Bank News
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Egypt's oldest bank sets up base in Chinese port city
Banque Misr as officially opened its Guangzhou office in Guangdong province to help promote trade and financial activities between the two countries.
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Egypt's CIB completes $40 mln sale of investment banking unit
CI Capital's market value totalled about 950 million pounds and that it had completed the transfer of 74.75 percent of the shares, retaining 25%.
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Egypt, World Bank launch $500 million Upper Egypt development programme
The programme will focus on the governorates of Qena and Sohag, which are among the poorest in the country.
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World bank disburses another $1 billion loan to Egypt
World Bank issued the first $1 billion tranche of the loan in 2015 ut of its $3 billion loan programme with the country.
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Market awaits changes in bank leadership in mid April
Banks will present their recommendations to the CBE’s governor, since the law allows the latter to reject officials.
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Egypt parliamentary committee expects dollar to cost EGP 13 this summer
The Planning and Budget Committee says the country's IMF reforms have begun to pay off, depressing demand for USD and causing its value to drop 5%.
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IMF to release staff report on Egypt's $12 bln loan agreement
The IMF deal was approved by the cabinet on 11 January, but is yet to be approved by parliament.
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Switzerland unblocks 180m francs frozen in Egypt probe
Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remains frozen.
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How will Egypt’s stock market react to recent bombings?
Recent worldwide events, including the Istanbul bombing, will shield the Egyptian stock market from any potential repercussions of the church bombing.
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Egypt's banks raise $3 bln since pound float decision
CBE had decided in early November to float the pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage
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EFG Hermes takes over management of HSBC Egypt money market fund
The mandate brings the division’s Egypt-focused assets under management (AUM) to EGP 10.5 billion.
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IMF chief hails Egypt austerity, urges approval of $12B loan
She said she would recommend that the IMF Executive Board approve Egypt's request for $12 billion in loans when it meets this Friday.
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IMF to meet Friday to decide on Egypt's $12 bln loan
Last Thursday, Egypt floated its currency and increased the prices of subsidised fuel.
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Banks offering dollars lure Egyptians from the dark side
Egyptian lenders need billions of dollars to meet demand from businesses starved for dollars.
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Egypt to face pain before gain after massive currency devaluation
Inflows of hard currency may be slow to arrive, at least in the huge volumes required to eliminate the dollar shortage and bring investors.
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Egypt central bank liberalizes exchange rate
The exchange rate will be set by “supply and demand,” Amer said.
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Egypt PM says central bank to fix currency crisis soon
Egypt’s economy has been suffering from a shortage of hard currency that officials have said a $12 billion loan from the IMF would help solve.
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A Necessary But Insufficient Devaluation
As previous devaluations show, it is necessary to have a sufficient liquidity shield to maintain control over Forex market.
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Barclays to sell its Egypt business to Attijariwafa Bank
Barclays is thus ending its 150 years of history in Egypt, where it has around 56 branches and 1,500 employees.
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NBE raises interest rate by 1% on savings accounts, 0.75% on deposits
Banque Misr may approve a limited increase of the interest rate on short-term savings funds.