Bank News
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Egypt's dollar bonds rally after Yellen signals support
Last month, the IMF appeared to shift its emphasis from the exchange rate to inflation targeting.
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World Bank mission visits Egypt to discuss state ownership policy and financing
A mission from the World Bank arrived in Egypt on Tuesday for a multi-day visit to discuss the development of the country's State Ownership policy.
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Proceeds of new CDs exceeded LE 32 billion in 3 days
The source added that NBE’s proceeds exceeded LE17 billion, while Banque Misr’s reached about LE15 billion on Monday.
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World Bank slightly downgrades Egypt’s growth forecast for 2024
The World Bank downgraded its forecasts for Egypt’s real GDP growth for 2024 to 3.5 percent from 3.7 percent in a previous estimate.
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Yellen to meet with Egypt's finance minister, central banker Tuesday
U.S. Treasury Secretary Janet Yellen will meet with top Egyptian finance officials in Washington on Tuesday.
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Egypt's central bank mandates 24% minimum interest on loans: Sources
The Central Bank of Egypt (CBE) has instructed all banks operating in the country to apply a minimum interest rate of 24 percent on loans.
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Egypt inflation expected to slow in December
Inflation has eased from a historic high of 38.0% in September, but inflation risks are growing again.
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Egypt to shift to flexible dollar exchange rate, aiming for EGP 39.6 by 2028: Cabinet
Egypt is set to adopt a flexible exchange rate policy to adjust the pound’s value against the US dollar to meet a 39.61 rate planned by 2028.
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NBE, Banque Misr expect EGP 500 billion proceeds from new CDs
On Thursday, NBE and Banque Misr announced the issuance of new CDs, offering annual yields of 23.5 percent and 27 percent, respectively.
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IMF Delegation to Visit Egypt Next Month to Conduct further Consultations
Cabinet spokesman Mohamed El-Homsany said that an IMF delegation is visiting the country this month to conduct further consultations.
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NBE, Banque Misr new CDs attract EGP 11 bln in 24 hours
On Thursday, the NBE and Banque Misr announced issuing new CDs with 23.5 percent and 27 percent annual yields, respectively.
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Egypt’s NIR rises slightly in December 2023
Egypt’s Net International Reserves increased by $47 million to record $35.22 billion in December, its highest level since May 2022.
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NBE, Banque Misr issue new certificates with up to 27% yield
The National Bank of Egypt (NBE) and Banque Misr announced Thursday issuing new certificates of deposits (CDs) with 23.5 percent and 27 percent annual
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IMF mission could visit Cairo in January for new loan time-frame: Cabinet Speaker
A mission from the International Monetary Fund (IMF) would probably visit Cairo in January to finalize a new time frame for the loan agreement.
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Central Bank yet to announce flotation of Egyptian pound: MP
Senate member Ahmed Samir said that the Central Bank of Egypt (CBE) has not officially announced the flotation of the Egyptian pound so far.
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Egyptian banks to close on Sunday for Christmas
Egyptian banks will be closed on Sunday, 7 January, in celebration of Christmas for the Orthodox Church, according to a statement by the Central Bank.
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Egyptian banks to repay over EGP 500 bln CDs in January: Where will they go?
The National Bank of Egypt (NBE) and Banque Misr are set to repay more than EGP 500 billion in principal and interest of 22.5 percent and 25 percent.
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Egyptian remittances drop 29.2% in Q1 FY2023/2024
Remittances from Egyptians working abroad dropped 29.22 percent to $4.52 billion in the first quarter of the fiscal year 2023/2024.
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IMF: High Interest Rates Impose Pressure on Banks in MENA Region
This environment could lead to tightening financial conditions, stirring a wave of credit pressure, and reducing the available funding.
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Get to Know Egyptian Pound Value against BRICS Currencies in 2024
In the following report, we present the price of the Egyptian pound against the most important currencies of the BRICS countries.