FlyEgypt (FT) has suspended all flight operations after a failed attempt to file for bankruptcy due to substantial debt accumulation, AirwaysMag.com reported. Egypt's Civil Aviation Authority (ECAA) denied FT's request to close and liquidate the company, stating that the airline must first resolve all outstanding domestic and international obligations under national and international regulations. As a result, the ECAA denied the company's request to surrender its operating license and remove its aircraft from the national register.
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Egypt
Egypt kept interest rates at a record high as it weighs the effects of a new round of subsidy cuts on inflation that’s been slowing for five straight months, Bloomberg News reported. The central bank maintained its deposit rate at 27.25% and the lending rate at 28.25%, its Monetary Policy Committee said Thursday in a statement. The decision was correctly predicted by six of nine economists surveyed by Bloomberg. The others, including Goldman Sachs Group Inc., expected a cut of 100 basis points.
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Under Cairo’s baking summer sun, a forecourt of heavily discounted new Toyotas showcases a surprising side-effect of March’s dramatic currency devaluation: prices for big-ticket items are tumbling, Bloomberg News reported. They’ve fallen so much, in fact, that would-be buyers of everything from sofas to refrigerators and automobiles are holding off, convinced they can wait for a better deal. Almost no one is splashing out — and that’s an issue Egypt’s consumer-led economy needs to overcome.
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Egypt kept interest rates at an all-time high for a second consecutive meeting, looking to ensure a slowdown in inflation continues after a dramatic currency devaluation, Bloomberg News reported. The central bank maintained the benchmark deposit rate at 27.25% and the lending rate at 28.25%, its Monetary Policy Committee said Thursday in a statement. “The Committee judges that the current monetary stance is appropriate to support the sustained moderation of inflation, and will continue to assess its transmission to the economy in a data-driven manner,” it said in the statement.
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The Suez Canal's annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea, Reuters reported. Osama Rabie, the head of the Egyptian canal's authority said on Thursday revenues fell to $7.2 billion in its 2023-24 financial year from $9.4 billion the year before. Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for Palestinian militant group Hamas in its fight against Israel.
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