Bank News
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Egypt raises customs dollar exchange rate to EGP 18.64
The Ministry of Finance raised the customs dollar exchange rate to EGP 18.64 from EGP 17 starting Wednesday's transaction.
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Egypt hosts IsDB’s annual meetings for first time since 1990s
The annual meetings of the Islamic Development Bank (IsDB) Group kicked off on Wednesday in Sharm El-Sheikh, Egypt hosts for 1st time since 1991.
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CBE raising interest rates by 2% explained
MPC decided that raising policy rates is necessary to contain inflationary pressures, which is consistent with achieving price stability.
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HSBC launches $1bn lending fund for female entrepreneurs in Egypt
This comes alongside the introduction of the ‘HSBC Roar Initiative’, which enables female entrepreneurs to access a series of masterclasses.
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Egypt announces plan to boost economy against global crisis
The Prime Minister explained that foreign direct investments decreased due to the global economic and the Russian-Ukrainian crises.
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MDI aims to become Egypt’s first fully digital bank
A new banking challenger, Misr Digital Innovation (MDI), is gearing up for launch in Egypt as the country’s first fully digital bank.
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Egypt plans to issue Chinese Yuan-dominated bonds
Minister of Finance Mohamed Maait announced that the government is considering issuing Yuan-dominated bonds that will target Chinese market.
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Q&A on Egypt’s FY 2022/23 budget
On 1 July, Egypt’s FY 2022/23 budget will be rolled out with a total value of EGP 9.2 trillion, the highest in the country’s history, growing by 16.3.
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ABE completes preparations ahead of wheat harvest season
The bank is also facilitating supply operations from farmers and receiving all wheat supplied from them.
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Egypt’s annual headline inflation continues to rise
Egypt’s headline annual inflation rate registered 12.1 percent in March of this year compared to 4.8 percent in March of last year.
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Egypt, EIB cooperation portfolio amounts to €7bn
We look forward to the bank’s efforts to reduce the cost of green finance in developing countries: Finance Minister.
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Saudi Arabia deposits $5 billion in Egypt's central bank
Last week Egypt said it was in talks with the International Monetary Fund for potential funds and technical support to hedge.
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Egyptians can now transfer money instantly with the CBE’s new app
The application was developed by Egyptian Banks Company, the CBE’s technological arm, under the guidance of its umbrella company.
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Egypt issues Japanese Yen-dominated bonds worth $500 mln
Egypt issued on Thursday Japanese Yen*-dominated bonds with a total of $500 million, the first of their kind in Egypt and the Middle East.
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Egypt's central bank raises interest rates
The Central Bank of Egypt has raised its key interest rate for the first time since 2017, citing inflationary pressures triggered by the coronavirus.
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UAE bank's bid for Egypt's 'national champion' EFG may be too low
This is given the EFGH outsized influence over Egypt's financial markets and supercharged growth of its fintech businesses.
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Egypt’s banks provided EGP 253 bln in finances
Egypt banks extended finances worth EGP 253 billion to about 8,800 beneficiaries in the industrial, agricultural and construction sectors by end 2021.
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HSBC, Citi among banks selected for Egypt’s first islamic bonds
Egypt has named six international lenders, including Citigroup Inc. and HSBC Holdings Plc, to manage its first sale of sovereign Islamic bonds.
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Suez Canal Bank records 6% by end of 2021
he bank injected EGP 2bn into the initiatives of the Central Bank for Industry, Contracting, and Tourism.
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EBRD approves new country strategy for Egypt through 2027
The board of directors of the European Bank for Reconstruction and Development (EBRD) approved its country strategy for Egypt through 2027.