Bank News
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Sisi announces new CBE board of directors
President Abdel-Fattah El-Sisi has issued a presidential decree, announced on Sunday, to establish a new board of directors of the CBE.
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Islamic Banking Transactions in Egypt Increase by 27% in 2023
According to the Egyptian Islamic Finance Association, these transactions reached a total of EGP 562 billion in September 2023.
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CBE urges banks to join Decent Life Initiative
The initiative also aims to provide a holistic package of services, covering various aspects of health, social and living conditions.
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President Sisi extends Hassan Abdalla in acting role as Head of Egypt's Central Bank
President Abdel Fattah El-Sisi issued Presidential Decree No. 551 for the year 2023 to restructure the Board of Directors of the Central Bank of Egypt
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Challenging Egyptian Banking Operating Environment to Continue
The operating environment score is in line with the sovereign rating as operating conditions for banks are highly correlated with the sovereign profil
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CBE studies allowing opening bank accounts via mobile app in 2024
In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country.
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EIB strengthens Middle East and North Africa cooperation with new Cairo hub
The European Investment Bank (EIB) has inaugurated a new regional hub in Cairo to foster cooperation in Middle Eastern and North African (MENA).
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Egyptian CIB borrows $150 mln from EBRD to cushion against economic risks
The bank's total assets reached EGP 635.83 billion (around $20.6 billion) in 2022, up from EGP 498.23 billion in 2021.
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IMF may need to augment Egypt program amid Gaza war impacts, Georgieva says
The conflict is posing difficulties for neighboring countries Egypt, Lebanon and Jordan through the loss of tourism and higher energy costs.
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CBE increases limits for financial inclusion accounts, prepaid cards, and mobile payment services
he maximum daily limit is EGP 60,000, up from EGP 30,000. The maximum monthly limit is EGP 200,000, up from EGP 100,000.
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EBRD provides US$150 million to Egypt’s CIB
EBRD First Vice President Jürgen Rigterink said: “The EBRD is delighted to sign this facility with our longstanding private sector partner, CIB."
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Central Bank of Egypt issues treasury bills worth LE 3 billion
The Central Bank of Egypt on Monday launched treasury bills with fixed and variable returns at a total value of three billion LE.
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Fitch downgrades ratings on four Egyptian banks
Ratings agency Fitch has downgraded its credit ratings on four Egyptian banks, including the largest private bank.
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Afreximbank signs off on $3B worth of credit facilities to Egyptian companies
The remaining $2.4 billion will be distributed to undisclosed companies in Egypt.
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CBE, Kuwait Investment Authority allegedly selling combing 40% of AAIB next year
The central bank and KIA each currently hold a 49.37% stake in AAIB, with the leftover 1.26% distributed to “others,” explains AAIB’s recent report.
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Crédit Agricole Egypt posts strong profit growth in first nine months of 2023
The bank's net profits after tax soared to EGP 3.80 billion, marking a remarkable year-over-year leap of 137.19%.
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Kuwait extends $4 bln deposit at Egypt’s central bank
Kuwait has prolonged the tenor of a $4 billion deposit at the Central Bank of Egypt (CBE) to support the country’s international reserves.
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World Bank awards Egypt for fostering economic competition
Egypt was awarded by the World Bank for its outstanding Strategy for Competition Policies and Competitive Neutrality.
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Ministry of finance partners with international banks to secure $500m
The primary objective of this partnership is to implement health and educational projects.
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Banque du Caire launches electronic signature service for companies, financial institutions
Tarek Fayed, Chairperson and CEO of Banque du Caire, highlighted the importance of this step in providing banking services to the bank’s clients.