REUTERS Egypt’s central bank governor said that the time was not right to float the Egyptian pound, which has come under intensifying pressure in recent weeks, but he left the door open to a possible devaluation. Economists say a devaluation is all but inevitable. But the timing is crucial to maximise its impact while mitigating the inflationary effect, particularly ...

  REUTERS OPEC member Algeria’s trade deficit widened to $10.83 billion in the first six months of 2016, 27.2 percent more than in the same period last year due to a fall in energy earnings as oil prices tumbled, data showed. Oil and gas exports, which accounted for 93.55 percent of Algeria’s sales abroad, dropped 33.6 percent to $11.86 billion ...

  REUTERS Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) beat analysts’ forecasts as its second-quarter net profit trebled due to higher production and sales. The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 689.3 million riyals ($183.8 million) in the three months to June 30, up from 227.4 million riyals in the same period ...