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Egypt Foreign Reserves At 5-Year Low As Cairo Awaits IMF Cash
....5bn at end-May, down $1.6bn on a month earlier for the lowest figure since June 2017 (see chart). This comes as Egypt’s economy continues to reel from high commodity prices linked to Russia’s invasion of Ukraine. Reserves have been on a downward trend since February despite key Gulf ally Saudi Ar...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Algeria Cuts Deficit For 2018: Gains Will Likely Prove Short-Lived
...venue. Overall 2018 state revenues, at AD6,620bn ($56.5bn), were up 9.5% on 2017 in nominal dinar terms, though the gains fall to 4% in dollar terms given the continued slide of the Algerian currency against the greenback. $1 bought AD111 in 2017, AD117 in 2018 and an average of AD119 so far in 2019. Sp...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Iran: Growing Capital Outflow Threatens Economy Ahead Of Sanctions
...port on the crisis in Iran’s forex market. This showed a doubling of capital outflows from $20.2bn for the Iranian year to March 2017 to $39.2bn the following year; outflows soared to $13bn for the last quarter of that year. And that was before the US pulled out of the nuclear deal. The MRC also es...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...e termination of UN sanctions and some EU sanctions; others such as the EU embargo on Iranian oil imports were suspended. Iran wasted little time in launching itself back onto the oil market. It near-doubled crude exports from its 2015 average of 1.23mn b/d to 2.21mn b/d in Q1 2017 (and an even hi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Strong Appetite For Oman’s Sukuk
...Oman has completed its 2017 financing with a $2bn sukuk – as long as it can keep spending under control. Oman’s $2bn debut international sukuk launched on 23 May, was more than three times oversubscribed with orderbooks of $6.9bn and better than expected pricing, according to fresh de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
IMF-Iraq Progress Towards Second Loan Tranche
...anche of $800mn to Iraq. The first $600mn tranche was released in December (MEES, 15 July 2016). Following a review of the SBA in Amman, the IMF mission chief for Iraq Christian Josz said that the fund and Iraq had reached agreement on a supplementary budget for 2017, objectives of the 2018 budget an...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017