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Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
8.3.2024
Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a...
Egypt Aims to Ease Pressure on Forex Reserves via $1 Billion Treasury Bill Auction
6.2.2024
Barely a month after raising $850 million from an auction of dollar-denominated treasury bills, the CBE was reportedly poised to raise $1 billion via similar instruments. The decision to hike overnight interest is said to be part of the central bank’s ongoing efforts to stabilize Egypt’s...
BRICS Meeting: Iran Pushes for Common Currency — China, Russia Prioritize Settlements in Local Currencies
31.1.2024
The first BRICS sherpa meeting with 10 member states has kicked off in Russia with representatives from Brazil, Russia, India, China, South Africa, Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia. China, Russia, and Iran are all advocating for the use of national currencies...
US Senator Marco Rubio Warns BRICS Expansion Threatens Western Sanctions’ Effectiveness
23.1.2024
Florida Senator Marco Rubio expressed his worries about the increasing influence of BRICS, the international group, in the world’s economic system. According to Rubio, if the group keeps expanding, it will be a valid alternative to the current system, allowing nations to sway away from...
Egyptian Fintech Startup Zeal Secures $4 Million to Fund Expansion to New Markets
18.1.2024
The Egyptian fintech startup has revealed that it recently raised $4 million in funding via a round led by venture capital firms Raed Ventures and Cur8 Capital. CEO said the firm’s capital raise is expected to help Zeal accelerate its journey “towards utilizing AI to revolutionize...
Report: Egypt Wants to Have a Functioning CBDC by 2030
16.1.2024
Egypt reportedly aims to launch a central bank digital currency by 2030 to boost the competitiveness of its national currency. According to an Egyptian economic expert, a digital currency issued by the central bank is more secure than privately issued cryptocurrencies. Enhancing Monetary Policy...
MetaMask Expands Global Presence With Payment Partnerships Across Six Countries
11.12.2023
Source: AdobeStock / golibtolibov MetaMask, a prominent cryptocurrency software wallet, has announced its expansion into six countries through new partnerships. The Web3 wallet provider has collaborated with VietQR and Mobile Money in Vietnam, GCash in the Philippines, QRIS in Indonesia, Thai...
Egypt Becomes First MENA Country to Issue Chinese Yuan-Denominated Bonds
24.10.2023
Eygpt has reportedly become the first Middle East North Africa (MENA) region country to issue so-called “panda bonds” after it issued Chinese yuan denominated bonds worth $479 million. Issuing panda bonds marks another step in Egypt’s attempts to move away from costly dollar...
Recenze hry Total War: Pharaoh. Starověký Egypt v podání dlouholeté série strategií
12.10.2023
Série Total War je živoucí klasikou, která nás takřka rok co rok zásobuje novým dílem komplexní a robustní strategie. Jsou tvůrci schopni přicházet i s novými nápady a inovacemi nebo jen postupují podle lety ověřené šablony bez špetky invence?
Oil Giants Joining BRICS a Strategic Success for China and Russia, Expert Says
28.8.2023
A German expert says that the BRICS economic bloc adding several oil giants as new members “is a strategic success for China and Russia.” The BRICS leaders announced at their annual summit last week that they have invited Saudi Arabia, the UAE, Iran, Argentina, Egypt, and Ethiopia to join as...
BRICS Invites 6 Countries to Join, Including Saudi Arabia, UAE, Iran
25.8.2023
The BRICS economic bloc has invited six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The BRICS leaders wrapped up their 15th annual summit on Thursday. “We have reached agreement on the guiding principles, standards, criteria,...
Egyptian and Nigerian Central Banks Sign Agreement to Deepen Cross-Border Regulation
20.7.2023
The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also signed an MOU, will offer training programs, workshops...
Study: Six Countries Account for Over 90% of Africa’s Crypto Interest in H1 2023
18.7.2023
Between Jan. 1 and July 4, the Nigerian share of Africa’s overall interest in cryptocurrency stood at 66.8%, a figure nearly eight times that of second-ranked South Africa’s share, according to the latest Coingecko report. South Africa, along with Morocco, Ghana, Egypt, and the Ivory...
Egypt Struggles With Skyrocketing Inflation and Depreciating Currency, While Bitcoin Nears Record High in the Country
11.7.2023
According to the Egyptian Statistics Bureau, Egypt’s annual inflation rate hit 36.8% in June, a staggering 33.7% increase from May’s inflation rate, breaking records. Egypt, the world’s 14th most populous country, grapples with soaring prices for goods and services across...
Ethiopia Joins Egypt in Seeking BRICS Membership
3.7.2023
Ethiopia has joined Egypt and Algeria in applying to become a member of Brazil, Russia, India, China and South Africa (BRICS) economic bloc. According to the Ethiopian Foreign Affairs Ministry, joining the bloc would help the country guarantee its national interests. Safeguarding Ethiopian National...
IMF Boss: Supporting Egyptian Currency Akin to ‘Putting Water in a Bucket That Has Holes’
27.6.2023
Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and...
Egypt Applies for BRICS Membership, Seeks Trade in National Currencies
16.6.2023
Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the diplomat unveiled. Egypt Takes Step to Join BRICS...
Další díl strategické série Total War bude zasazený do starověkého Egypta
24.5.2023
Strategická série Total War se po povedené fantasy odbočce opět vrací do historie. Jak už je patrné z názvu Pharaoh, tentokrát se vydáme do egyptské říše v době zhruba 1200 let před naším letopočtem
India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar
3.4.2023
The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries...
BRICS Emerges as the World’s Largest GDP Bloc, Propelled by China’s Rapid Expansion
31.3.2023
BRICS, a set of countries grouped as an alternative to the G7, is now the world’s largest gross domestic product (GDP) bloc, taking purchasing power parity into account, according to reports from Acorn Macro Consulting. Powered By China’s growth, the group now contributes 31.5% to...