Bank News
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30 million dollars to support small and medium enterprises in Egypt
ICD has provided $315 million in financing to Egypt, supporting private sector companies, financing lines to banks, and direct investments.
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Egyptian banks’ high-yield saving certificates garner record EGP 642 billion in 6 weeks
According to the reports, the National Bank of Egypt (NBE) attracted EGP 450 billion and Banque Misr collected EGP 227 billion.
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6 Insights into CBE's new rules for overseas credit card usage
Due to Egypt's foreign currency challenges and the need for stricter financial oversight, CBE implemented new rules for using credit cards abroad.
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Egypt central bank introduces measures regulating credit card use overseas
Customers who fail to provide documented evidence of credit card use during their stay abroad within a max of 90 days will be subject to measures.
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World Bank investments in Egypt amounts to $26B across 175 projects
This announcement was made during a meeting between Egypt's Prime Minister, Mostafa Madbouly, and the President of the World Bank, Ajay Banga.
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IMF anticipates increase in support to Egypt will be ‘large in size’
Georgieva noted that the fund seeks “To give a dose of confidence to the Egyptian economy by enhancing the size of the support program.”
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Devaluation will raise pound to LE45-50 against USD: JP Morgan
JP Morgan expects that any currency adjustment will be accompanied by an increase in deposit interest rates by an additional 2 percent.
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Visa, Egyptian Banks Company partner to streamline remittances for expats
EBC manages and develops various domestic payment ecosystems in Egypt, including the Instant Payments Network (IPN) and the InstaPay application.
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Top 20 banks in Egypt
Egypt's banking sector remains dynamic amidst evolving economic landscapes, demonstrating resilience and agility in the face of challenges.
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National Bank of Egypt increases interest rates for certificates in 2024
The change in the return rate on the NBE certificates of deposit came on Sunday, with the previous interest rate of 19.5 percent rising to 21.5.
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Banking expert explains differences between clean and dirty float
A clean float of currency means leaving the currency price to be determined by supply and demand in the market without any intervention from the CBE.
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Egypt aspires for further cooperation with World Bank in managing state-owned companies: PM
The Egyptian government is keen to further its cooperation with the World Bank in managing state-owned companies and enhancing their efficiency.
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Central Bank of Egypt announces increase in foreign currency reserves by $30 mln
The Central Bank of Egypt (CBE) announced Monday an increase in the reserves of foreign currencies by about 30 million dollars.
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IMF mission concludes Cairo visit, reports progress in talks with Egyptian authorities
The IMF had postponed reviews of Egypt's current program, agreed upon over a year ago, awaiting authorities to allow a more flexible exchange rate.
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Central Bank of Egypt says did not issue new regulations on local currency withdrawals
CBE stated it has not issued new directives regarding adjustments to the daily withdrawal limit in Egyptian pounds for individuals and corporations.
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Egypt's Central Bank Raises Interest Rates by 2% to Combat Inflation
This adjustment sets the rates at 21.25%, 22.25%, and 21.75% respectively, in a strategic move to curb inflation and stabilize the national economy.
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Egypt’s NBE introduces new debit card for US dollar accounts
NBE has launched a new debit card for customers with US dollar accounts, named Visa Platinum, to facilitate customers' overseas purchases.
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USD/EGP forward contracts reach all-time high at EGP 63
The 12-month non-deliverable forward contracts for the Egyptian pound against the US dollar surged to an all-time high of EGP 63.
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CBE caps local currency cash withdrawal at EGP 150,000 per day
CBE reduced the daily cash withdrawal limits in Egyptian pounds for corporations and individuals to EGP 150,000, according to a message sent to banks.
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IMF lowers growth expectations for Egypt economy for the 3rd time
The IMF also reduced growth expectations for the year 2025 to 4.7 percent, compared to five percent previously.