Yields of Aman Certificates rise to LE 105M in 2 banks

FILE- Casual workers holding their Aman certificatesCAIRO – 20 March 2018: Yields of the Aman Certificate for temporary and seasonal workers have been raised in the National bank of Egypt and the Agriculture Bank to record LE 105 million ($ 5.95 million) since the issuance of the certificate, according to recent statements.Chairman of the Agriculture Bank of Egypt al-Sayed al-Kosair said that the bank issued 44,000 Aman certificates with a total yield of LE 796 million.Kosair referred that a number of companies have applied to buy 76,000 certificates with a total value of LE 150 million.On Sunday, Kosair said that his bank issued certificates with a total yield of LE 20 million in two weeks amid awareness campaigns about the Aman Certificate across Egypt.Moreover, Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued 16,000 Aman Certificates, with a total yield of LE 26 million.The Aman Certificate is available at four Egyptian banks, which are the National Bank of Egypt, Banque Misr, Banque Du Caire and the Agriculture Bank of Egypt.The segments of Aman Certificates are LE 500, LE 1,000, LE 1,500, LE 2,000 and LE 2,500. The duration of the certificate is three years at a rate of 16 percent, and it can be redeemed at any time.At the beginning of March, President Abdel Fatah al-Sisi ordered the completion of an insurance policy for temporary and seasonal workers within 15 days.In response to Sisi's directions, Prime Minister Sherif Ismail affirmed that the Aman Insurance Certificate for temporary employment has no procedures or administrative documents, adding that it is worth LE 500 and can be increased until it reaches LE 2,500.Ismail clarified that the Aman Certificate’s monthly installment starts from LE 4, and its highest monthly installment is LE 20, with a benefit period of 5 years or 10 years.

Source:Egypt Today

March 20, 2018 08:48 UTC

Oil prices rise on Middle East tension, falling Venezuela output

A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File PhotoSINGAPORE - 20 March 2018: Oil prices rose by almost 1 percent on Tuesday, lifted by a weak dollar, tensions in the Middle East and concerns of a further fall in Venezuelan output.U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.59 a barrel at 0656 GMT, up 53 cents, or 0.9 percent, from their previous close.Brent crude futures LCOc1 were at $66.56 per barrel, up 51 cents, or 0.8 percent.“Tensions between Saudi Arabia and Iran gave prices some support,” said Sukrit Vijayakar, director of energy consultancy Trifecta in a note.Futures traders also pointed to general dollar weakeness .DXY as a supporter for crude.A weaker greenback makes imports of dollar-denominated crude cheaper for countries using other currencies at home, potentially spurring demand.Worries about Venezuela’s tumbling crude production also supported oil markets.The International Energy Agency said last week that Venezuela, where an economic crisis has cut oil production by almost half since early 2005 to well below 2 million bpd PRODN-VE, was “clearly vulnerable to an accelerated decline”, and that such a disruption could tip global markets into deficit.Still, surging U.S. crude oil production C-OUT-T-EIA, which has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), has been looming over oil markets.U.S. output is now higher than that of top exporter Saudi Arabia. Only Russia produces more, at around 11 million bpd, although U.S. output is expected to overtake Russia’s later this year as well.Soaring U.S. output, as well as rising output in Canada and Brazil, is undermining efforts by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) to curb supplies and bolster prices.Many analysts expect global oil markets to flip from slight undersupply in 2017 and early this year into oversupply later in 2018.

Source:Egypt Today

March 20, 2018 06:56 UTC

China's premier pledges further market opening as talk of trade war mounts

Chinese Premier Li Keqiang speaks at the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. He did not give more specifics.“China’s economy has been so integrated with the world’s, that closing China’s door would mean blocking our way for development,” Li said.“China’s aim is to ensure that both domestic and foreign firms, and companies under all kinds of ownership structure, will be able to compete on fair terms in China’s large market.”When President Xi Jinping’s top economic adviser Liu visited Washington recently, the Trump administration pressed him to find ways to reduce China’s $375 billion trade surplus with the United States.“We are unwilling to see a big trade deficit, not only with the U.S.,,” Li said. We hope this important means for balancing China-U.S. trade will not be missed, otherwise we will lose a chance to make money.”Li said China was confident of achieving its 2018 economic targets. The government aims to expand its economy by around 6.5 percent this year, having easily surpassed the same target in 2017.China’s financial sector were in good shape and banks have enough provisions, Li said, adding that regulators would take “resolute measures” to tackle financial risks.The Chinese central bank was being given responsibility for drafting important laws covering banking and insurance sector, with regulation over the $42 trillion sector becoming more streamlined and tighter.Before the press conference, Li introduced China’s four new vice premiers, though they neither took questions or spoke. Among them was Liu He, widely regarded as China’s new economic tsar.

Source:Egypt Today

March 20, 2018 06:00 UTC

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