Bank News
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Egypt orders ministries to curb spending amid foreign currency crunch
The health, interior, foreign, and defence ministries are exempted, as well as agencies tasked with expenditure on subsidised food products and energy
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Economist expects National Bank of Egypt, Banque Misr to collect EGP1 trillion within 3 weeks
He pointed out that the new certificates offered by Banque Misr and Al-Ahly Bank, at a rate of 25%, contribute to collecting funds.
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Egypt commits to IMF to slow projects, increase fuel prices
In a letter of intent to the IMF dated Nov. 30, the government said it sought the support after the war in Ukraine increased existing vulnerabilities.
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Egypt to receive the second tranche of IMF’s $3 bln loan by end of March
The IMF approved in December a 46-month loan for Egypt under the Fund’s Extended Fund Facility (EFF) to address the impacts of the war in Ukraine.
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HD Bank registers block trading worth over $1.74mln
The transaction was carried out on 1.90mln of the bank’s shares.
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All you need to know about Egypt’s commitments, targets under new IMF programme
The report detailed the main targets and commitments the government has pledged under the four-year programme.
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World Bank: Egypt's economic reforms helpful in overcoming int'l crisis
Reforms since 2014 ease macroeconomic imbalances, enhance performance of energy sector, and mobilize financing enabled the country to face crises.
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Proceeds from high yield saving certificates in NBE and BM reach nearly EGP 100 billion in just 48 hours
The certificates are also available at a 22.5 percent yield for monthly disbursement.
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Egyptian banks collect EGP 24 billion from 25% certificates within two days
The head of Banque Misr confirmed that this scenario had been repeated before, as banks offered certificates and savings with a 20% return in 2017.
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Abu Dhabi Islamic Bank increases stake in its Egyptian unit to more than 52%
With more than Dh147 billion ($40 billion) in assets at the end of September, ADIB is also active in Saudi Arabia, the UK, Sudan and Iraq.
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Bank ABC finalizes legal merger with BLOM Bank Egypt
Bahrani Arab Banking Corporation (Bank ABC) has completed the legal merger of its two Egyptian subsidiaries BLOM Bank Egypt and Bank ABC Egypt.
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What is the aim of Banque Misr’s one-year savings certificate at 25% interest rate return?
Economists said that Banque Misr’s announcement on Wednesday of a one-year savings certificate with 25 interest rate will help to curb inflation.
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National Bank of Egypt and Banque Misr to open on Friday, Sunday to sell 25% saving certificates
NBE announced on Thursday that 140 of its branches nationwide will be opened on both Friday (from 2 PM to 6 PM) and on Sunday (from 9 AM to 3 PM).
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UAE’s ADIB now owns more than 52% of Egyptian unit
Bank confirms acquisition of additional 2.4% stake in ADIB Egypt.
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NBE, Banque Misr issue 25% saving certificates for a year
This is the highest ever in Egypt. return of the certificate is paid at 25% interest at the end of the term, or at a monthly rate of 22.5%.
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Bank ABC Egypt targets new era of growth following completion of legal merger with BLOM Bank
The two banks have now become a single legal entity after receiving final regulatory approvals, including those of the Central Bank of Egypt.
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Egypt’s central bank announces increase in its gold reserves
The Central Bank announced that the balance of foreign exchange reserves increased to $34.002 billion at the end of December 2022.
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Central Bank of Egypt to issue $850m US dollar-denominated T-bills
The CBE uses the proceeds of this T-bills bid to pay the value of a previous bid submitted by the bank on 4 January 2022 at a value of $852.9m.
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Gov't assures citizens US dollar crisis on Its way to a solution
The ability of the banking sector to deal with the current situation contributed to the release of commodities worth more than six billion dollars.
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Bank liquidity in Egypt increases to EGP 7.318trn in November 2022
A recent report by CBE revealed that the money supply recorded EGP 1.692trn in November, compared to EGP 1.382trn in December 2021.