Category: North Africa

The Chinese yuan’s recent inclusion in the International Monetary Fund (IMF)’s Special Drawing Rights (SDR) basket is expected to facilitate investments in Egypt, said Egyptian experts. “The yuan SDR inclusion will facilitate Egyptian-Chinese trade and encourage more Chinese investments in Egypt, because the Chinese investors will use the yuan in Egypt and the Arab country…

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…

The import bill of cereals (wheat, maize and barely) decreased by more than 23% during the first eight months of 2016 while imported quantities declined for soft wheat only, Customs told APS. The import bill of cereals decreased to nearly USD 1.8 billion during the first eight months of 2016 against USD 2.33 billion in…

Algeria’s budget deficit, which increased in 2015, would progress over the next five years, according to the last forecasts of the International Monetary Fund (IMF) released Wednesday. The global budget deficit will decrease as from this year to -12.9% against -16.2% of the GDP and will progressively decline to -3.9% of the GDP in 2021,…

E-payment service is to be officially launched in Algeria on Tuesday, October 4th, the Association of Banks and Financial Institutions (ABEF) said Monday in a statement. The launching ceremony, organized by the ABEF, will be attended by the minister of Finance, Hadji Baba Ammi, the minister of Poste, Information and Communication Technologies, Imane Houda Feraoun,…

The National press agency Algeria Press Service (APS) and its Tunisian counterpart Tunis Afrique Presse (TAP) renewed Sunday, in Algiers, the cooperation agreement linking the two agencies. The cooperation agreement, signed by the Director General of APS Abdelhamid Kacha and Chief Executive Officer of TAP Hamida El Bour, follows the previous cooperation agreements signed between…

South Africa and Egypt have signed a Memorandum of Understanding (MoU) that will boost investment between the two countries, said the Department of Trade and Industry (dti). The MoU was signed between Investment South Africa and its Egyptian counterpart General Authority of Investment and Free Zones (GAFI). “The MoU is designed to conduct an effective…

When companies gather in Seattle, Washington at the Boeing-hosted US-Morocco Business Forum on October 3, they will find out more about three key benefits of doing business in the kingdom: its geographic location, close ties to the US, and well-qualified business partners. According to Walter Siouffi, Chairman of the Am-Cham in Morocco, headquartered in Casablanca,…