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Egypt Sets Customs Exchange Rate of 19.32 Pounds/US Dollar

Annual inflation in Egypt is at its highest level in nearly four years (AFP)
Annual inflation in Egypt is at its highest level in nearly four years (AFP)
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Egypt Sets Customs Exchange Rate of 19.32 Pounds/US Dollar

Annual inflation in Egypt is at its highest level in nearly four years (AFP)
Annual inflation in Egypt is at its highest level in nearly four years (AFP)

Egypt has set a customs exchange rate of 19.318 Egyptian pounds to the US dollar from Sept., a change from 18.64 pounds in June, state newspaper Akhbar al-Youm reported on Thursday citing the customs authority.

Egypt devalued its pound by 14 percent in March after foreign investors pulled billions of dollars out of Egyptian treasury markets, putting pressure on the currency, following Russia’s invasion of Ukraine.

Since then, Egypt’s Suez Canal announced revenues of $744.8 million in August and the Egyptian Exchange (EGX) witnessed a weekly increase of 3.3 percent.

In March, the IMF announced that Egypt had requested a new financial support program, but in July said the country needed to make “decisive progress” on fiscal and structural reform.

The benchmark ended weekly trading at 10265.35 points, compared to 9936.87 points last week. Its gains ranged between 0.3 percent and 1.8 percent in four sessions during the week’s five sessions. Losses amounted to 0.9 percent.

The EGX ended Thursday’s session at a 0.32 percent increase.

In August, Egypt recorded the highest level of inflation in Egypt’s cities since November 2018, when the figures reached 15.7 percent.

Consumer prices climbed 14.6 percent from a year earlier in August, versus 13.6 percent the previous month, the Central Agency for Public Mobilization and Statistics said Thursday.

The annual inflation rate in the North African country rose to 15.3 percent.

The central bank has an inflation target rate of 5 percent to 9 percent but said in June that it would tolerate a higher level during the coming months.

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Saudi Arabia Tackles Carbon Management Challenges at COP 29

Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
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Saudi Arabia Tackles Carbon Management Challenges at COP 29

Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)

During a panel discussion titled, “The Carbon Management Challenge: Scaling Carbon Management to Gigaton Levels” at the Saudi Pavilion at COP 29, speakers highlighted the critical role of international collaboration in advancing carbon capture technologies and emphasized Saudi Arabia’s ambitious goal of achieving net-zero emissions by 2060.

The discussion focused on Saudi Arabia’s adoption of the Circular Carbon Economy framework, which centers on four key pillars: reducing emissions, reusing carbon, recycling, and removing carbon.

The participants pointed to the importance of international cooperation in developing new carbon capture technologies and establishing independent carbon transport and storage projects. According to reports, over 50 advanced carbon capture and storage (CCS) projects are currently in progress globally, with a combined capacity of 50 million tons. Furthermore, investment decisions have been made for 44 additional CCS projects under development around the world.

The session also explored advancements in various industries, such as the cement sector. Countries like Japan, China, and European nations have made significant progress in carbon capture technologies, while emerging economies such as Canada and Thailand are working on financing decarbonization efforts in the cement industry.

The speakers underscored the crucial role of governments in enabling these initiatives by making financial investments and developing the necessary infrastructure. They also pointed out that supportive government policies are essential for driving these projects forward and fostering collaboration between the public and private sectors. This aligns with the Clean Energy Ministerial’s focus on advancing policies for carbon capture, utilization, and storage technologies.

The participants further stressed that global goals to reduce emissions and combat climate change can only be achieved through international cooperation, robust policy frameworks, and the sharing of expertise across all stakeholders.