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Thursday, 6 December 2018

Your top 5 for November

The top five business and economic news in Egypt in November and the first week of December are:

  • The central bank terminated the foreign exchange repatriation mechanism for new portfolio investments on 4 December.
  • The Madbouly cabinet signed off on proposed amendments to the Income Tax Act that would force banks and financial institutions to separately account on their income statements for returns from their investments in government.
  • The Financial Regulatory Authority suspended Beltone Financial’s investment banking arm, banning it from carrying out any market activities for a six-month period.
  • Egypt has scrapped a discounted customs exchange rate of EGP 16 for non-essential imports.
  • The CBE kept key interest rates on hold on Thursday, citing higher-than-expected headline inflation rates in September and October.

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