Urgent: Promising news after the visit of the Emir of Qatar.. Will it be reflected in the pound? by Investing.com


© Reuters.

Investing.com – The Egyptian Finance Minister said a short while ago that negotiations are underway between the two sides and Qatar regarding pumping investments of up to $3 billion into the Egyptian market.

The statements of Egyptian Finance Minister Mohamed Maait come less than two days after the visit of the Emir of the State of Qatar, Tamim bin Hamad Al Thani, to Egypt, during which he met with Egyptian President Abdel Fattah Al-Sisi.

During his meeting with members of the American Chamber of Commerce in Cairo, the Egyptian Finance Minister said that there are negotiations between the government and the State of Qatar regarding new investments ranging between 2 to 3 billion dollars.

positive outlook

In his speech before the American Chamber, the Egyptian Finance Minister expected that Egyptians’ remittances abroad would reach about 31 to 32 billion dollars by the end of the current fiscal year.

The Minister of Finance said that we shifted from a primary deficit of more than 20 years, and achieved the second largest primary surplus in the world at 2% during the fiscal year 2018/2019 compared to a primary deficit of 3.5% in 2013/2014.

We were able to maintain the first surplus for the fourth year in a row, despite the repercussions of the pandemic, to record 1.8% during 2019/2020 and 1.4% in 2020/2021, and we target 1.2% by the end of the 2021/2022 fiscal year.

$22 billion

Earlier, the Kingdom of Saudi Arabia deposited $5 billion in the Central Bank of Egypt, and the term of the deposit is in full, subject to extension by agreement between the two parties.

The Sovereign Fund of Egypt signed an agreement with the Saudi Public Investment Fund, regarding the Saudi Sovereign Fund’s investment in Egypt, according to a statement issued by the Egyptian Cabinet yesterday.

It is expected that the coming period will witness rapid measures to attract investments worth $10 billion in cooperation between the two funds in various sectors, including education, health care, agriculture and financial sectors.

Qatar announced earlier its intention to invest $5 billion in Egypt during the coming period.

While the UAE government company ADQ (Abu Dhabi Sovereign Fund) has acquired stakes from several companies, namely Commercial International Bank, Fawry, Abu Qir Fertilizers, MOPCO and Alexandria Container and Cargo Handling at a value of $2 billion.

pound stability

According to the dollar exchange rate screen of the Central Bank of Egypt, the dollar exchange rate stabilized today, Monday, at levels of 18.79 pounds for sale, while the purchase price recorded 18.71 pounds for sale.

While the exchange rate recorded stability near levels of 19.62 pounds per euro, the selling price, while the euro exchange rate recorded levels of 19.54 pounds per euro as the buying price.

During these moments of Monday’s transactions, the dollar exchange rate stabilized in the largest national Egyptian banks, the National Bank of Egypt and Banque Misr, where the exchange rate witnessed stability at levels of 18.77 pounds for sale and 18.1 pounds for purchase.

The exchange rate of the euro against the Egyptian pound in national banks during today’s trading, recorded levels of 19.65 pounds for sale and levels of 19.42 pounds for purchase.

Exchange rates in private banks stabilized today, Monday, as the Egyptian Gulf banks, Abu Dhabi Islamic Bank, Piraeus Bank, Commercial International Bank and Alexandria Bank recorded levels of 18.79 pounds for sale and levels of 18.74 pounds for purchase.

positive outlook

In his speech before the American Chamber, the Egyptian Finance Minister expected that Egyptians’ remittances abroad would reach about 31 to 32 billion dollars by the end of the current fiscal year.

The Minister of Finance said that we shifted from a primary deficit of more than 20 years, and achieved the second largest primary surplus in the world at 2% during the fiscal year 2018/2019 compared to a primary deficit of 3.5% in 2013/2014.

We were able to maintain the first surplus for the fourth year in a row, despite the repercussions of the pandemic, to record 1.8% during 2019/2020 and 1.4% in 2020/2021, and we target 1.2% by the end of the 2021/2022 fiscal year.

Leave a Comment