Bank News
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Dollar prices stable at major Egyptian banks
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered LE 30.75 for buying and LE 30.85 for selling.
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Egyptian Banks Suspend Use of New Credit Cards Abroad for 6 Months
This helps to stop the misuse that has been monitored on foreign currency transactions abroad and at home through credit cards.
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CBE Grants Banks 6 Months Deadline to Update Controls on Money Laundering, Terrorsim Financing
The circular explained that these updated controls came with reference to the supervisory controls for banks regarding combating money laundering.
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Egypt inks $460.4M financing deals with Korea's Eximbank, IsDB
The main objective of these agreements, as outlined in the MoIC report, is to support Egypt's efforts to achieve comprehensive and sustainable growth.
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Will the Central Bank of Egypt’s decision to fix interest rate be reflected in prices?
According to the CBE, the core inflation rate declined for the fifth time in a row – recording 35.9 percent in November.
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Egypt received 15% less remittances annually in 2023, World Bank
According to recent data from the Central Bank of Egypt, there was a reported 38 percent decline in remittance flows during the first half of 2023.
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CBE’s MPC keeps key interest rates unchanged as 2023 ends
This leaves the overnight deposit rate at 19.25 percent, the overnight lending rate at 20.25 percent, the rate of the main operation at 19.75 percent.
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Egypt explores possibility of Gulf currency-denominated bonds
In November 2023, Egypt achieved a successful sale of nearly $500 million worth of 5-year Samurai bonds in the Japanese market.
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EBRD provides $100 mln loan to National Bank of Egypt
Half of the loan will be dedicated to Egyptian private MSMEs in regions outside of Cairo and Alexandria.
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Egypt in talks with IMF for new timeframe: PM
The Egyptian government is in talks with the International Monetary Fund for a new timeline for the loan deal, Prime Minster Mostafa Madbouly said.
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After a 15 day pause, Egypt’s banks resume fees on issuing cards and opening accounts
Banks operating in Egypt on Sunday resumed collecting fees on opening accounts (current or savings), adhering to the minimum account balance.
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Egypt seen keeping interest rates on hold on Thursday
Many analysts believe Egypt will wait until January, well after the Dec. 10-12 vote, before hiking interest rates or devaluing the currency.
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Egyptian banks increase people of determination ATMs by 23 percent: CBE
The number of ATMs with features supporting people of determination in Egypt surged by nearly 23 percent to 4,950 in December from around 4,000 in Jan
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With the maturity of 25% CDs approaching, will banks offer up new savings pots?
Owners are interested in the best ways to employ them, and whether public banks will tend to offer CDs with higher returns in retaining this money.
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HSBC forecasts Egyptian pound devaluation to EGP 40-45 against USD in Q1 2024
British bank HSBC projected the Egyptian pound to experience devaluation, reaching EGP 40-45 against the US dollar, during the first quarter of 2024.
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Empowering Egypt's Youth: Emirates NBD-Egypt's Commitment to Financial Inclusion
At the European Universities in Egypt, Emirates NBD-Egypt made a resounding statement by offering the youth segment free accounts and debit cards.
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Understanding debt restructuring: The case of Egypt
This article delves into why Egypt might consider this financial strategy, the implications for its economy, and the role of the IMF.
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EBRD considers $35 million loan to Arab Investment Bank to support MSMEs
Additionally, the EBRD is considering granting a €165 million loan to Egypt to modernize the electrical grid and reduce pollution.
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Six banks collaborate on EGP 2bn financing for Abd El Salam El Feky & Partners
EBank plays a pivotal role in this venture, aligning with Egypt’s strategic efforts to transform into a global trade and logistics nexus.
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Banking expert advises against new high-yield savings certificates
He argues higher interest rates would not benefit the national economy, banks, or individuals, nor would they aid in achieving inflation targets.