The Federal Reserve ends its policy meeting today and is widely expected to announce a third successive 75-bps hike.
CBE eased some regulations governing importation:
· The Central Bank allows the use of the balances of the parent or affiliated company in foreign currencies in local banks for importation, provided that they are sold to the bank and the bank resells them to the subsidiary.
· The parent company or the sister company abroad can provide a foreign currency loan to the subsidiary company in Egypt for periods of time from one to five years.
· Importation can utilize transfers from the accounts of partners or shareholders abroad resulting from dividend distributions abroad.
· Importation can utilize company account balances in foreign currencies existing in local banks if the balances are in local banks until the end of workday on September 19, 2022 only.
· Accepting the proceeds of cash deposits of companies in foreign currencies resulting from export operations within specific neighboring countries (Libya - Syria - Sudan - Palestine - Iraq - Yemen) and using them in import operations.
A delegation of Kuwaiti businessmen is scheduled to visit Egypt in October, to discuss investment opportunities.
The Minister of Industry held a meeting with Sheikh Khalifa bin Jassim Al Thani, President of the Qatar Chamber of Commerce and Industry, to discuss joint economic cooperation.
Incoming shipments of Russian fuel to Egypt have risen sharply in the past months as Moscow looks to alternative markets in the Middle East and Asia in light of Western sanctions.
The government has postponed the rollout of the Advance Customs Information (ACI) customs system to air freight to until 1 January.
A subsidiary of SWDY signed a new contract worth EGP418 million with PHAR for Eipico3 Biosimilar and Biological factory.
EGAL’s board of directors proposed cash dividend distribution of EGP0.50/share, DYf 2.6%.
Morocco applied anti-dumping fees on imported Egyptian carpets by 35%.
Al-Nasr Motors is negotiating with an Indian company to produce electric tuk-tuks in Egypt.
Companies across Alexandria, Beheira and Marsa Matrouh can now sign up to the eighth and final phase of the rollout of the government’s electronic invoicing platform. (EFIH)
Payments platform PayTabs (51% owned by HRHO) has expanded its commerce platform Paymes (JV between PayTabs and HRHO) to Saudi Arabia and the UAE.
Contact Financial Holding has closed an EGP 2 bn sukuk issuance and plans for EGP4 bn from three issuances during the year.
The alliance of Lime Vest Partners Healthcare and Saudi Tawasul Holdings Company raised the offer price for the shares of Alexandria Medical Services from EGP47.67 to EGP49.00 per share.
EKHO transferred the trading currency of 888,224 shares to the USD from the EGP, effective today.