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Tuesday, 19 March 2019

EGP continues strengthening against USD, gov’t launches investment-focused initiative

Econ and business news kept the talking heads busy last night for a change as the Arab African Youth Platform in Upper Egypt came to an end.

The EGP continued strengthening on Monday, hitting 17.32 against the USD, a fresh two-year high.GAFI boss Mohsen Adel told Al Hayah Al Youm that the jump came as a result of higher foreign currency inflows and stable demand (watch, runtime: 00:52).

What else? National Bank of Egypt (NBE) Deputy Head Yehia Aboul Fotouh told Hona Al Asema that the country’s improved credit rating helped too, alongside a recovery in tourism revenues, exports and remittances from Egyptians living abroad (watch, runtime: 03:54). Amr Adib also offered his two piasters, wondering why prices aren’t going down as the EGP gets stronger (watch, runtime: 07:23).

The Investment Ministry has launched a drive to improve the country’s investment environment, GAFI’s Adel told Al Hayah Al Youm’s Lobna Assal (watch, runtime: 06:13). The program aims to fix individual problems — and create a database of common obstacles so as to avoid them. Adel told Hona Al Asema that the “Invest Without Obstacles” will fast-track solutions (watch, runtime: 07:07). Read the Investment Ministry’s English-language press release on the initiative here (pdf).

Don’t complain about rising pigeon prices, Amr Adib told us, referring to the ‘Lewis Hamilton of pigeons’ that was reportedly sold for EUR 1.25 mn (watch, runtime: 02:22). While we are grateful that we don’t have to shell out seven figures for a pigeon, his words are unlikely to resonate with those of us who have to contend with rising food prices.

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