5 May 2022 | Al-Shorouk Economic Bulletin: Significant Rise in Gold Prices Following Repercussions of Rising US Interest Rates

“Al-Shorouk” presents to you the five in the evening bulletin, which deals with the most important and latest news of the economy and the financial and business community that took place throughout the day.

Al-Shorouk Economic Bulletin monitors the most important news of today, Wednesday 5 May 2022, the most important of which are the following:
Gold continues to rise and 18 carats break the 1000-pound mark for the first time
The price of gold in the local goldsmith markets rose by about 20 pounds per gram, amid trading today, Thursday, bringing the price of the 21-carat gram top seller in Egypt to about 1175 pounds, and the price of an ounce of 18 carat gold rose to about 1010 pounds, and the 24 carat gram gained about 1340 pounds, and the price of the gold pound rose by 120 pounds, to 9400 pounds.
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Following the traffic jam at King Abdulaziz Airport, tourism companies are demanding a solution to the problems of the Umrah season
Tourism companies have demanded the need to find radical and urgent solutions to the problems of the passing Umrah season, especially after Saudi airports and ports saw cases of overcrowding by many pilgrims due to delayed flights, which led to many pilgrims inside and slept outside the airport hall. .
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OPEC Plus decides to increase oil production slightly
OPEC decided today, Thursday, to adhere to the current oil production policy, and to increase production next June by 432,000 barrels per day, coinciding with a European proposal aimed at phasing out Russian oil.
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Minister of Agriculture: The wheat season heralds high productivity that can reach 10 million tons
The Minister of Agriculture and Land Reclamation, Al-Sayed Al-Qusayr, said that this year’s wheat season ushered in high productivity, which could reach 10 million tons, and that harvesting operations had been delayed this season due to fluctuations, but the case had positive results on the productivity of the crop.
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Finance: Implementation of international standards for imported goods through the “ACI” system
Finance Minister Mohamed Maait has confirmed that in implementing presidential directives, international standards will be applied to goods imported from abroad, and efforts to reduce the time of customs clearance will be maximized through the application of the ACI system for pre-registration of shipments at sea and air ports, in a way that helps to stimulate trade and encourage Egyptian exports And reduce the cost of the import and export process, and then the prices of goods and services in local markets, according to a statement from the Ministry of Finance today.
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Customs: We coordinate with airlines and shipping agents before launching the pilot ACI system
Al-Shahat Ghaturi, head of the Customs Authority, said coordination with airlines and air freight agents was carried out periodically before the trial launch of the “ACI” system for pre-registration of shipments on air shipments in the middle of this month in order to get all the details and explain steps of dealing with the new system, and a course was sent.The procedures for the “ACI” airline for airlines, to review it and send any comments about it, it comes according to a statement issued today by the Ministry of Finance.
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The Minister of Trade reviews the performance indicators of the Export and Import Control Authority
The latest report received by Nevin Jameh, Minister of Trade and Industry, on the performance indicators of the General Authority for Export and Import Control during the first quarter of this year (January-March) 2022 revealed that the government 26 Received 724 letters, including 13 559 letters from industrial imports and 13 165 letters from non-commercial imports Industrial, where the number of accepted industrial messages reached 12 941 messages, and the number of non-industrial messages received reached 12 782 messages .
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The Minister of Petroleum: “SIDPEC” begins the procedures for the construction of a complex for the production of petrochemicals in Nigeria
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, confirmed that there is an ambitious vision aimed at achieving more successes in the petrochemical industry in the coming period, noting that Sidi Kerir Petrochemical Company (SIDPEC) have started taking measures to work together. with the Nigerian company (Rangas) to cooperate in the field Establishment of a complex for the production of petrochemicals in Nigeria.
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30% drop in sales of shoes and leather products despite the festive seasons
Footwear sales decreased by between 20-30%, compared to last year, in a period that was supposed to see a boom and an increase in sales, especially because it coincides with the Eid al-Fitr, Resurrection and Sham al -Something, however, the recent price increases have significantly affected sales, with weak purchasing power.For the citizen, according to a number of manufacturers and retailers of shoes and leather products.
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What is the impact of the US Federal Reserve’s decision to raise interest rates on Egypt? Analysts answer

A number of analysts agreed that the Central Bank will raise interest rates by 1 to 1.5% at the next meeting, following the Federal Reserve’s decision to raise interest rates by 0.5%.

He also expected the Egyptian debt instruments market to see an exit by foreigners and go to the US market, which would provide them with high returns and security.
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