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Today’s Economy News ... Finance: Achieving a first surplus of 14 billion pounds in the budget


Today, Thursday 1-14-2021, a number of economic events were published on the pages of the seventh day, among them:


Finance: achieving a first surplus of 14 billion pounds and a decrease in the budget deficit to 3.6% within 6 months


Mohamed Maait, Minister of Finance, confirmed that the financial data for the first half of the current fiscal year (July - December 2020) indicate the continuation of achieving good and balanced financial indicators despite the negative repercussions of the second wave of the Corona pandemic on global economies and economic activity in the local market. The general budget achieved an initial surplus of about 14 billion pounds, while the overall budget deficit decreased to 3.6% of GDP, compared to 4.1% during the same period of the previous year.


The minister added that the financial estimates achieved for the public budget during the period from July to December 2020 confirm the flexibility, balance and ability of the Ministry of Finance to deal with the repercussions of the Corona pandemic, the most important of which are: the decline in the value of GDP and economic activity, which led to a decline in public revenues compared to what was targeted, especially with the availability of Additional funding for programs to support the most affected sectors and the most vulnerable and marginalized groups; To reduce the decline of economic activity indicators and maintain the stability of financial indicators without major and influential deviations, pointing out that these positive results were achieved in parallel with meeting all the needs of the health sector, and increasing the allocations for capital spending represented by the increase in the value of government investments for budget devices at an annual growth rate of 103% within The first half of the current fiscal year, and the payment of all pension funds dues, and the provision of budgetary needs.


The Central Bank: The balances of Egyptian banks abroad jump to exceed 20 billion dollars


An official source in the Central Bank of Egypt revealed that the balances and reserves of Egyptian banks abroad (other than the international reserves of the Central Bank) had jumped from about $ 10 billion last April to more than $ 20 billion by the end of December 2020.


The source said - in statements to the Middle East News Agency today, Thursday - that the balances of Egyptian banks abroad jumped during the period by up to 100 percent, equivalent to 10 billion dollars, despite the repercussions of the outbreak of the Corona virus.


Haitham Adel, head of the treasury and money markets sector at the Industrial Development Bank, attributed this jump in the volume of Egyptian bank balances in dollars abroad to the good management of those in charge of the Egyptian banking sector, and the good proactive vision taken by the Central Bank to spare the banking sector the repercussions of the current Corona crisis, whether locally or internationally.


The central bank confirms that banks should notify clients of tourism companies in writing of the initiatives


The Central Bank of Egypt stressed the need for banks to ensure that customers of the tourism sector are notified of the initiatives issued to them and that bank employees are familiar with all initiatives.


The Central Bank stated - in a statement today, Thursday - that in light of the follow-up to the tourism sector initiatives issued by it during the last period, the user’s low amount of the amounts allocated to them was found, pointing out that by communicating with customers he attributed the reason to the failure to inform customers of the details and conditions that would enable them to benefit from those Initiatives, as a result of insufficient information available about bank branches, especially those in the governorates.


The Central Bank added: "To achieve the desired objectives of the initiatives and provide the necessary support to the tourism sector, especially in light of the current circumstances and the implications of the emerging Corona virus crisis, as it is one of the sectors most affected ... It is necessary to address all customers of the tourism sector in your esteemed bank in writing to inform them of the terms and conditions of the issued initiatives, with Provide the central bank's office supervision sector with a copy of these letters as soon as they are issued.


"Planning" announces the work program of the International Islamic Trade Finance Corporation in Egypt.


The Ministry of Planning and Economic Development announced the details of the work program of the International Islamic Trade Finance Corporation in Egypt for the year 2021; It was signed yesterday in the presence of the Ministers of Planning and Economic Development, Petroleum and Mineral Resources, Supply and Domestic Trade, International Cooperation, and Trade and Industry, and was signed by Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation.


There is a set of activities that the corporation intends to undertake in Egypt during 2021, which comes in light of the framework agreement signed between Egypt and the corporation in 2018 for a period of five years with a credit limit of 3 billion US dollars, and the two framework murabaha agreements that were signed between the corporation and each of the authority The Egyptian General Petroleum Corporation and the General Authority for Supply Commodities in the same year.


These activities are represented in financing trade by providing Murabaha financing operations of $ 1.1 billion to the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities.


Al-Mulla directs Misr and Co-operation Petroleum Corporation to expand the provision of sterilization products to the public


Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, during his presidency of the general assemblies of Al-Taawon and Misr Petroleum to approve the planning budget for the fiscal year 2021/2022, stressed the importance of continuing the replacement, renewal and modernization of all components of the system of handling and distribution of petroleum products from shipping warehouses, fleet of fuel transport vehicles and supply stations in line with Technological progress and enhances safety standards and operating efficiency, pointing to the importance of expanding the provision of the circulation and distribution system of gasoline and diesel with modern technologies, especially ATG technology for automatic control of balances at stations, as well as the dissemination of an advanced system of measurement in the various stages of shipping products according to the latest digital methods, and directed the mullah to continue Increasing the stations of the two companies as part of the continuous efforts to achieve greater spread for them, as well as by developing the code for the design and implementation of the supply and service stations in a manner that takes into account the highest levels of safety and efficiency.


Al-Mulla also directed the two companies to expand the provision of sterilization and disinfection products to the public in support of efforts to combat the Corona virus.


The main index of the stock exchange rose for the seventh session to surpass the level of 11450 points


The Egyptian Stock Exchange ended the trading session on Thursday, the end of the week’s sessions, with a collective increase in the indices, and the profit of the market capital of 3.5 billion pounds, to close at 677.806 billion pounds.


The "EGX 30" index rose by 0.57% to close at 11453 points, for the seventh session in a row. The "EGX50" index rose 0.55% to close at 2323 points, and the "EGX 30 index of determining weights" jumped by 0.54% to close At 13886 points, the EGX 30 overall return index increased by 0.7% to close at 4424 points.


The index of small and medium-sized companies "EGX 70 is equal weights" increased by 1.2% to close at 2254 points, and the EGX 100 index of equal weights rose by 0.85% to close at 3252 points.


Gold prices are falling 4 pounds, and 21 karat is 808 pounds per gram


Gold prices recorded today, Thursday, January 14, 2021 in Egypt, a remarkable decline of 4 pounds, against the background of the decline in the price of an ounce of gold globally from 1858 to 1842 dollars until the formulation of these lines, which affected the price of gold in Egypt, with expectations of continued fluctuation in gold prices Between the decline and the high during the next hours.


The price of 21 karat gold in the goldsmiths market, which is considered the main caliber in Egypt, fell from 812 as the closing price of the market yesterday to 808 pounds per gram until the formulation of these lines, which may affect the movement of precious metal sales in the markets.


Gold prices today in Egypt:

Gold carat 18 today records 692.50 pounds.

Gold caliber 21 records today 808 pounds.

Gold caliber 24 records 923.50 pounds today.

The gold pound records 6464 pounds.

An ounce of gold is $ 1842.

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