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☆ Egypt hikes interest rates by 600 basis points, pound crumbles to record low
▼ + stars: | 2024-03-06 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Egypt's pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency. The Egyptian pound was trading at roughly 50 to the dollar following the announcement, from 30.85 previously, according to LSEG data. The country's key interest rate now stands at 27.25%, the central bank said Wednesday. Egypt, the Arab world's most populous country at roughly 110 million people, is facing a protracted shortage of foreign currency. "In preparation for the successful implementation of these measures, sufficient funding has been secured to avail foreign exchange liquidity."

Persons: James Swanston, Egypt's Organizations: International Monetary Fund, Economics, United, IMF, Monetary, Government, P Global Market Intelligence Locations: Egypt, East, Africa, London, United Arab Emirates, Cairo

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.

Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF

☆ Egypt hopes BRICS entry will lure foreign cash, but analysts counsel patience
▼ + stars: | 2023-08-25 | by ( Patrick Werr | ) www.reuters.com time to read: +3 min

The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to join, and Egypt immediately welcomed the offer. "The group's aim of reducing dollar transactions will lower the foreign currency pressure in Egypt," the cabinet said in s statement on Thursday. Monica Malik of ADCB said BRICS membership may eventually help Egypt attract more investment. "Egypt has two deep needs - FDI and a cheaper debt burden - and BRICS membership can help with both," Robertson said. The BRICS group on Thursday also invited Saudi Arabia, Iran, Ethiopia, Argentina and the United Arab Emirates to join.

Persons: Egypt Mostafa Madbouly, MARCO LONGARI, Abdel, Fattah, Sisi, Monica Malik, ADCB, Charles Robertson, " Robertson, Robertson, James Swanston, Patrick Werr, Nafisa Eltaher, Sarah El Safty, Giles Elgood Organizations: Rights, New Development Bank, FIM Partners, United, Capital Economics, Thomson Locations: Egypt, Sandton, Johannesburg, South Africa, Rights CAIRO, Brazil, Russia, India, China, Ukraine, Saudi Arabia, Iran, Ethiopia, Argentina, United Arab Emirates, Saudi, UAE

☆ A.I. Can’t Build a High-Rise, but It Can Speed Up the Job
▼ + stars: | 2023-08-15 | by ( Patrick Sisson | ) www.nytimes.com time to read: +1 min

Meant as a sly swipe at the inflated hype around artificial intelligence, a billboard at a construction site in Antwerp, Belgium, in June read “Hey ChatGPT, finish this building.”Artificial intelligence, the technology that powers chatbots like ChatGPT, won’t be assembling apartments or erecting stadiums any time soon, but in construction — an industry stereotypically known for clipboards and Excel spreadsheets — the rapid embrace of the technology may change how quickly projects are finished. Drones, cameras, mobile apps and even some robots are increasingly mapping real-time progress on sprawling job sites, giving builders and contractors the ability to track and improve a project’s performance. “Forget about robots building a skyscraper,” said James Swanston, chief executive of Voyage Control, which makes project management software for construction sites. “It’s a more fundamental thing, getting the data you need and then using it better.”

Persons: ChatGPT, “, ”, James Swanston Organizations: Voyage Locations: Antwerp, Belgium

☆ Russia's war in Ukraine is affecting countries around the world. Here's how ordinary Egyptians are feeling the consequences.
▼ + stars: | 2023-03-21 | by ( Sponsor Post | Created Insider Studios With Fcdo | ) www.businessinsider.com time to read: +6 min

Russia's illegal invasion of Ukraine has led to spiraling food prices worldwide, including in Egypt. Egyptians are paying a heavy price for Russia's war in Ukraine. Before the war, Ukraine and Russia typically supplied 85% of Egypt's wheat imports. These are not the only actions taken to mitigate the economic impact of Russia's invasion of Ukraine. Russia's war in Ukraine has triggered one of the country's most severe domestic crises.

"The Egyptian pound will likely remain under pressure until more U.S. dollar inflows from GCC (Gulf nations) and committed foreign direct investment materialises," said Carla Slim at Standard Chartered Bank. Last month's IMF deal has provided some respite. ,"Egypt has got a high debt load and arguably it is more vulnerable even than Pakistan in terms of debt payments as a share of revenues," said Renaissance Capital's chief economist Charlie Robertson. "But the difference is, it has been proactive and been quick to go to the IMF," Robertson added, noting Egypt also has strong support from rich Gulf countries. Egypt's IMF negotiations dragged on for seven months and drove its second big devaluation of the year.

☆ Egypt seeking to push forward critical IMF deal in Washington
▼ + stars: | 2022-10-12 | by ( Patrick Werr | ) www.reuters.com time to read: +6 min

IMF managing director Kristalina Georgieva said on Oct. 3 that Egypt and the fund were close to a deal. Egypt's newly appointed central bank governor, Hassan Abdalla, and long-servicing finance minister Mohamed Maait are leading the talks in Washington, where a number of countries squeezed by global pressures are seeking support. The central bank has been tapping into its own reserves and borrowing from local banks to support the pound against the dollar. As of the end of June, the government had a total of $155.7 billion in foreign debt. Egypt had made good progress on three likely IMF demands, said James Swanston of Capital Economics.

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