Bank News
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NBE, Banque Misr offer new dollar certificates
Banque Misr and the National Bank of Egypt are now offering up new US dollar savings certificates, characterized by high returns.
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Due diligence on Egypt’s United Bank to kickstart end of September: CBE
The due diligence for the acquisition of the United Bank is scheduled to start by the end of September 2023.
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Egypt authorizes IFC to issue local currency bonds in global markets
The Egyptian Cabinet has approved permitting the IFC, to issue Egyptian pound bonds in international markets.
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Egyptian President extends Hassan Abdalla's term for one year
Abdalla succeeded the former governor Tarek Amer, who resigned from the position a year before the end of his term.
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Egypt: Saib Bank reports 78% growth in profits in 1H 2023
The bank’s financial statements revealed an increase in net income from return in local currency by 58%.
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NBE raises return on triple savings certificate to 19.5%
The periodicity of disbursing the return on this type of certificate is quarterly, the minimum purchase period and duration is 3 years.
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Al Baraka Bank records $51mln in profits in 1H 2023, with 38% growth
The standalone financial indicators of Al Baraka Bank during the first half of 2023 showed that a rate of return on average assets was achieved by 2.2
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Egyptian pound devaluation expected amid inflation concerns, interest rates rise: Capital Economics
The sudden 100 basis point hike, raising the rates to 19.25 percent, took the majority of analysts, including Capital Economics, by surprise.
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Egypt's central bank auctions €600 mln in treasury bills on Monday
The Central Bank of Egypt (CBE) auctioned €600 million ($656.29 million) worth of treasury bills on Monday, according to the bank's website.
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IMF to review Egypt’s reform program twice in September
The IMF’s first review was originally scheduled for March, but failed to take place.
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Egyptian banks poised for African expansion
This follows the increase in minimum operating capital required by the central bank, currently at E£5bn.
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Central Bank of Egypt partners with London Banking Institute for talent development
The MOU will focus on collaboration on talent development for the workers in the Egyptian financial sector,
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NBE offers buying EgyptAir tickets in installments over 12 months
In order to obtain the offer, the buyer should use the credit cards of the National Bank of Egypt to pay the first installment of the third month.
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Egyptian Bonds Seize Biggest Gains in Emerging Markets after Rate Hike
The bonds due in February 2026 increased about 0.9 cents on the dollar to 53.4, snapping its biggest gain since July 14.
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Egyptian Banks to Raise Rates to 19.5% following CBE's Decision
The interest rate on the platinum certificate with a variable return offered through the NBE is expected to increase from 18.5% to 19.5%.
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Egypt’s central bank raises interest rates by 1%
The rates of the overnight deposit and lending return were raised by 100 basis points, to reach 19.25%, 20.25% and 19.75%, respectively.
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CIB launches 6 percent 1-year USD certificates in Egypt
The Commercial International Bank (CIB) launched Thursday a one-year USD-denominated certificate of deposits (CDs) with a monthly yield of 6 percent.
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Crédit Agricole Egypt generates over $81mln consolidated profits in H1-23
In the January-March 2023 period, the EGX-listed bank posted a 148.96% leap in consolidated net profit.
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Will Egyptian banks offer new high-yield CDs?
Metwally added that after the decision, the variable interest rates on deposits will rise directly by one percent.
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EBRD invests €27 mln in Egyptian bonds to finance municipal infrastructure
The European Bank for Reconstruction and Development (EBRD) has invested €27 million in securitized bonds issued in Egypt.