Bank News
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STC’s Giza Systems to spend up to USD 40 mn on acquisitions in 2023. PLUS: Al Baraka Bank + BdC’s Taly?
Giza Systems will target companies that have a significant presence in the Saudi market as well as an Egypt-based workforce.
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Kuwait extends maturity of $2bn deposit at CBE to September 2023
The report on the external situation of the Egyptian economy revealed that Kuwait had two deposits at the Central Bank of Egypt, worth $4bn.
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Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
A microfinance company will also be launched before the end of the second quarter of this year.
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CBE Launches New Website
The action is consistent with both international best practices and the Central Bank of Egypt's (CBE) ambition to stay current with technology.
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IMF Prepares for First Review of Egypt's Programme
Among the main commitments Egypt made for the loan were a permanent shift to a flexible exchange rate regime and wide-ranging structural reforms.
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HSBC report expects significant rise in interest rates in Egypt
Report issued by HSBC expects the Central Bank of Egypt to raise the interest rate by 3 percent at the Monetary Policy Committee meeting end of March.
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Egypt becomes a member of the BRICS New Development Bank
Joins the original five members plus Bangladesh and UAE in acquiring a position within the BRICS bank equity
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World Bank agrees $7 bln, 5-year partnership with Egypt
The agreement will focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change.
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New working hours for banks during Ramadan
The Central Bank of Egypt (CBE) has announced the banks’ working hours during the holy month of Ramadan, which is expected to start on Thursday.
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Egyptian Financial Regulatory Authority sharpens focus on sustainability with UK banking alliance
The MOU will improve the efficiency of and provide support for Egyptian non-banking financial services markets.
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CIB general assembly approves appointing Hisham Ezz Al-Arab as non-executive Chairman
The CIB said then that Ezz Al-Arab will come as a successor to Sherif Sami, who will continue as a non-executive member of the Bank’s Board.
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IFC's Vice President visits Egypt Monday, discusses private sector's contribution to economy
The IFC has a growing investment portfolio amounting to about $1.5 billion in investment projects in Egypt.
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CBE: Mothers Allowed to Open Accounts for Minor Children
The Central Bank stated that it is working continuously to remove all difficulties or restrictions that may prevent women from obtaining banking.
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Egypt to Join BRICS Development Bank to Cut Dollar Reliance
Egypt's joining of the BRICS New Development Bank will relieve the state budget of the pressure of finding US dollars to meet the country's imports.
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AUBE Reports 2022 Full Year Results, Recording 73.6% Growth in consolidated Net Profit Up To 2.04bn
The loans and advances portfolio surged by 36.5% during 2022, reaching EGP 53.9 bn as of 31 Dec. 2022.
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Profits of banks operating in Egypt hit LE130.8B by end of 2022
The net activity revenues amounted to about LE 407.592 billion, compared to LE 272.230 billion.
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Egypt approves increase in EBRD grant for first line of Cairo Metro
The grant aims at improving a number of practices, including a program for asset management, safety and companies' development.
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Banks' investments in securities, T-bills reach LE 4.428T by end of 2022
The CBE stated that the volume of investments of the largest 10 banks in these instruments amounted to about LE 3.533 trillion.
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What has Egypt fulfilled ahead of the IMF first review ?
New tax measures will be implemented in FY2023/24 (starting July 2023) to increase tax revenues by 0.3 percent of the GDP.
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Egypt awaits disbursement of IMF loan's 2nd tranche
It is scheduled that the value of the second tranche of the loan will be the same as the value of the first tranche, which is $347 million.