Recent

The inability to impose a cohesive monetary policy is normal given that the country is currently being ripped apart by an armed coup led by Houthi militia. (File photo)
February 26, 2017 - 08:00 GMT
Yemen's national currency is selling at different prices in Sana’a than rates in Aden, in addition to flagrant fluctuations on the black market exchange.
A member of Egypt's richest family, Sawiris is chairman of Orascom Development Holding, which operates tourist resorts and real estate projects in Egypt and Europe. (Wikimedia Commons)
February 23, 2017 - 12:00 GMT
Egyptian billionaire Samih Sawiris says that the country's currency flotation has increased the appetite for investments in Egypt, but economic recovery will take time.
After introducing the new levy, exchange houses were passing on the burden to customers. (Shutterstock)
February 19, 2017 - 09:00 GMT
Oman's new customs duty on imported bank notes, which raised the value of foreign currencies against the Omani rial, has been withdrawn after four days of implementation.
The bonds will be listed on the Luxembourg Stock Exchange. (AFP/File)
January 25, 2017 - 07:25 GMT
Egypt is marketing a triple-tranche U.S. dollar-denominated benchmark bond issue with yields ranging between 6.375 and 8.875 percent.
Thousands of importers have been caught out by the float, facing ballooning dollar debts after they had opened dollar credit-lines with banks.   (AFP/Patrick Baz)
January 18, 2017 - 10:00 GMT
Egypt's Finance Ministry fixed the customs exchange rate at 18.5 pounds per dollar until the end of February and said it will review the rate each month.
Egypt devalued the currency by about a third from the former peg of 8.8 against the dollar and allowed it to drift lower. (File photo)
December 12, 2016 - 09:00 GMT
Since Egypt floated the pound on November 3, the currency has dropped to 18 EGP to the dollar.
Egypt floated the pound on Nov. 3 in a dramatic move welcomed by businesses as the key to unlocking investment. (File photo)
November 15, 2016 - 10:00 GMT
Monday's stronger pound rate is in line with reports that importers of strategic goods are increasingly able to source their dollar needs from banks.
The central bank said the move aims to regain foreign currency exchange within the banking sector and ending the disturbance in the currency market. (File photo)
November 03, 2016 - 15:03 GMT
After much speculation, Egypt's Central Bank has floated the pound and hiked interest rates by 300 basis points for 'one night only' to rebalance currency markets.
Egypt's black market is now seeing uncertainty, forcing traders to temporarily abstain from selling or buying dollars. (Shutterstock)
November 03, 2016 - 11:00 GMT
The dollar’s rate has been significantly declining over the past two days, as the Egyptian government ramps up efforts to eradicate the black market.