Bank News
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Egypt’s economy set for a rebound in 2022
Egypt’s main sources of foreign exchange will remain under pressure as tourism and Suez Canal receipts still struggle amid the pandemic.
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The 6 CBE rules for issuing electronic currencies
The permission is only limited to banks under CBE supervision and upon its consent.
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NBK-Egypt launches new corporate banking solution
The NBK was founded in 1952 as the first indigenous bank and the first joint-stock company in Kuwait and the Gulf Region; it is considered the largest
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EBRD to support Egypt's green and sustainable economy
The European Bank for Reconstruction and Development (EBRD) is one of Egypt’s largest financial partners.
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2021-2022 draft budget handed to president for review
The budget aims to support investments, especially in projects that offers support to rural areas and cater to the development of Upper Egypt.
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IMF completes Egypt’s SBA loan review, $1.6 bln to be disbursed
The IMF said that Egyptian authorities have managed well the COVID-19 crisis and related disruption to economic activity.
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HSBC expects Egypt to build on growth momentum during 2021
The event held at a critical time for the global economy, with countries around the world ending 2020 with increasing COVID-19 cases.
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Egypt cuts interest rates
Egypt’s central bank cut its main interest rates by 50 basis points to support an economy badly hit by the coronavirus pandemic.
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Egypt set to issue its first sovereign Islamic sukuk
The move is part of the finance ministry’s plan to diversify its base of investors who want to invest in governmental financial securities.
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Egypt cuts interest rates by 50 bps as inflation subsides
The bank’s Monetary Policy Committee (MPC) reduced the lending rate to 9.75 percent and the deposit rate to 8.75 percent.
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Egypt’s new banking law comes into force after Al-Sisi’s ratification
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years.
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Egypt's Faisal Islamic Bank records $7.15bln in business volume during August
The number of customer accounts grew to about 1.775mln in August 2020.
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10 Things Goldman Sachs said about Egypt economy
What will CBE do about interest rates? Goldman Sachs predicted it in their new report where they hailed Egyptian economy as a strong emerging market.
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Bahrain's ABC joins race to buy Blom's Egypt business
HSBC is advising Bank ABC on the talks, two sources familiar with the deal told Reuters. HSBC declined to comment.
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Egypt's Commercial International Bank buys 51% of Kenya's Mayfair
CIB is the first Egyptian bank to venture into the Kenyan market.
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CBE launches electronic payment initiative to curb corona virus
The initiative also enables new and existing bank customers to make transfers, purchases and cash withdrawals from ATMs for free.
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CBE has liquidity enough to support national economy
Egyptian banks have liquidity allowing them to grant loans and support the national economy.
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HSBC launches SWIFT gpi technology in Egypt
HSBC Egypt has joined SWIFT global payments innovation service (gpi), enabling greater digital tracking, speed, and certainty of cross-border payments
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Egypt- HSBC, Citibank compete to assess Siemens power plants
Egypt's SWF plans to obtain a 30% stake in power plants implemented by the German company Siemens.
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Egypt- Banque du Caire inaugurates two business development centres
The initiative aims to encourage young people to establish successful projects and support small projects in the informal sector.