Bank News
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Central Bank of Egypt ends Letter of Credit system for importing
The CBE announced that it would begin a process of phasing out letters of credit system for import finance by the end of December.
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EBank seeks 18% higher profits in 2023
The bank estimates to achieve a net income of EGP 4.032 billion in 2023.
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The Egyptian Banking Institute signs a cooperation agreement with Talogy
In alignment with EBI's strategy for developing the human capital in the Egyptian banking ecosystem.
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Egypt's central bank taking action to regulate forex market
The bank had observed "illegal practices related to the foreign exchange market" and illegal attempts to make quick profits, its statement said.
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Egypt's central bank makes exemptions for limits on cash withdrawal overseas
The limits on cash withdrawals in foreign currency were lifted for expats who need the cash for medical treatment or education.
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NBE denies issuing savings certificates with a return of 20%
The bank does not plan issuing higher savings certificates in the present time.
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Egypt's general budget achieves primary surplus LE 10.2bln at 0.1% of GDP
The growth came thanks to an increase in budget revenues by 15.6% during the first quarter of the current fiscal year.
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CBE explains reasons for rising interest rates
Many central banks abroad have now signaled that inflation rates may have peaked and begun to decline.
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World Bank okays $500 mln in financing for Egypt’s Takaful and Karama social protection programme
The WB announced on Friday $500 million in financing dedicated to expanding and strengthening Egypt’s flagship Takaful and Karama social safety.
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Egypt's central bank increases key interest rates by 3%, maintains inflation target at 7% through 4Q of 2024
Analysts had expected that the MPC would raise the interest rates by a maximum of 2 percent (200 bps) to rein in inflation.
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Fintech Galaxy buys Egypt’s open banking platform Underlie
Underlie is an open banking platform, which offers application programming interfaces (APIs) to banks and businesses.
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Central Bank of Egypt sets new measures for fraudulent and abusive use of credit, debit cards overseas
The Central Bank of Egypt (CBE) has set new measures meant to ban the fraudulent and abusive use of credit and debit cards outside the country.
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Real Estate Investment Fund 1 launched
Real Estate Investment Fund 1 signed a deal to purchase commercial real estate assets from Talaat Moustafa Group in Al-Rehab City and Madinaty.
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Egypt's central bank seen raising interest rates by 200 bps
The median forecast in a poll of 12 analysts is for the bank to raise its deposit rate to 15.25% and its lending rate to 16.25%.
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European Bank for Reconstruction and Development grants $40mln loan to Angel Yeast Egypt
The bank noted that the loan would promote diversification and enhancement of the company’s value chain by adding new suppliers from private sector.
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IMF looks for 'a shift flexible exchange rates' in Egypt after end of December
The Egyptian government filed for the new IMF loan in March to address the severe impacts of the Russian-Ukrainian war on the country’s economy.
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Exchange rate flexibility is important for Egypt: IMF
A heavily managed exchange rate has not served Egypt well. It has led to periods of building imbalances.
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FEI head commends CBE decision to stop funding loans
CBE is not responsible for backing such initiatives, but it is a must that the government offers backing to such sector.
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Egypt: Banque du Caire registers $117.65mln in Q3-22 net profits
The bank's net income from returns grew by 19% annually in Q3-22.
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Saudi sovereign wealth fund in talks to acquire Egyptian bank for $600mln
The $620 billion sovereign wealth fund would carry out the transaction through the Saudi Egyptian Investment Company (SEIC).