Bank News
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Egypt issues EGP 13.25 billion in treasury bills
Egypt's finance ministry said a 91-day-term treasury bill was issued worth EGP 6.5 billion with an average yield of 18.984% from 19.001%.
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Egypt to raise banks’ reserve requirement as it battles soaring inflation
The reserve ratio, used to control money supply, will increase to 14 percent from 10 percent from Oct. 10.
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Foreign exchange reserves up by $392m at end of September
The foreign exchange reserves increased by more than $21bn over the past 14 months, where it stood at about $15.5bn in July 2016.
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Egypt's central bank increases reserve requirement on deposits to 14%
The new ratio is effective starting on 10 October, the bank said in a statement.
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Major European investment funds to inject cash in Egypt as economy recovers
Minster of Finance Amr El-Garhy meets with investors to discuss further opportunities.
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US dollar exchange rates witness slight decline
A recent report by CNN Arabia revealed that prices of the US dollar are likely to surge to LE 19 by 2018 and EGP 20 by 2019.
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Egypt's net FDI rises 14.5 pct in 2016-2017
FDI rose to $7.9 billion in the 2016-2017 fiscal year that ended on June 30.This is well below Egypt’s target of $10 billion.
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Egypt reserves reach record high of over USD 36 billion
The increase is equal to the reserves in 2010 and this figure is 4.7 billion dollars higher compared to the previous month.
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Egypt investment bank gets brokerage licence
EFG-Hermes has been licensed to operate a stockbroker unit in Kenya with an eye on an investment bank permit.
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Egypt receives final $1.25 bln in first tranche of IMF loan
According to an informed source at the CBE, the bank received the installment on Tuesday.
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Egypt’s economy shows signs of vigour: BNP Paribas
Inflation isn’t the only reason behind the soaring inflation,the increase in the prices of semi-finished goods and commodities is also to blame.
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Egypt’s foreign reserves continue to rise registering $31.3 bln in June
Egypt's foreign reserves continued to climb registering $31.305 billion at the end of June and edging closer to pre-2011 levels of $36 billion.
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Are Egypt’s IMF-imposed reforms working for people?
With the increasing strain on the people, more are wondering whether IMF straitjacket is too restrictive for Egypt’s ordinary citizens.
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Egypt central bank removes foreign currency transfer limit
The central bank statement did not comment on the status of the $50,000 deposit cap for some importers.
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Egypt's economy trapped in vicious cycle of IMF debts
Egypt expecting a new rise of prices due to the IMF loan requirements, while the country has not yet recovered from previous economic decisions.
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Banks offering e-services have best retail banking
CIB) topped the Business News index for best retail bank for the 2nd year in a row followed by NBE that has the most widespread ATMs.
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Raising interest rates shakes markets, disturbs business community
Businesspeople outraged amid expectations that debt payments will increase by EGP 30bn.
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Egypt’s Central Bank raises interest rate by 2 pct
The statement added that the credit rate was also raised by 200 points to 17.25.
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Credit Agricole not considering leaving Egyptian market
We have launched our activities in the Egyptian market 10 years ago and seek to continue and expand it, says Drion.
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Egypt central bank to cancel $100,000 individual bank transfer limit
"We have no need for foreign currency limits" Egypt's central bank governor Tarek Amer said.