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See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Euro, Dollar See New Dip Against Egyptian Pound amid Market Caution
Taarek Refaat In a continued trend of currency volatility, the euro and US dollar recorded fresh dips against the Egyptian pound during international trading on Saturday, signaling growing market uncertainty and possible shifts in Egypt's monetary dynamics ahead of the upcoming financial quarter. According to the latest international trading data, the euro dropped to EGP 56.12, extending its recent decline. The US dollar also edged lower to EGP 48.17, its weakest level in weeks. These movements come amid a banking holiday in Egypt, with local financial institutions closed for the weekend. Despite the halt in domestic trading, international forex markets remained active, reflecting underlying investor sentiment. What's Driving the Decline? Currency analysts point to several potential factors behind the continued pressure on foreign currencies: Tighter monetary policy in Egypt has increased demand for the pound, particularly after recent interest rate adjustments by the Central Bank of Egypt (CBE). Slower-than-expected recovery in the Eurozone and cautious US economic data have weakened both the euro and the dollar against a number of emerging market currencies. Increased remittances and foreign investment inflows may also be contributing to a stronger Egyptian pound, as confidence in Egypt's fiscal reforms grows. CBE Exchange Rates: US Dollar 48.48 48.62 Euro 56.57 56.74 Pound Sterling 65.05 65.27 Canadian Dollar 35.31 35.42 Danish Krone 7.58 7.60 Norwegian Krone 4.75 4.77 Swedish Krona 5.04 5.06 Swiss Franc 60.12 60.33 Japanese Yen 100 32.90 32.99 Saudi Riyal 12.92 12.95 Kuwaiti Dinar 158.70 159.21 UAE Dirham 13.20 13.23 Australian Dollar 31.64 31.74 Bahraini Dinar 128.60 128.98 Omani Riyal 125.93 126.30 Qatari Riyal 13.29 13.35 Jordanian Dinar 68.29 68.68 Chinese Yuan 6.75 6.77 . read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Euro Drops against Egyptian Pound to 55.80
Taarek Refaat A state of decline in the euro price on Tuesday prevailed against the Egyptian pound at the end of dealings with a number of local banks operating in the Egyptian banking market, compared to the same levels at the beginning of today's trading. At the central Bank of Egypt (CBE) the euro recorded 55.80 to buy and 55.96 to sell, while the dollar recorded 48.35 to buy and 48.49 to sell. At the National Bank of Egypt (NBE), the purchase price of the euro was 56.00, and the selling price was 56.18. The price of the euro in the Banque du Caire reached 55.79 for purchase, and 56.19 for sale. Exchange Rates: US Dollar 48.3554 48.4923 Euro 55.8070 55.9698 Pound Sterling 64.2160 64.4172 Canadian Dollar 35.0224 35.1292 Danish Krone 7.4781 7.4997 Norwegian Krone 4.7048 4.7191 Swedish Krona 4.9916 5.0068 Swiss Franc 59.6612 59.8596 Japanese Yen 100 32.7389 32.8427 Saudi Riyal 12.8879 12.9251 Kuwaiti Dinar 158.1069 158.6063 UAE Dirham 13.1640 13.2027 Australian Dollar 31.2134 31.3115 Bahraini Dinar 128.2501 128.6302 Omani Riyal 125.5887 125.9540 Qatari Riyal 13.2531 13.3169 Jordanian Dinar 68.1062 68.4919 Chinese Yuan 6.7282 6.7480 read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
![Give me a sign of life, pleads mum of missing British teenager [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
29-07-2025
- New Straits Times
Give me a sign of life, pleads mum of missing British teenager [WATCH]
KUALA LUMPUR: British teenager David Renz Balisong who has been missing since June 6 may look mature and book-smart, but when it comes to street smarts, he does not make the cut, this was the lament of his mother Minerva Balisong. Fearing for the safety of her 17-year-old son, the mother of three from the United Kingdom flew halfway across the world in search for David. "He might not want to be found," the 51-year-old Minerva said, her voice cracking during an interview with the New Straits Times. "But as a mother, all I want is a sign of life. It's okay if he's made certain choices. "We're not angry. The family just needs to know he's safe." David, the eldest of 3 children, left Manchester on June 6 and landed at the Kuala Lumpur International Airport (KLIA) the following day - all this without his family's knowledge. The teenager, who had always dreamt of becoming a cybersecurity expert, has been uncontactable since the day he landed in Kuala Lumpur. He, however, sent an email to his mother in Cheadle, Manchester on June 9, urging her not to waste her resources looking for him and told his family to "remain calm and take care", ending with he loves all of them. But Minerva, a critical care unit staff nurse with a private hospital in Manchester, is not convinced. She fears her son may have been groomed or influenced by someone, or a group online in the months leading up to his disappearance. "There were signs, only I didn't see them at the time. He's tech-savvy. Very clever. He knows how to disappear from the Internet." She said David had previously taken part in a short-term cybersecurity apprenticeship and was known for his ability to mask his digital presence. But what worried Minerva more were the unfamiliar clothes and mobile phone David had with him when police showed her CCTV footages from both airports, in the United Kingdom and KLIA. "It was clear from the footages he was calm, composed. He knew exactly what he was doing. But the phone he pulled out from his pocket wasn't the one we gave him. Even the clothes, they weren't his," she said. Back in the UK, bank records later revealed that David had made unusual purchases as early as March, including at a clothing store the family often visited together. He also left with 1,200 Pound Sterling. Her son had stopped attending school after May 4, but had continued to leave home and return daily as if he had. "We only found out after he went missing. We checked his bus pass. He would travel to the last stop, then return. I suspect he just wanted the free Wi-Fi and charging ports on the buses," she said. Minerva arrived in Kuala Lumpur on July 12. Her sister from Canada followed shortly to help look for David. Her other sister, from the Philippines, is now with her in Kuala Lumpur as they continue scouring the streets of KL for the teenager. "We've met with members of the Filipino community here, attended different churches these past two Sundays to raise awareness. Everyone has been kind and supportive," Minerva, who is Filipino, said. She said she received two credible sightings of David — one from a restaurant operator and a cook in Kota Raya, who claimed the teen was seen dining with four Filipino men, and another from a woman who encountered a boy matching his description at Ikea Damansara in the first week of July. "I believe it was him. The way they described his face, his gestures… I just know it was David," she said, adding that she had reported both sightings to the local authorities. Together with a friend and her sister, Minerva scoured Changkat Bukit Bintang last Saturday until the early hours of the morning, hoping to spot her son but to no avail. She and her sister had also distributed flyers but was asked to stop by the police. Minerva insisted there were no arguments, no signs of rebellion, or any family tensions that could explain David's sudden disappearance. "There was no fight, no shouting match, no depression that we were aware of. "It came like a tsunami, no warning at all. David is a good boy. He goes to school, comes home. He has a few close friends. Not a social butterfly, but I wouldn't call him a loner. He's quiet but engaging when spoken to," Minerva said. "We're not here to drag him back or shame him. We just want to know he's okay," she said softly. Minerva and her sisters will remain in Malaysia for as long as they can, holding on to hope that David might see their pleas or someone might recognise him and reach out. David's disappearance is being investigated by KLIA police. The New Straits Times has contacted them for a response.
Business Recorder
21-07-2025
- Business
- Business Recorder
Fed's credibility on the line
Following tariffs, the primary concern for the financial industry is the autonomy of the Federal Reserve. This is due to ongoing pressure from the US administration to reduce interest rates. If this were to occur, it could significantly impact the repricing of the US Dollar and the bond market, as well as place considerable strain on the stock market. The majority of the voting members at the Fed are primarily focused on tariffs that could lead to higher inflation. Central banks globally cannot permit external interference in their monetary policies. The Fed's credibility is on the line. Despite rumors, President Donald Trump has denied any plans to intervene. He stated to reporters, 'we are not planning on doing it,' but also noted that he does not rule out any possibilities. The next challenge for the financial sector involves ongoing tariff negotiations, particularly with the European Union, despite their proposal for reduced tariffs on US goods. The US is aiming for a tariff of 15% to 20% with Europe and is open to reciprocation. The deadline for these negotiations is August 1. Tariffs present an additional burden that will ultimately be shouldered by consumers, which is inflationary in nature. However, the effects of these tariffs will have a delayed impact on the economy, becoming more apparent in the coming months. The previous week has been quite volatile. The threat of tariffs and inflation continues to affect the market. The US dollar has benefited from its status as a safe haven, outperforming other currencies. The Consumer Price Index (CPI) released last week indicates a rise in inflation driven by tariffs. This has led many traders to reconsider their support for a rate cut in July. In the Eurozone, the European Central Bank (ECB) is set to announce its decision on interest rates on Thursday. Last month, they reduced rates by 25 basis points, bringing the deposit rate down to 2%. The European economy appears stable with these developments, and a pause in rate changes is possible. It is anticipated that the ECB will implement one more rate cut this year. On the other hand, the Pound Sterling, which saw a strong demand since June, has weakened as sellers have emerged due to declining economic conditions in the UK and a stronger USD. Traders are increasingly focused on the British economy and expect a rate cut sooner than anticipated. Recent labour market data from the UK revealed eight consecutive months of job losses, while GDP shrank for the second straight month. This has prompted a downgrade in the outlook for the Pound Sterling. It needs to break above the 1.3580–00 range to regain its previous strength. Otherwise, a fall below 1.3320 could lead to further losses. Recently, it has been observed that the future of Federal Reserve Chairman Powell is influencing gold prices positively. Meanwhile, Central Banks and investors appear to be cautious regarding their next steps. Geopolitical tensions have also lessened, at least for now. Gold has been facing challenges in gaining momentum and still needs to break through the $ 3420 level, which seems difficult without significant buying support. The rapid fluctuations we often witness primarily stem from traders reacting to news and speculation, particularly regarding tariffs, which tend to settle down once there is some consensus or a postponement of deadlines. In this context, I believe that, lacking any robust fundamentals, gold will likely trade within a wider range of $ 3200 to $ 3450 for a while. WEEKLY OUTLOOK — July 21-25 GOLD @ $ 3350.50— On the upside, unless gold surpasses the range of $ 3380-85 and reaches $ 3415-20, there is a potential for a drop. A decline below $ 3315-30 might lead it down to $ 3292-96 or $ 3262. EURO @ 1.1626— Euro is well-supported in the range of 1.1510-20. It may try to break through 1.1725 toward 1.1780. However, if it breaks below the support level, it could face a decline to test 1.1450 levels. GBP @ 1.3409— Pound Sterling needs to break through the 1.3580-00 level, which may prove challenging for additional gains. On the lower end, it has support near 1.3280-00, a level that won't be easy to give up. JPY @ 148.83— USD has strong support near 147.50, suggesting that any declines may be limited. At the same time, it must surpass 149.95 to reach 150.40. Copyright Business Recorder, 2025
Time of India
20-07-2025
- Business
- Time of India
Forex kitty update: Reserves drop $3.06 billion to $696.67 billion; second weekly decline in a row
India's foreign exchange reserves fell by $3.06 billion to $696.67 billion for the week ended July 11, marking the second consecutive weekly decline, according to data released by the Reserve Bank of India (RBI). The forex kitty had previously decreased by $3.049 billion to $699.736 billion in the week ending July 4. For the week ending July 11, the foreign currency assets, a primary component of forex reserves, reduced by $2.477 billion to $588.81 billion, contributing significantly to the overall decline. The Gold reserves experienced a considerable reduction of $498 million, settling at $84.348 billion. During the reporting week of July 11, the country's Special Drawing Rights (SDRs) with the IMF decreased by $66 million to $18.802 billion, according to RBI data. The data also showed a reduction of $24 million in the Reserve Position at the IMF. Central banks globally are increasing their holdings of gold as a secure asset in their foreign exchange reserves, including India. The RBI's gold proportion within its foreign exchange reserves has seen a twofold increase since 2021 until recent times. India enhanced its foreign exchange reserves by approximately $58 billion in 2023, contrasting with a total reduction of $71 billion in 2022. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo The reserves increased by over $20 billion in 2024, achieving a record high of $704.885 billion by the end of September 2024. India's foreign exchange reserves can cover 11 months of imports and approximately 96 per cent of external debt, according to Governor Sanjay Malhotra's statement during the Monetary Policy Committee (MPC) meeting announcement. The governor conveyed optimism about India's external sector, noting its resilience and the improvement in key external sector vulnerability indicators. Foreign exchange reserves, managed by a country's central bank, mainly consist of reserve currencies—primarily the US Dollar, along with smaller amounts of the Euro, Japanese Yen, and Pound Sterling. (With ANI inputs) Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
