Bank News
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Egypt's Banque Misr closes $250 mln 3-yr loan
The transaction is the first time the bank has sought to borrow from international banks since the North African country was hit by political unrest.
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Barclays Africa's Talks With Parent on Egypt, Zimbabwe Fail
Talks to buy Egyptian and Zimbabwean operations from the parent ended after they couldn’t agree on price.
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Egypt Stock Market Jumps Up After Government Pays Dues to Foreign Investors
CBE said in a statement on its website that it has cleared "all the pending backlog" owed to foreign investors "to date".
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Egypt Signals Currency Policy Shift With Payment of Foreign Dues
The move by Amer in the first week of his tenure also signals he’s readying for a more liberal currency policy.
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Afreximbank proposes $1bn facility for Egypt’s foreign currency liquidity
Afreximbank would also avail its investment guarantee and country risk guarantee programmes to the Egyptian government.
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Egypt's central bank saviour faces tricky balancing act
Egypt's business community will breathe easier when Tarek Amer takes charge at CBE on Friday with hopes high he will revamp a monetary policy.
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Egypt's CIB to issue one bonus share for each four held
The bank will increase its capital from its reserves and in return will issue 229.4 million shares in the bonus issue at a value of LE10 per share.
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Egypt govt working with CBE to ease currency pressures
Egypt has been suffering from an acute dollar shortage that has left imports piling up at ports with companies unable to open letters of credit.
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Egypt's Industrial Bank offers new 3-year certificate at 12.75 pct
The move comes after five lead Egyptian banks last week raised interest rates to above 12 percent.
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5 banks represent UAE in Egyptian market
5 UAE banks currently operate in the Egyptian market; ENBD, the National Bank of Abu Dhabi, Abu Dhabi Islamic Bank, Union National Bank and Mashreq.
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Egypt's CBE Governor Ramez appoints caretaker for rest of term
Gamal negm will serve as a caretaker as Ramez will be on leave until the end of his term in 26 November then Tarek Amer takes over.
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Egypt allows pound to appreciate
Egypt’s attempt to preempt a collapse in the currency isn’t convincing investors it can avoid an eventual devaluation.
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Kuwait's Al Ahli completes purchase of Piraeus Bank Egypt
Al Ahli paid $150 million for the stake in the Greek lender's Egyptian unit.
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Egypt's market losses accelerate as more banks raise interest rates
On Sunday, Egypt's largest two state-owned banks launched savings certificates for Egyptian pounds at an interest rate of 12.5 percent.
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UNB-Egypt aims to acquire 5% of Egyptian banking market in 10 years
UNB supports Emirati investors in Egypt, and issued letters of guarantee worth $150m for the National Drilling Company to dig the New Suez Canal.
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CB holds pound steady at 7.93 per $1
CBE has given permission to trade dollars up to 0.10 EGP and 0.15 EGP above or below the official rate at banks and exchange bureaus.
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World Bank, AfDB reaffirm commitment to boost Egypt economy
World Bank and African Development Bank delegation met Prime Minister Ismail to reaffirm commitment to cooperate in reviving the country's economy.
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Egypt's new central bank head seen as a win for big business
Predecessor Hisham Ramez reportedly faced increasing criticism for his reluctance to devalue the Egyptian pound.
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Can Egypt’s new central bank chief calm currency crisis?
The central bank faced increased pressure to devalue as the black market burgeoned, offering a lifeline to businesses unable to access enough dollars
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Breaking News: Tarek Amer replaces Hisham Ramez as CBE governor
Amer will take charge of the central bank after the end of Ramez’s term on Nov. 26.