Politics Hosni Mubarak

  • *Egypt reserves expected to exceed $25 billion by year-end. CAIRO, Sept 22- Egypt is rebuilding its foreign reserves with the help of loans and aid, easing a shortage of dollars and preparing the way for a loosening of its fixed exchange rate. Egypt has struggled to earn dollars since a 2011 revolt drove away tourists and foreign investors.

  • Egypt has accelerated a crackdown against black market traders it blames for growing pressure to devalue the currency. Import-dependent Egypt has struggled with a worsening shortage of foreign currency since the 2011 uprising that ended Hosni Mubarak's 30- year rule but also scared away foreign investors and tourists-- key earners of hard currency.

  • Two years on, many projects have stalled, hitting confidence among foreign investors Egypt sorely needs. Some foreign firms now say they will shelve projects at a time when Egypt is seeking to boost foreign investment to ease a hard currency shortage that is choking the economy and to diversify after gas shortages caused blackouts in 2013 and 2014..

  • Two years on, many projects have stalled, hitting confidence among foreign investors Egypt sorely needs. Some foreign firms now say they will shelve projects at a time when Egypt is seeking to boost foreign investment to ease a hard currency shortage that is choking the economy and to diversify after gas shortages caused blackouts in 2013 and 2014..

  • Egypt said late on Tuesday it was seeking $4 billion a year over three years from the International Monetary Fund to help plug a funding gap. Egyptian stocks have surged on hopes a deal would revive confidence and allow Egypt to remove restrictions on access to hard currency that have hit manufacturing and trade and made it hard for foreign firms to repatriate...

  • CAIRO, July 28- Egypt expects to receive at least $2 billion within two months of agreeing a three-year $12 billion loan program with the International Monetary Fund, a senior finance ministry official said on Thursday. Egypt announced late on Tuesday it was seeking $4 billion a year over three years from the IMF to help plug a funding gap and restore market...

  • CAIRO, July 28- Egypt expects to receive at least $2 billion within two months of agreeing a three-year $12 billion loan programme with the International Monetary Fund, a senior finance ministry official said on Thursday. Egypt announced late on Tuesday it was seeking $4 billion a year over three years from the International Monetary Fund to help plug a funding...

  • CAIRO, July 26- Economists expect Egypt's central bank to keep rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting. The central bank put up its key rates by 100 basis points to their highest level in years at its last MPC meeting on June 16, a move economists said was meant to rein in...

  • CAIRO, July 25- Economists expect Egypt's central bank to keep rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting. The central bank put up its key rates by 100 basis points to their highest level in years at its last MPC meeting on June 16, a move economists said was meant to rein in...

  • Prices have soared since Egypt devalued its currency by 13 percent in mid-March to end speculation against the pound and ease a dollar shortage that has disrupted trade in a country that relies on imports of everything from food to fuel. But the black market for dollars has since rebounded, putting Egypt back at square one: under pressure to devalue and spark a...

  • CAIRO, June 19- Investigators have begun analysing the two severely damaged black boxes from EgyptAir flight MS804 as they seek to explain why the plane plunged into the sea, killing all 66 people on board. It would require "lots of time and effort" to fix the two badly damaged black box recorders, sources on Egypt's Aircraft Accident Investigation Committee told...

  • The Airbus A320 crashed into the Mediterranean early on May 19 on its way from Paris to Cairo. Egypt's investigation committee said in a statement that a specialist vessel owned by Mauritius- based Deep Ocean Search was forced to salvage the device in stages because it was extensively damaged, but was able to retrieve the memory unit. Egypt's public prosecutor...

  • CHICAGO, June 16- Egypt, the world's top wheat importer, faces $860 million in extra costs and lost export opportunities this year because of "unorthodox agricultural measures," including a zero-tolerance policy on ergot fungus in wheat, the U.S. Department of Agriculture said on Thursday in a report. The report, from a USDA attache in Cairo, criticized the...

  • *Egypt plans jail terms for black market trading. CAIRO/ RIYADH, June 15- Egypt's efforts to stamp out illicit currency trading is pushing black market dealers to carry out transactions abroad, beyond the reach of the law, robbing the economy of its last vital source of foreign currency. Dealers say they are scooping up dollars held by expatriate workers and...

  • CAIRO, June 14- Economists are roughly evenly split on whether Egypt's central bank will raise interest rates at its monetary policy committee meeting on June 16, after a jump in inflation in May. "Whilst a rise in interest rates might, in other scenarios, prove an efficient policy response, at the moment, given the increasingly heavy burden on the budget from rising...

  • CAIRO, June 14- Economists are roughly evenly split on whether Egypt's central bank will raise interest rates at its monetary policy committee meeting on June 16, after a jump in inflation in May. "Whilst a rise in interest rates might, in other scenarios, prove an efficient policy response, at the moment, given the increasingly heavy burden on the budget from rising...

  • LONDON, May 25- Egyptian investment firm Qalaa Holdings is confident its new refinery will cut the country's dependence on crucial oil product imports, particularly as a weaker currency and rising crude prices force the government to reduce its energy bills. The $3.7 billion Egyptian Refining Co will have the capacity to produce 4.2 million tonnes of refined...

  • *Germany says "America first" is no answer to post-Cold War world. LONDON, April 28- Donald Trump's first major foreign policy address alarmed American allies, who view the Republican front runner's repeated invocation of an "America first" agenda as a threat to retreat from the world. "I can only hope that the election campaign in the USA does not lack the perception...

  • CAIRO, April 27- The Egyptian central bank's monetary policy committee is expected to hold interest rates steady on Thursday as it continues to assess the impact of last month's rate hike of 150 basis points, a Reuters poll showed. On March 14, the central bank devalued the pound to 8.85 pounds per dollar from 7.73. "The central bank increased interest rates by an...

  • *Central bank struggles to curb black market. *With a little innovation, traders still thrive. CAIRO, April 21- Egypt's war on black market currency traders is not going to plan.