Category: North Africa

Algerian ambassador to Washington Madjid Bouguerra said that Algeria’s doors are open to American companies, who should seize the economic opportunities offered by the country. “What we ask from the United States is to ensure that the American business community and American companies have their share of opportunities offered by Algeria,” said the ambassador in…

The Central Bank of Egypt (CBE) kept the pound stable at 8.78 per dollar at its weekly foreign exchange auction on Tuesday, the state-owned MENA reported. The CBE devalued the pound by about 14 per cent to reach EGP 8.78 against the dollar in March in an effort to close the gap between the official…

Egypt’s annual urban consumer inflation rate was steady at 14.8 per cent in July, unchanged from the previous month, state statistics agency said on Wednesday. The general index of consumer prices pointed to an 0.7 per cent increase in July compared to June, according to the state-run Central Agency for Public Mobilisation and Statistics (CAPMAS)…

The bill on SMEs, recently adopted by the Council of Ministers, introduces several new measures aiming the emergence of companies’ growth and sustaining it, a senior official with the Ministry of Industry and Mining told APS. First, the bill makes an adaptation of the definition of SMEs by updating thresholds for turnover and balance sheet…

The Central Bank of Egypt (CBE) has suspended five foreign exchange bureaus after finding them guilty of manipulating and speculating on the prices of foreign currencies. This comes one day after the CBE revoked the license of one foreign exchange office and suspended six others over similar reasons. Monday’s decision included the suspension of three…

Prices of some foodstuff have continued to go up in most markets around Kigali, according to a mini-survey carried out by Business Times. Prices of ordinary Irish potatoes have increased to Rwf280 per kilogramme, from Rwf230 a kilo in Kimironko market, while the Kinigi type costs up to Rwf300 per kilo, from Rwf280. The price…

Fitch Ratings said on Monday if Egypt secured funds from International Monetary Fund (IMF), it would be credit positive for Egypt. The international credit rating company has affirmed Egypt’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’ with a Stable Outlook. Egypt received on Saturday an IMF mission to conduct negotiations over a…

Egypt will import 700,000 tonnes of raw sugar over the coming year to preserve the commodity price on the market and to fill the gap between consumption and production, said the cabinet on Sunday. Prime Minister Sherif Ismail met with ministers of Finance, Supply and Social Solidarity and decided to purchase two million tons of…