Egypt reports growth in electronic payment gateway operations

STORY: Egypt reports growth in electronic payment gateway operations SHOOTING TIME: June 23, 2024 DATELINE: June 24, 2024 LENGTH: 00:00:47 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Ministry of Finance 2. various of Egypt's Minister of Finance Mohamed Maait speaking STORYLINE: Egypt's Minister of Finance Mohamed Maait said on Sunday that the Government Electronic Payment Gateway (GePG) has experienced growth in its operations from July 2023 to May 2024, referring the total value of services processed through GePG reached 2.5 trillion Egyptian pound (EGP) (about 51.9 billion USD) during this period, compared to 2.1 trillion EGP (43.6 billion USD) in the previous fiscal year. The electronic payment service for workers' salaries in the country saw a growth rate of 24 percent, amounting to 299.4 billion EGP (6.21 billion USD), versus 242.2 billion EGP (5.03 billion USD) in the same period of the last fiscal year. The minister further highlighted that the value of the electronic payment service

Egypt's central bank issues 50 bln EGP in T-bills

STORY: Egypt's central bank issues 50 bln EGP in T-bills SHOOTING TIME: file DATELINE: March 4, 2024 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt's Finance Ministry and the minister 2. various of Egypt's central bank 3. various of the Egyptian banknotes STORYLINE: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued treasury bills (T-bills) at a total value of EGP 50 billion through two offerings on Sunday. With a tenor of 91 days, the first tranche was valued at about EGP 25 billion, according to official data. The second offering stood at EGP 25 billion and will mature in 273 days. In early February, the Central Bank of Egypt raised the key interest rates by two percent. Accordingly, the overnight deposit rate, the overnight lending rate, and the main operation rate were raised to 21.25 percent, 22.25 percent, and 21.75 percent, respectively. In addition, the discount rate was raised by 200 basis points to 21.75 percent. The decision has b

Egypt's central bank issues 47.5 bln EGP in T-bills

STORY: Egypt's central bank issues 47.5 bln EGP in T-bills SHOOTING TIME: Earlier footage DATELINE: Nov. 13, 2023 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Egyptian Ministry of Finance 2. various of the Central Bank of Egypt STORYLINE: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued treasury bills (T-bills) at a total value of EGP 47.5 billion through two offerings on Sunday. With a tenor of 91 days until Feb. 13, 2024, the first tranche was valued at EGP 22.5 billion, according to official data. The second offering stood at EGP 25 billion and will mature in 273 days on Aug. 13 next year. On Nov. 9, 2023, the Central Bank of Egypt auctioned T-bills worth EGP 46.5 billion through two tranches. Banks operating in the Egyptian market are the largest investors in the treasury bills and bonds regularly offered by the government to cover the state's general budget deficit. Xinhua News Agency correspondents reporting from Cairo. (

Egypt raises wheat supply prices

STORY: Egypt raises wheat supply prices DATELINE: April 15, 2023 LENGTH: 00:00:59 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of wheat STORYLINE: The Egyptian cabinet approved an additional incentive, during its meeting Wednesday, chaired by Prime Minister Mostafa Madbouly, to supply wheat from farmers for the 2023 season, bringing the price of wheat to EGP 1,500 per ardeb of 23.5 carats. Nader Saad, a spokesperson of the Egyptian cabinet, said Wednesday's decision aims to support Egyptian farmers, encourage the expansion of strategic crop cultivation, and reduce the import bill. This decision comes in implementation of the directives from Egyptian President Abdel-Fattah al-Sisi to revise the supply price of wheat for farmers in the current harvest season. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt's central bank auctions 40 bln EGP in T-bills to fund budget deficit

STORY: Egypt's central bank auctions 40 bln EGP in T-bills to fund budget deficit DATELINE: April 10, 2023 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Egyptian Ministry of Finance 2. various of the Central Bank of Egypt 3. various of Egyptian banknotes STORYLINE: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, auctioned treasury bills (T-bills) worth 40 billion Egyptian pounds (EGP) (about 1.3 billion U.S. dollars) on Sunday, divided into two issues. The first issue amounts to 23 billion EGP, with a 91-day tenor that matures on July 11, while the second issue totals 17 billion EGP, with a 273-day tenor, maturing on January 9, 2024. This auction follows the CBE's previous auction of T-bills on April 4 with a total value of 38 billion EGP, including 91-day, 182-day, 273-day, and 364-day tenors. The accepted bids amounted to 4.97 billion EGP, with an average yield of 22.3 percent. The CBE typically issues T-bills to fund the budget deficit. The cou

Egypt's CBE offers short-term T-bills for 35 bln EGP

STORY: Egypt's CBE offers short-term T-bills for 35 bln EGP DATELINE: Jan. 23, 2023 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. exterior shots of the central bank 2. various of an employee counting Egyptian banknotes 3. various of banks STORYLINE: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) with a combined value of 35 billion EGP through two auctions on Sunday. The first offering is valued at 13.5 billion EGP, carrying a 91-day maturity period, according to official data. The second offering is valued at 21.5 billion EGP, with a maturity period of 273 days. On Thursday, the CBE issued T-bills with an aggregated value of 43.5 billion EGP through two auctions. Egypt is set to receive the second tranche of the 3 billion U.S. dollars loan it secured from the International Monetary Fund (IMF), estimated at around 347 million U.S. dollars, by the end of March, following the completion of the first review of the loan program. The IMF approved in December a 46-month lo

Egypt's central bank issues 21.5 bln EGP in T-bills

STORY: Egypt's central bank issues 21.5 bln EGP in T-bills DATELINE: Aug. 29, 2022 LENGTH: 00:01:17 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Finance Ministry 2. various of Central Bank of Egypt 3. various of accountant counting banknotes 4. various of people waiting for their turns at an ATM 5. exterior of the National Bank of Egypt 6. exterior of different banks STORYLINE: The Central Bank of Egypt (CBE), on behalf of the Finance Ministry, issued 21.5 billion Egyptian pounds (about 1.12 billion U.S. dollars) in treasury bills (T-bills) on Sunday. The T-bills were offered in two installments, with the first one valued at 14 billion EGP with a 91-day term, and the second worth 7.5 billion EGP with a 273-day term. The government borrows through bonds and treasury bills over different periods of time; the government banks are the largest purchasers of them. The banks operating in the Egyptian market are the largest sectors investing in bonds and treasury bills, which the government periodi

Egypt plans to raise prices of metro and train tickets: transport minister

STORY: Egypt plans to raise prices of metro and train tickets: transport minister DATELINE: July 26, 2022 LENGTH: 00:01:03 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of metro stations in Egypt STORYLINE: Egyptian Transport Ministry plans to raise the prices of metro and train tickets, Kamel Al-Wazir, the minister of transport, announced on Sunday, following the increase in the fuel prices. The plan is scheduled to be presented to the cabinet and parliament for approval in the near future. Al-Wazir noted that there are no other option rather than to raise the prices after the increase of debts totaling 88 billion pounds to banks and 5 billion to the Ministry of Petroleum. The increase approved by the Ministry of Transport was the fourth of its kind during a six-year period, which began in 2017 when the ministry decided to raise the ticket from EGP 1 (about 0.05 U.S. dollars) to EGP 2 for all lines. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt to invest 45.9 bln EGP in health services next fiscal year

STORY: Egypt to invest 45.9 bln EGP in health services next fiscal year DATELINE: May 10, 2022 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY/HEALTH SHOTLIST: 1. various of hospitals in Egypt STORYLINE: Egyptian Minister of Planning and Economic Development Hala Al-Saeed confirmed on Monday that the investments of health services in the sustainable development plan 2022/2023 amounted to 45.9 billion Egyptian pounds (around 2.48 billion U.S. dollars). She said the funds will establish and develop 94 hospitals, 480 health units, and 1,500 intensive care beds, with a focus on the governorates of Qena, Buhaira, Suez and Giza. The minister revealed that the funds will be used to complete the establishment and development of 29 hospitals, seven university hospitals, and 52 integration hospitals within the framework of the Egyptian Family Development Projects. The statement came during the plenary session of the House of Representatives chaired by Counselor Hanafi Jabali on the sustainable development plan

Egypt raises gasoline prices by 0.25 EGP per liter

STORY: Egypt raises gasoline prices by 0.25 EGP per liter DATELINE: April 16, 2022 LENGTH: 00:01:01 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Cooperation fuel station 2. various of cars fueling up 3. various of fuel stations STORYLINE: Egypt on Friday increased fuel prices in the local market by 0.25 Egyptian pound (0.016 USD) per liter of gasoline. The move is part of a periodic review for the second quarter of the year amid global increases in fuel prices caused by the Russia-Ukraine conflict. The per liter price of 80-octane gasoline rose to 7.50 Egyptian pounds, 92-octane gasoline to 8.75 pounds and 95-octane gasoline to 9.75 pounds. Meanwhile, diesel will continue to be sold at 6.75 Egyptian pounds per liter. The periodic fuel pricing is taken by Egypt's Fuel Automatic Pricing Committee which reviews and adjusts local fuel prices quarterly in line with changes to prices in the global market. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt allocates 1.1 bln EGP to finance purchase of local wheat

STORY: Egypt allocates 1.1 bln EGP to finance purchase of local wheat DATELINE: April 5, 2022 LENGTH: 00:00:58 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Ministry of Finance headquarters 2. various of wheat harvest STORYLINE: Egypt has allocated 1.1 billion Egyptian pounds (about 60.15 million U.S. dollars) to the Supply Commodities Authority and the Egyptian Agricultural Bank, as a down payment to finance the purchase of the local wheat crop. Egyptian Minister of Finance Mohamed Maet said on Monday that the government aims to supply about 6 million tonnes of local wheat this year at a total cost of about 36 billion pounds (about 1.97 billion U.S. dollars). The minister indicated that the state's general budget is capable of positively and flexibly handling the current global economic woe, pointing out that the top priority is to meet the basic needs of people and to sustain the "strategic stock" of wheat. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt toughens penalty on illegal migration

STORY: Egypt toughens penalty on illegal migration DATELINE: March 30, 2022 LENGTH: 00:01:21 LOCATION: Cairo CATEGORY: SOCIETY SHOTLIST: various of Egyptian parliamentvarious of a ship sailing in the sea STORYLINE: Egypt's House of Representatives, the lower house of parliament, approved on Tuesday the government-drafted legislative proposal (draft law) aiming to amend some provisions of the Law on Combating illegal migration and Smuggling of Migrants. The legislative body toughens the penalty on illegal migrants, individuals who provide shelter to them, migrant smugglers, and those who do not report illegal migration cases. The sentences handed to illegal migrants will now be imprisonment, and a fine varying between EGP 200,000 and EGP 500,000. Migrant smugglers will have to pay an amount equal to the revenues they achieved through their illegal activity in addition to a fine ranging between EGP 500,000 and EGP 1 million. They will also have to serve a prison sentence of at least five years. Penalty o