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State electricity companies exchange stagnant spare parts saving EGP 1bn annually

State-run electricity production companies began to exchange unused spare parts in their stores for maintenance, replacement, and renovation works. An official in the ministry of electricity informed Daily News Egypt that the decision aims to ration expenses, control purchases, facilitate spare parts trading, and save time spent in this process. The decision is expected to …

Mohamed Farag

HC attributes $2bn decline in foreign reserves mainly to debt repayment

Egypt’s net international reserves declined to $42.551bn in December from $44.513bn in November 2018, according to the Central Bank of Egypt (CBE) data. HC Securities and Investment (HC) said on Tuesday that the $0.9bn foreign portfolio outflow corresponds to a net foreign liability position of domestic banks widening to $7.3bn in November from $5.5bn in …

Daily News Egypt