoting digital transformation and offering advanced technology services that meet international standards in urban communities. (Economy Plus)
Dakahlia successfully completes 340 development projects in 7 sectors with 8.3 billion EGP investment.
The Ministry of Planning and Economic Development has released the "Citizen Follow-up" report, detailing the completion of various projects in Dakahlia Governorate during the fiscal year 2021/2022. These projects, totaling 340, were accomplished in accordance with programs and performance guidelines and aligned with sustainable development goals. The investment cost for these endeavors amounted to 8.3 billion EGP. (Hapi)