Bank News
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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.
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Banking sector sees significant increase in total bank deposits in August, CBE
Government deposits reached LE 2.179 trillion, while non-governmental deposits accounted for LE 7.539 trillion.
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Inflation in Egypt expected to decrease in 2024 due to Egyptian pound movement: report
The exchange rate of the Egyptian currency will remain within the range of 31 pounds to the dollar at the beginning of next year.
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Egypt's net int'l reserves record $35.173B in November: CBE
In October, Egypt's NIR also witnessed a growth, to reach $35.1 billion compared to $34.97 billion in September, as reported by the CBE.
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Egypt's digital pound: 10 key facts you should know
As Egypt explores the possibility of introducing its digital pound, here are 10 essential facts that readers need to know about this.
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Egypt in discussions with IMF for additional funding
The IMF is currently discussing with Egyptian authorities providing additional financing to ensure the successful implementation of the policy package
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AUC Business School dean appointed on CBE board of directors
AUC announced that Sherif Kamel, dean of the School of Business Administration, has joined the Board of Directors of the CBE.
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Egypt considers issuing bonds in Indian rupees worth US$500 million: Finance Minister
Egypt is also considering issuing a second “sukuk” tranche and issuing sustainability bonds ranging from $500 million to one billion dollars next year
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IMF head expects increase to Egypt’s $3 bln loan over ongoing challenges
Kristalina Georgieva expects the fund to increase the value of the loan provided to Egypt due to the impact of external factors on its economy.
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IFC partners with Al Baraka Bank to support Egyptian MSMEs
IFC partnered with Al Baraka Bank Egypt to offer $50 million in finance for Egyptian micro, small and medium-sized enterprises.
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Central Bank of Egypt sells $990 mln USD-dominated T-bills
CBE sold on Monday $990 million in USD-denominated treasury bills (T-bills) with a one-year maturity, according to the bank’s website.
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Egypt is considering issuance of Masala bonds worth $50M in 2024
Maait said he hopes to raise between $500 million and $1 billion through sustainability bonds in 2024.
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Dollar rate in Egypt’s black market sees sudden, significant decline
During November, the dollar recorded successive jumps in black market transactions, reaching 52 pounds due to a sudden increase in demand.
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UAE and Kuwait extending deposits reveals confidence in Egypt’s economy
Shawky pointed out that before coronavirus pandemic, Egypt’s foreign currency reserve amounted to about $45 billion.
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UAE renews $1 bln deposit at Central Bank of Egypt
The UAE has renewed a $1 billion deposit at the Central Bank of Egypt (CBE) for three years to 1 July 2026 instead of 1 July 2023.
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AfDB supports CIB with $148M to prop up SMEs and trade
The AfDB clarified that the instruments and amounts include $10 million Line of credit with a tenor of 10 years.
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EBRD eyes minority stakes in two banks under Egypt's IPO programme
EBRD is seeking the acquisition of minority stakes in state-owned financial institutions earmarked for privatization in Egypt.
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AfDB approves of new $131M loan to boost economic resilience
The AfDB loan will help Egypt’s goal of attracting $3 billion in financing by the year’s end to bridge a $17 billion financing gap over 4 years.
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FABMISR reports net profits of EGP 8.2bln for nine-month period ending in September 2023
The net loan portfolio's value recorded EGP 82.935 billion, a 70% increase compared to the end of 2022.
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AfDB approves $131 mln loan to boost Egypt's private sector, green development
The African Development Bank (AfDB) approved a $131 million loan to Egypt with the aim of bolstering the government’s efforts to boost private sector.