Bank News
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Finance minister discusses economic reforms with IMF
Minister of Finance Ahmed Kouchouk discussed in a meeting with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.
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Egypt central bank to begin cutting interest rates in September
Egypt’s growth indicators are ticking up, the currency is stable, and external finances are correcting sharply, time for an interest rate cut.
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Gulf banks look to Egypt, says Fitch
They look to diversify their business models and boost profits. Fitch believes that several banks in the GCC are seeking to acquire Egyptian banks.
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Egypt Sees Largest Historical Decline in Foreign Debt Value
Net foreign assets represent the assets of the Central Bank of Egypt and the country's commercial banks, held by non-residents, minus their liability.
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CBE approves launch of Egypt’s first digital bank
Onebank will provide customers with fully digitalised banking services, with 24/7 online availability.
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IMF lowers projections for Egypt real GDP growth by 0.3% in FY23/24, FY24/25
In April, the IMF maintained its projection for Egypt’s real GDP growth in 2024 at 3 percent, declining by 0.8 percent compared to 2023 estimation.
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EBRD provides US $130 million loan to Coca-Cola HBC in Egypt
In Egypt, 26.5 per cent of youth are unemployed and many employed individuals tend to work in jobs that lack job security and stability.
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Egypt's IMF loan payout delayed by final details amid difficult environment
The board approval for the third review of Egypt's expanded $8 billion loan program was originally expected on July 10.
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ADIB-Egypt increases card usage limits, reduces foreign currency transaction fees
The cash withdrawal limit for international transactions remains at $50 for most cards.
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Fitch Solutions expects CBE to keep interest rates on hold till end of 2024
BMI, a Fitch Solutions company, expected the Central Bank of Egypt (CBE) to keep its monetary tightening policy on hold.
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Banks operating in Egypt showed significant growth
The net open foreign currency positions as a percentage of total capital base improved significantly to 5.7 percent in March 2024.
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Egypt int'l reserves hit new record at end-May
Egypt's net international reserves (NIRs) rose to $46,3 billion at the end of June, the highest level since the COVID-19 pandemic outbreak.
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Bringing down prices: Government and Central Bank prioritize inflation relief
Al-Homsani explained that the meeting focused on discussing the collaborative efforts between the government and the Central Bank.
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Banks’ Finance Portfolios for MSMEs Grow 362% in 6 Years
CBE added the growth rates of financial inclusion for youth (age group from 16 to 35 years) reached about 48.5% during the period from 2020 to 2023.
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IMF Executive Board to discuss Egypt 3rd review under $8 bln EFF loan 10 July
Once approved by the Executive Board, the IMF will disburse $820 million as a third tranche of the loan to Egypt.
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NBE, Banque Misr, CIB raise credit cards’ limits for int’l purchases inside, outside Egypt
Some state-owned and private banks in Egypt raised on Tuesday the limits of credit cards when being used abroad.
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What did CBE do to reduce and stabilise prices?
CBE impact on market stability, price reduction, and inflation control is evident through several measures adopted in coordination with state agencies
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CBE unveils $1bln debt instruments after Eid holiday
The first auctions stood at EGP 25 billion and will mature in 182 days on 24 December this year, according to official data.
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Banks, Stock Exchange Resume Work Sunday
Bank working hours begin after the end of the Eid Al-Adha holiday at 9 am for banks until 2 pm.
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Egypt Pumps EGP 20 Million in Coins to Avoid Change Shortage on Eid al-Adha
The Ministry of Finance confirmed that 20 million pounds “change” was issued in coins on the occasion of Eid Al-Adha.