Bank News
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NBE, Banque Misr raise interest rates on dollar certificates
The yield of golden certificates (three-year term starting from $500) will reach 5.30% annually, 5.25% biannually, 5.20% quarterly or 5.15% monthly.
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Egypt Banks set withdrawal limits on using ATM cards abroad
Banks spotted manipulation practices from some companies and individuals using their cards to withdraw foreign exchange abroad.
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Egypt top destination for EBRD investment in region
The EBRD’s volume of investments in Egypt – a founding member of the bank – stands at nearly one billion Euros annually.
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How will Egypt’s decision to maintain interest rates, raise reserve requirement affect the economy?
CBE recently decided to keep interest rates unchanged and raise the Reserve Requirement (RR) ratio for the first time in five years.
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Egypt’s CBE maintains key interest rates
On the global level, the CBE said that forecasts for global economic activity have been dampened due to the conflict between Russia and Ukraine.
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Egypt's economy achieved positive growth rates in 2021/22
Egypt achieved a primary surplus in FY 2021/2022, amounting to 1.3 percent of GDP.
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POLL-Egypt's central bank to raise interest rates by 100 bps
The median forecast in a poll of 15 analysts is for the bank to raise its deposit rate to 12.25% and its lending rate to 13.25%.
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EBRD supports Egypt’s green economy with $100m loan
The loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt and will support an expansion of green lending.
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Egypt's annual inflation rate up by 16.7% in August
The Central Bank of Egypt (CBE) announced that the annual inflation rate rose by 16.7 percent in August, compared to 15.6 percent in July.
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EBRD President Says Bank Invested $10 Bln in Egypt
EBRD President added that Egypt is going through a period of transformation that is highly competitive.
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Egypt's Housing & Development Bank sees over $1mln block trading deal
In the first half of 2022, HD Bank reported higher consolidated net profits by 29.9% annually.
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Egypt’s GDP grew to over 410 bln USD
GDP in the fiscal year from July 1, 2021 to June 30, 2022 increased more than three times from the fiscal year 2013-2014.
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13 banks in Egypt report EGP 21.778bn net profits
CIB tops list in terms of net profit at EGP 7.773bn, followed by QNB Alahli by EGP 4.754bn.
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Egypt 3rd strongest economy in Arab world
Secretary General of the Union of Arab Banks (UAB) Wissam Fattouh said that Egypt came in the third position after Saudi Arabia and the UAE.
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CBE raises maximum withdrawal limit from bank branches
Central Bank of Egypt (CBE) raised the maximum daily withdrawal limit for individuals and companies from bank branches from LE50,000 to LE150,000.
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Central Bank expounds Egypt’s external debt in 1Q 2022
By residual maturity, short-term debt amounted to about $42.2bln in March 2022.
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Egypt Commercial International Bank launches instant payments
In June 2022, the total value of payments through the InstaPay app reached nearly EGP 2.6bn and the number of transactions and increase of 500%.
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Why did CBE keep interest rates unchanged?
The decision came despite the expectations that went towards raising the rates by 50 or 100 basis points
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President Sisi names veteran banker as caretaker of CBE
El-Sisi named Hassan Abdalla to succeed Tarek Amer, who had held the post since 2015.
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Suez Canal Bank accepting applications for 4th Launch SaaS
The bank supports start-ups that provide innovative solutions in areas of digital transformation, fintech, and climate change.