First Independent Mena Newspaper
Chaos is threatening the Libyan Investment Authority (LIA) as the head of the sovereign wealth fund, Mohsen Derregia, refuses to step down from his position despite the government’s decision to replace him because of poor performance. Prime Minister Ali Zeidan has named deputy central bank governor, Ali Mohammed Salem Hebri, as the temporary head of […]
Egypt’s Minister of Finance, Mursi Hijazi, revealed that the country is losing about 100 million pounds per day because of insecurity and political unrest and that workers’ repeated strikes have also contributed to the losses. According to the minister, “the losses are caused by various disruptions, such as sit-ins, protests, cutting off roads and breaking […]
Masraf Al Rayan’s desire to acquire an important share in a commercial bank in Libya has finally been approved by its extra ordinary general assembly. Al Rayan has for been yearning for increasing its capital in a Libyan bank to get what many reports describe as a strategic share. The extra ordinary assembly’s approval now […]
Governor Hisham Ramez of the central bank has said that the foreign cash reserve recession rate may decline by next month. The central earlier on this month announced that the reserves had reached US$13.6 billion, which would amount to a 16-year low, compared to $36 billion on the eve of the 2011 uprising that ousted […]
Negotiations have begun between E-Finance, an electronic payment company, and several other Egyptian banks for the availability of Automated Clearing House (ACH) services in their institutions. The ACH are believed to boost bank transactions. The banks involved are Blom Bank Egypt, Crédit Agricole Egypt, Arab Bank, National Société Générale Bank, Arab Banking Corporation and Commercial […]
Tunisia is mingled in chaos and that are fears that it might continue for a long period. Its economy and finance are hardly affected by the current situation. The European Investment Bank (EIB) has shown its intention to help the small and medium sized enterprises in the country. In a statement by Jamel, the chief […]
Moody, a Credit-ratings agency has downgraded Egypt’s government bond ratings by one notch from B2 to B3, citing the intensification of civil unrest and sliding foreign exchange reserves. It also added that it is maintaining the rating on review for further possible downgrade. According to the agency, the reason behind the decision “is the country’s […]
International Finance Corporation (IFC), a member of the World Bank Group, has announced $6 million investment in Fawry, Egypt’s leading electronic payment provider, in an effort to promote financial services and encourage economic development across the country. IFC’s investment will help Fawry embark on expanding its network of payment terminals across the country to make […]
The International Monetary Fund Executive Board has reaffirmed Morocco’s continued qualification to access the Precautionary Liquidity Line (PLL) resources as approved in August 2012. The IMF made the decision after it completed the first review of Morocco’s performance under the economic program supported by the two-year PLL arrangement and after concluding the 2012 Article IV […]
In what seems to be a desperate call due to the continuous deteriorating economic situation in his country, Egypt’s president Mohamed Morsi has launched a “Save in Egypt” campaign while paying a short visit to Germany. The campaign is mainly targeting Egyptian expatriates who are called to support their native country’s economy by depositing part […]