Bank News
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Egypt central bank forecast to raise interest rates by 150 bps
The central bank raised rates by a larger-than-expected 300 bps at its last meeting on Dec. 22 and by 200 bps at a surprise meeting on Oct. 27.
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Egypt Central Bank: Pound slips to new low against dollar
Many banks within Egypt were trading at 30 Egyptian pounds for $1 earlier this month.
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Egyptian banks' high-yield certificates of deposit pull in EGP 460 billion
Proceeds from the 25 percent and 22.5 percent saving certificates of deposit offered by Banque Misr and the NBE garnered EGP 460 billion in a month.
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Egypt's parliament approves joining BRICS affiliated bank "NDB"
Egypt aims to benefit from the areas that fall within the various activities of the bank, including supporting sustainable development.
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Egypt banks stop issuance of CDs by the end of January
The search rates of citizens who wish to purchase the new Certificates of Deposit (CDs) with a return of 25 percent introduced recently have increased
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CIB tops Egyptian Exchange’s transactions with EGP 2.5bn last week
The EGX weekly report stated that the CIB's share increased 9.5% and accounted for 19.5% of the transactions, at a value of EGP 2.5bn.
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Egypt’s CBE to offer short term T-bills for EGP 35 bln on Sunday
The Central Bank of Egypt (CBE) is set to offer treasury bills (T-bills) with a combined value of EGP 35 billion through two auctions on Sunday.
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Egyptian banks collect EGP 335 billion from 25% saving certificates
Of this amount, EGP 120 billion for Banque Misr and the rest for the National Bank of Egypt (NBE).
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Russian Central Bank includes Egyptian pound in currency exchange rates list
The addition of the new currencies brought the total number of currencies listed by the Russian Central Bank at official daily rates to 43.
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Inertia Egypt secures $44.87mln bridge loan from two banks
Inertia Egypt CEO Ahmed El-Adawy reiterated the importance of supporting the real estate segment by the banking sector.
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Banque du Caire offers savings certificate with interest rate of 25%
The conditions are that the funds are to be spent at the end of the period, or 22.5 percent interest rate to be spent monthly.
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Fitch: Egypt's banking sector capable of facing repercussions of Egyptian pound depreciation
The report pointed out that the Egyptian currency may remain under pressure in 2023 due to the accumulation of imports.
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‘Positive direction’: CBE issues statement on Egypt’s current pound exchange rate
According to the CBE’s statement, it has covered more than two billion dollars of requests from Egyptian importers during the past three days.
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Central Bank of Egypt says food major driver of December 2022’s inflation of 21.3%
Annual headline urban inflation recorded an average of 13.9% in 2022 compared to 5.2% in 2021.
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Egypt’s NBE, Banque Misr to stop issuing 25% CDs before end of January
The issuance of these CDs aimed to contain the rising inflation, which is the highest in four years, by encouraging savings.
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Egypt to receive $271 mln loan from African Development Bank
MP Ahmed al-Banna said that Egypt’s food security has faced successive crises, starting with the coronavirus pandemic.
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Dollars flow into Egypt currency market after depreciation
The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the open of trade.
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Flexible exchange rate helps stabilize commodity prices, avoid random pricing
The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.
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Dollars flow into Egypt currency market after depreciation -bankers
The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the open of trade. It has since rebounded to 30.55 on Thursday
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CIB Egypt offers Certificates of Deposit with distinctive return, following NBE, Banque Misr
Commercial International Bank Egypt announced Tuesday, that it would raise the interest on Certificates of Deposit (CDs) for a year and a half.