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Egyptian fintech MNT-Halan announced on Feb. 1 that it had raised over $340 million via debt and equity and it expects to raise an additional $60 million from leading international investors. The latest funding round sees MNT-Halan’s valuation rise to over $1 billion which reportedly makes it the country’s “only
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Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex
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The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary Fund, the
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After authorities in Egypt announced the adoption of a more flexible exchange rate regime, the pound exchange rate versus the U.S dollar plunged to 23.09:1, a new low for the currency. Cairo’s apparent devaluation of the Egyptian pound met a key condition set by the International Monetary Fund (IMF) before
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According to a report, some Egyptian banks recently informed clients who plan to travel abroad that they can now only withdraw $2,000 or less. The banks have also lowered the amount of foreign exchange that clients can withdraw when abroad. Egypt’s ongoing shortage of foreign exchange has forced some merchants
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The Egyptian pound recently became the latest currency from the African continent to see its value versus the greenback slump to a record low. The pound’s fall came amidst reports suggesting the Egyptian government is hoping to strike a loan deal with the International Monetary Fund (IMF) within a month
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CargoX, a blockchain company specializing in document transfer solutions, announced a long-term extension to its agreement with the Egyptian government to digitize the nation’s trade flows. Last year, through its 80%-owned entity Misr Technology Services (MTS), the Egyptian government integrated CargoX’s Blockchain Document Transfer (BDT) service for its official NAFEZA single-window
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Hany Rashwan, CEO of Amun/21Shares, explains how the proverbial bitcoin lightbulb went off when his native Egypt’s currency devalued in 2016.Hany Rashwan is the CEO of Amun/21Shares, the creator of a variety of publicly traded crypto products with over $100 million assets under management. In this conversation, he and NLW discuss: Source
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Another major financial institution has partnered with blockchain-based payments firm Ripple.The National Bank of Egypt has signed a cooperation agreement with Ripple to establish new channels for inward remittances, according to a Feb. 11 report from local daily news site Youm7. The agreement reportedly makes the National Bank the country’s
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