Business
Egyptian Remittances Hit $29.7 Billion in First Seven Months of 2026, According to Central Bank CAIRO, EGYPT / RankWire.AI / – The Central Bank of Egypt announced that remittances from Egyptians working abroad amounted to approximately $29.7 billion during the initial seven months of 2026. This figure represents a 28.1% increase compared to roughly $23.2 billion in the same period of 2025, covering money sent home by Egyptians employed overseas. The total is about $6.5 billion higher than the amount recorded in the first seven months of 2025, providing the latest official figure for 2026.
China held steady its benchmark lending rates in September, with the one-year loan prime rate remaining at 3.0%. The over-five-year LPR was also unchanged at 3.5%, based on the official rate set on September 20. This rate often serves as a reference point for mortgage pricing among many lenders. The decision resulted in both benchmarks staying at the same levels as in August.
South Korea has announced a two-month prolongation of its temporary fuel tax reduction scheme, now extending until the end of November 2026. This decision was made to protect both domestic consumers and logistics operators involved in industry sectors. The policy extension retains the existing tax reductions of 15 percent for gasoline and 25 percent for diesel and liquefied petroleum gas butane, ensuring their continued application at fuel stations nationwide. The excise tax on gasoline remains capped at 698 won per liter, representing a 122 won discount from the standard rate. Diesel tax remains fixed at 436 won per liter, providing a reduction of 145 won, while butane’s excise rate stays at 152 won per liter, offering a 51 won discount per unit. The extension of the fuel tax cut scheme aims to help control domestic inflation expectations amid ongoing international supply constraints affecting energy markets.
Spot gold dropped 1 percent to $4,249 per ounce, reaching multi-session lows amid rising sovereign yields and tighter monetary policies. The ascent in interest rates has elevated the opportunity cost of holding physical gold, prompting institutional investors to reallocate assets into fixed-income instruments. Saudi Arabia, Oman, Qatar, and Bahrain quickly increased their key benchmark interest rates in response to the Federal Reserve’s decision. The sustained strength of sovereign bond yields and foreign exchange rates has dampened physical commodity demand, curbing upward momentum in spot gold prices.
UAE and India deepen trade, investment and strategic cooperation through high-level talks. During their talks, the leaders examined the progress under the UAE-India Comprehensive Economic Partnership Agreement, known as CEPA. They also highlighted the deep-rooted political, commercial, cultural, energy, and people-to-people connections shared by both countries. Both sides explored potential avenues to strengthen cooperation in key areas that have become central to their bilateral relations. The discussion also touched on topics of mutual interest as the two governments maintained ongoing engagement across economic and strategic domains. Sheikh Khaled led the UAE delegation at the BRICS Summit representing UAE President Sheikh Mohamed bin Zayed Al Nahyan. Modi expressed appreciation for the UAE’s participation during India’s 2026 BRICS chairmanship. The leaders concurred that they would continue collaborating through the group on shared priorities and initiatives. They also recalled Sheikh Mohamed’s visit to India in January 2026 and Modi’s visit to the UAE in May 2026. Investment growth and strategic sectors feature prominently The discussions underlined new investment ventures between the UAE and India. The leaders welcomed International Holding Company’s announced plan for an $11.5 billion integrated greenfield aluminium project in Odisha, described by India as the country’s largest integrated aluminium investment. The role of L’Imad, the UAE’s newest sovereign wealth fund, in supporting bilateral investments and economic cooperation across sectors identified by both governments was also on the agenda. Opportunities in defence, space, nuclear energy, technology, and
Oman inflation reached 3.4% in August 2026 as transport and food prices increased. Transport experienced the largest annual increase among major consumer categories, rising 8.5% compared to August 2025. Food and non-alcoholic beverages grew by 7%, while miscellaneous personal goods and services saw a 6.1% increase. Restaurants and hotels prices went up 3.6%, and furniture, household equipment, along with routine household maintenance, increased by 3.1%. Education costs rose 2.2%, health expenses increased 1.7%, and prices for culture and recreation edged upward by 0.4% over the same period. Prices for clothing and footwear saw a minimal increase of 0.1% annually, whereas communications and tobacco prices remained stable. The only main category to decline was housing, water, electricity, gas, and other fuels, which fell 0.6%. The August data revealed varied price changes within the consumer basket, with transportation and food experiencing the most significant increases. Inflation rates also differed across Oman’s governorates, ranging from 2.1% to 4.8% annually. Transportation and Food Prices Drive Yearly Inflation In August, Al Dhahirah registered the highest governorate inflation rate at 4.8%. Muscat followed at 3.9%, with Al Dakhiliyah at 3.8%, and Al Wusta at 3.4%. Both Musandam and