Bank News
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Egyptian pound to be devalued in September/October: Morgan Stanley
US investment bank Morgan Stanley anticipates that the Egyptian pound’s exchange rate against foreign currencies will further decline.
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Egypt's banks offer fee-free accounts with no minimum deposit until mid-August
This is in light of the Central Bank of Egypt’s (CBE) celebration of International Youth Day on 12 August.
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Egypt's net foreign assets deficit soars 125 percent to $27 bln over a year: CBE
The deficit in Egypt's net foreign assets surged by over 125 percent on a yearly basis in June, according to data released by the CBE.
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Egypt government debt-to-GDP estimated at 97% in FY2022/23: Finance minister
Egypt's government debt-to-GDP ratio is expected to reach 97 percent at the end of June 2023, according to Minister of Finance Mohamed Maait.
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Abu Dhabi Islamic Bank Egypt names Minister Al-Mashat as board member
Egyptian Minister of International Cooperation Rania Al-Mashat has been appointed as a member of the board of directors of the Abu Dhabi Islamic Bank.
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Egypt’s Central Bank, Vietnam’s SBV ink MoU to boost cooperation
Lu Quand led a delegation to Egypt to discuss ways to boost its cooperation with the Arab country in the trade sector.
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Egypt launches ‘Ubuntu Iniatiative’ to help countries ease debt burdens
The title comes from the South African philosophy of “Ubuntu”, which translates to “I am because you are” and reflects the shared struggles of mankind
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Fitch Affirms Banque du Caire at 'B'; Outlook Negative
Fitch Ratings has affirmed Banque du Caire S.A.E.'s (BDC) Long-Term Issuer Default Rating (IDR) at 'B' with a Negative Outlook, and Viability Rating.
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As deficit soars, Egypt expands money supply, fuelling inflation
Central bank figures show "M1" money supply, which includes domestic currency in circulation and demand deposits in Egyptian pounds.
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EBRD provides over $530 mln to Egyptian state banks, equity fund
EBRD provided $532.5 million in soft development financing to two Egyptian state-owned banks and an equity fund.
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Egypt could apply flexible exchange rate by end of 2023: MP
The Central Bank of Egypt is considering implementating a flexible exchange rate policy by the end of 2023.
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GICs enable banks to stay competitive in fast-paced world: Mashreq’s MGN Egypt Head
GICs, also known as Global Capability Centers, are specialized entities established by companies in various locations around the world.
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Egypt's Commercial International Bank secures $250 mln loans from IFC
Commercial International Bank (CIB) has announced receiving $250 million in long-term loans from the International Finance Corporation (IFC).
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Agricultural Bank of Egypt, MSMEDA sign financing contract worth EGP 60m
Egyptian Family Development Initiative aims primarily to improve population and control its growth rates.
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Foreign exchange reserves increase to US$34.806 billion: Central Bank of Egypt
The CBE said that the value of foreign currencies included in the cash reserve rose to $27.044 billion at the end of June, compared to $26.686 billion
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Afriexim Bank: Egypt's Accession to African Payments System Boosts Import in Local Currency
Egyptian companies have an opportunity to capitalize on infrastructure projects in Africa that need more than $60 billion in funding.
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Is Egypt devaluing its currency anytime soon?
Speculations have gone viral about the possibility of Egypt devaluing its own currency.
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Egyptians Withdrew EGP 35.2 Billion from ATMs in Two Weeks
Withdrawals reached their climax on Sunday, June 25, with more than 1.6 million withdrawals at an amount of EGP 4.22 billion pounds in one day.
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Egypt-IMF deal stalls as devaluation rides on FX supply boost
When Egypt agreed a $3bn, 46-month financial support package with the IMF back in December, it vowed to adopt a flexible exchange rate regime.
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Finance Min.: EGP 50 Million of Coins Offered to Avoid Change Shortage on Eid al-Adha
The minister added that the Treasury and Mint Authority witnessed during the past few years an unprecedented boom in the field of "digitization".