Something is happening for the first time in the history of the dollar… tremendous growth in Egypt’s exports… and happy news from the Central Bank… Welcome to Thursday’s News Harvest
Starting with the banking sector and exchange rate developments… where the price of the dollar continued to rise against the Egyptian pound, during the middle of Thursday’s trading, exceeding 50 pounds for sale in banks for the first time in the history of the dollar in Egypt.
The price of the dollar recorded about 49.93 pounds for purchase and 50.02 pounds for sale at Abu Dhabi Islamic Bank, and 49.92 pounds for purchase and 50.02 pounds at Ahli United Bank as the highest price.
The price of the dollar was recorded at 49.89 pounds for purchase and 49.99 pounds for sale at the Commercial International Bank, the National Bank of Egypt, Credit Agricole, and HSBC.
We go to Engineer Essam El-Naggar, head of the Export Control Authority, who revealed that Egypt’s non-oil exports grew by 10% during the first 11 months of 2024, to record $36 billion.
He stressed the success of government efforts in cooperation with the private sector in achieving a jump in Egypt’s non-petroleum merchandise exports, expecting merchandise exports to reach levels of $40 billion by the end of this year.
Al-Najjar revealed that the Authority has been accepted as a verification and approval body for carbon certificates and has been accredited by the Financial Supervision Authority.
He revealed the establishment of some units within the Authority aimed at reducing costs for exporting companies, in addition to the launch of a technical proficiency testing unit that was recently approved and aims to.
We go to the Central Bank of Egypt, which issued the necessary licenses and approvals to a number of Egyptian banks to enable them to activate the service of receiving money transfers coming from abroad and adding them instantly to customer accounts with all Egyptian banks using the real-time payments network.
This comes within the framework of ongoing efforts to strengthen the infrastructure for electronic financial services to enhance digital transformation and contribute to the transition to a society less dependent on banknotes.
This step represents an important development in the service of receiving external transfers electronically, as it allows customers to transfer money from abroad to within the Arab Republic of Egypt 24 hours a day, 7 days a week, which contributes to meeting customer requirements instantly and at any time.
It should be noted that the trial launch of this service took place during last June, through correspondents of the banks providing the service as well as exchange companies outside the Arab Republic of Egypt, as an important stage in the development of the use of the real-time payments network, and it is expected that this service will contribute to increasing customers’ reliance on Digital financial services in their daily transactions.
We go to engineer Alaa Salah El-Din, head of the central departments for local manufacturing at the Industrial Development Authority, who announced that the share of the food sector in the allocation of industrial units is the largest among the various productive sectors, and during industrial land offers, the sector accounts for a large percentage.
Dr. Khaled Sofi, head of the Egyptian Standards and Quality Authority, revealed that the authority receives proposals from the private sector, youth, and research bodies about developing, publishing, and updating specifications in accordance with the requirements of the various economic sectors, because the authority’s primary goal is to provide services to companies, factories, and consumers.
