Bank News
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CBE reports first profit in seven years
The CBE also reported a rise in total assets, reaching EGP 6.057trn in June 2024, compared to EGP 4.480trn in June 2023, an increase of EGP 1.6trn.
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Egyptian banking sector records $13.25bn NFA surplus in July, marking continued growth
This marks an increase from the previous month’s surplus of $13.02bn (EGP 626.6bn) in June.
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Arab African International Bank reports net profit of USD 156MM
Arab African International Bank reports its separate financial statements for the first half of 2024 with a net profit of USD 156MM.
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IMF eases support package conditions for Egypt
This new review involves easing some of the fund’s criteria, and is part of the two reviews the IMF conducts per year before disbursing funds.
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CBE clarifies limits on foreign and domestic currency exchange
The bank emphasized that it had previously increased the daily withdrawal limit for domestic currency from ATMs to LE30,000 in April.
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CBE Withdraws Liquidity from Banks worth EGP 1.058 Trillion
31 banks offered bids worth EGP 1.058 trillion on Tuesday, and 100% of the bids submitted by the banks were accepted.
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All you need to know about key CBE figures on Egypt payments balance
Egypt’s overall balance of payments registered a surplus of $ 4.1 billion in the July-March period of the 2023/2024 fiscal year, from a $ 281.9 m.
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Egypt to issue EGP 2 note in FY2024/2025
Egypt will issue a EGP 2 note in FY2024/2025 to facilitate holding the small currency, according to Asharq Business with Bloomberg.
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President Sisi reappoints Hassan Abdallah in 3rd term as CBE acting governor
President Abdel-Fattah El-Sisi issued a decree to renew the tenure of Hassan Abdallah as the Central Bank of Egypt's (CBE) acting governor.
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Egypt central bank sells €609.8 mln in euro-denominated T-bills
The Central Bank of Egypt (CBE) sold on Tuesday 609.8 million euros in euro-denominated treasury bills (T-bills), with a 364-day maturity period.
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Central Bank of Egypt Facilitates Bank Account Opening for Non-Resident Foreign Customers
According to the CBE’s laws, banks are currently required to open accounts for foreign customers who are not residents of Egypt if they requested.
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CBE allows non-residing foreigners to open bank accounts in Egypt
CBE directed banks in Egypt to open accounts for foreign clients who are not residents of Egypt, allowing them to benefit from the various services.
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EBRD, donors and Crédit Agricole Egypt boost green investments in Egypt
EBRD and GCF boost small businesses and green investments in Egypt, with a US$ 20 million loan to Crédit Agricole Egypt.
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Egypt's banking sector achieves LE 626.6B surplus in net foreign assets
Notably, May's surplus was the first since January 2022 when a surplus of EGP 9.674 billion was noted.
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IBAG partners with Banque Du Caire to increase Egyptian expats’ remittances
This partnership aims to attract new customers from many social segments to support the financial inclusion initiative.
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Egypt Receives Third Tranche from IMF worth $820 Million
The International Monetary Fund announced the completion of a review that allows Egypt to withdraw $820 million.
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IMF adjusts Egypt’s economic forecast with more positive outlook post-3rd review
In a report released last week, the IMF had predicted a 2.7 percent growth in FY2024/2025 and a slightly improved 4.1 percent in FY2025/2026.
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US Dollar rate against EGP hits its highest level in almost four months
The US dollar rate against the Egyptian Pound (EGP) hit its highest level on Wednesday since April.
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Egypt met all IMF requirements for 3rd review of $8 bln loan program
The roundtable was held a day after the IMF completed the third review of the Extended Fund Facility (EFF) loan program for Egypt.
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IMF approves release of $820 million for Egypt, calls for more reforms
Egypt says it has shifted to a flexible exchange rate regime, a policy the IMF said on Monday remains "a cornerstone of the authorities' program."