foreign currency

  • Angolan Banks Call for Bailout as Oil Slump Cuts Liquidity

    Angolan Banks Call for Bailout as Oil Slump Cuts Liquidity

    Tuesday, 31st January 2017
    Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings.
  • Egypt’s Enppi Seeks Foreign Funding

    Egypt’s Enppi Seeks Foreign Funding

    Wednesday, 28th September 2016
    Engineering for the Petroleum & Process Industries (Enppi) asked the Egyptian Ministry of International Cooperation for help in securing foreign funds.
  • Egypt Receives ‘B’ Rate with Stable Outlook

    Egypt Receives ‘B’ Rate with Stable Outlook

    Sunday, 5th June 2016
    Fitch Ratings, one of the three biggest credit rating agencies in the world, has maintained its sovereign rating on Egypt at a ‘B’ with a Stable Outlook.
  • Egypt’s Foreign Reserves Increased to $17b

    Egypt’s Foreign Reserves Increased to $17b

    Wednesday, 4th May 2016
    Egypt's net foreign reserves reached $17b at the end of April, which marks an increase by $449m, the Central Bank of Egypt (CBE) announced.
  • Egypt’s GPC to Borrow EGP2b for Oil, Gas Exploration

    Egypt’s GPC to Borrow EGP2b for Oil, Gas Exploration

    Wednesday, 6th April 2016
    Egypt’s General Petroleum Company (GPC) has addressed some banks operating in the local market to obtain a loan worth EGP 2b to finance oil and gas exploration and drilling operations.
  • Moody’s: China, Saudi Support Improve Egypt’s Financial Standing

    Moody’s: China, Saudi Support Improve Egypt’s Financial Standing

    Wednesday, 3rd February 2016
    Saudi Arabia's recent pledge of $20b worth of petroleum products to Egypt over the coming five years, in addition to China's pledge of $1.7b in loans to Egypt's Central Bank (CBE) and The National Bank of Egypt (NBE), are considered as a credit positive for the country.
  • Local Stability of Dollar Saves Egypt 250m a Month

    Local Stability of Dollar Saves Egypt 250m a Month

    Sunday, 17th January 2016
    The stability of the local exchange rate for the US Dollar, will save the Egyptian government an estimated EGP 250m per month; a positive reduction that coincides with the low current Brent price of $28.94 (on Sunday 17/1).
  • Egypt’s Arrears to Oil Firms Rise to $3b at End of 2015

    Egypt’s Arrears to Oil Firms Rise to $3b at End of 2015

    Sunday, 3rd January 2016
    Egypt’s overdue debt to foreign oil companies rose to $3b at the end of December 2015, up from $2.7b at the end of October, said Petroleum Minister, Tarek El Molla.