Bank News
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Moody's downgrades five Egyptian banks by one notch
Moody's Corporation, the bond credit rating business, has downgraded five Egyptian banks in light of the country's declining debt affordability. The news came after the organisation downgraded the country's sovereign rating.
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Egypt’s central bank likely to peg pound against currency basket in early 2024: MP
CBE is expected to reach an agreement with the IMF in early 2024 to peg the pound to a basket of international currencies and gold.
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Egyptian banks suspend debit card use in foreign currency abroad
Several local banks suspended on Monday hard currency cash withdrawals and purchases made outside Egypt using debit cards, as per CBE instructions.
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US Dollar Price Stabilizes on Monday in Egypt
The price of the US dollar remained stable against the Egyptian pound on Monday according to the Central Bank of Egypt and other banks. Click to read more about the currency rates.
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Egypt's central bank issues LE 46.75B in T-bills, bonds
The Central Bank of Egypt (CBE) issues LE 46.75 billion in treasury bills and bonds in two installments.
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IMF chief says Egypt review may happen before the end of 2023
The International Monetary Fund is “closely” engaging with the Egyptian authorities to achieve the much-delayed review of Egypt’s progress.
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At least two Egyptian banks suspend debit card use in foreign currency
Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday.
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Egypt required to pay $29 bln in external debt in 2024: CBE
Egypt is required to pay $29.23 billion in external debt service in 2024, with $14.59 billion due in the first half (H1) of the year and $14.63 bln.
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AAIB launches savings certificate with highest investment return among banks
The Arab African International Bank (AAIB) has introduced a new savings certificate providing the banking market's highest investment return, as announced in an official statement.
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QNB Al Ahli to offer EGP 2 bln mortgage finance to Egypt's low- and middle-income groups
Egypt’s Social Housing and Mortgage Finance Fund (SHMFF) signed a protocol with QNB Al Ahli, the Egyptian arm of the Qatari QNB Group.
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CBE Deputy Governor Meets Swiss Delegation to Foster Economic Relations
Ramy Abul Naga, the Deputy Governor of the Central Bank of Egypt (CBE), recently hosted a Swiss delegation, highlighting Egypt's economic reform program and future collaborations.
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ABK-Egypt Recognized as Fastest Growing Bank in Egypt for 2023
Al-Ahli Bank of Kuwait – Egypt (ABK-Egypt) has been honored as the Fastest Growing Bank in Egypt for 2023 by International Business Magazine.
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World Bank Finances 14 Projects Worth $6.9 Billion in Egypt
The World Bank Group is investing $6.9 billion in Egypt's development through 14 diverse sector projects, implementing the new 2023-2027 Country Strategy.
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Chexim extends an $400M additional loan to Egypt's LRT project
The LRT project, initiated by the government in 2014, aims to establish a modern transit system connecting Cairo with urban and industrial communities
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Non-banking financing reaches LE200B in Q2 of 2023: FRA
The value of stock issuances topped the list in non-banking financing, amounting to LE 97 billion in Q2 of 2023, taking the total non-banking financing to about LE 200 billion.
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CBE Completes 3rd Phase to Develop Gov't Securities Market
These procedures contribute to developing, revitalizing and raising the efficiency of dealing with government debt instruments.
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CBE reports total financial position of banks operating in the local market at LE 13.79tn
The Central Bank of Egypt reported that banks in the Egyptian market recorded cash balances of nearly LE 106.241 billion in June 2023. With the local and foreign banks accounting for LE 2.326 trillion and LE 308.623 billion, respectively.
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Egypt and IMF Agree To Merge First Two Reviews Of Economic Reform Program
Egypt has agreed with the IMF to combine the first two reviews of its economic reform program, after the first review experienced multiple delays due to questions over Egypt's progress.
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Egypt to host 8th meetings of Asian Infrastructure Investment Bank in Sharm El-Sheikh
Egypt will host the 8th annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh on 25 September.
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Egypt’s central bank holds interest rates steady amidst inflation concerns
The central bank's pause on interest rate changes signals a cautious approach to addressing the country's economic challenges.