Mirette Magdy

Egypt has started selling a stake of as much as $110 million in United Bank, the country’s first initial public offering in three years as it presses ahead with a privatization program being encouraged by the International Monetary Fund.

The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation’s $8 billion program, although further talks are needed.

(Bloomberg) -- The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation's $8 billion program, although further talks are needed.

Egypt is poised to keep interest rates at a record high as it awaits the full inflationary impact of a fuel-price hike and the completion of a key International Monetary Fund review.

Egypt's pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.

Egypt’s pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.

Egypt’s pound weakened past 50 per dollar for the first time since March’s devaluation, a closely watched milestone as the North African nation pledges to enact a flexible exchange rate.

Egypt’s inflation slowed after three months of acceleration, despite a recent cut in fuel subsidies.

Egypt’s pound, which breached the milestone of 50 per dollar to hit a record low this week, may rebound in early 2025 as a series of seasonal portfolio outflows taper off, according to Goldman Sachs Group Inc.

Egypt and the International Monetary Fund reached a preliminary deal that would likely unlock a further tranche of the North African nation’s $8 billion loan.