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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Agribusiness Chamber demands resignation of Agric Minister over sector woes

    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Egypt Central Bank Keeps Pound Steady At Weekly Auction

bycitibusinessnews
October 12, 2016
in Africa, North Africa
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The Central Bank of Egypt (CBE) kept the Egyptian pound steady against the dollar at Tuesday’s weekly auction of foreign currency, quelling speculation of a devaluation for the second week in a row.

The central bank said it sold $120 million at the weekly sale, with the cut off price stable at the official rate of 8.78 pounds per dollar, MENA reported.

The CBE quelled expectations of an imminent devaluation as Egypt struggles to close the gap with the black market rate, which reached EGP 15 to the dollar on Tuesday.

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Last week, Egypt announced that its net foreign reserves also jumped to $19.59 billion at the end of September, its highest in over a year. The central bank governor has said he would consider letting the pound float freely if reserves exceed $25 billion.

The country had roughly $36 billion in reserves before the 2011 uprising.

Egypt is due to receive a $12 billion loan from the International Monetary Fund (IMF). Earlier this week, IMF chief Christine Lagarde said that Egypt has “almost completed” prior actions necessary for the iMF’s board to formally approve the loan.

In March, the Central Bank of Egypt devalued the pound by about 14 percent to reach EGP 8.78 against the dollar in an effort to close the gap between the official and parallel rate.

–

Credit: All Africa

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