Business & Economy Bound

Algeria’s central bank has set a goal to phase out cash transactions completely by 2028, launching an ambitious strategy to expand digital payments and modernize the financial system. But with most Algerians relying on cash, skepticism remains over how quickly this transition will take place.

Attacks in the Red Sea have cost the Egypt over $9 billion in lost Suez Canal revenue, cutting daily ship traffic by nearly 60% and straining the country’s foreign reserves.

Egypt has reiterated that the Nile River is an “existential issue” for his country, warning that Cairo will not compromise or tolerate unilateral measures over its water security. Egypt says it is relying on international law to defend its rights as tensions continue with Ethiopia over the Grand Ethiopian Renaissance Dam.

Egypt has raised fuel prices for the second time this year, increasing gasoline, diesel, and CNG rates by up to 13% as part of IMF-backed reforms to reduce subsidies and stabilize public finances. The move, effective October 17, is expected to ripple across transport, food, and manufacturing sectors as inflation remains stubbornly above 11%.