Bank News
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Egypt secures largest EBRD investment with €1.5 bln for 7th consecutive year
The European Union pledged a 7.4 billion euro ($8.1 billion) aid and investment package for Egypt in March 2024.
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El-Sisi approves 50% increase in Egypt’s share of IMF
The law specifies that the increase in Egypt's contribution to the IMF comes with a reservation.
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Egypt to receive $1.2 bln from IMF in January
Egypt is set to receive a $1.2 billion disbursement from the International Monetary Fund (IMF) in January as part of its $8 billion programme.
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Egypt central bank sells $840 mln in USD-denominated T-bills
The Central Bank of Egypt (CBE) announced on its website that it sold $840 million in USD-denominated treasury bills (T-bills) with a 364-day maturity
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AfDB agreement to support private sector development program approved by Parliament
Al-Mashat explained that the main goals of the Private Sector Development and Economic Diversification Program are twofold.
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CBE raises withdrawal limits for financial inclusion
CBE kept the daily and monthly maximum limits for transactions on prepaid cards and mobile payment services as stated in November.
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Egypt unlocks IMF funds after fourth loan review
Since 2020, Egypt has been navigating economic challenges exacerbated by global disruptions, including the pandemic and rising inflation.
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CBE's December meeting: Will rates remain unchanged amid inflation decline?
HC Securities & Investments expected the CBE to keep the current interest rates unchanged despite recent inflation readings.
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Egyptian pound exchange rate declines by 0.33% to record 50.97 against US dollar
This is in line with the IMF’s fourth review to reach EGP 50.97/$1 for selling and EGP 50.83/$1 for buying.
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Egyptian pound climbs over EGP 51 against US dollar for 1st time since March
The US dollar reached its highest level on Monday against the Egyptian pound since March of this year, reaching EGP 51.14, according to the CBE.
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Emirates NBD Egypt Grants EGP 2.5 billion in Credit Facilities to Arabian Construction Company (ACC)
This strategic partnership aims to bolster ACC’s ongoing and future projects in Egypt and the GCC region, reinforcing the shared commitment of both.
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Enhancing financial stability, resilience of Arab banking sectors is crucial
Governor of the Central Bank of Egypt Hassan Abdallah emphasized the importance of enhancing the financial stability and resilience of the Arab banks.
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Egypt's United Bank commences trading on EGX
The United Bank (UB) of Egypt announced on its website that the bank’s ordinary shares began trading on Tuesday on the Egyptian Stock Exchange (EGX).
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Egypt pound breaches 50 to the dollar
The pound has traded within a narrow range just short of 50 to the dollar since Egypt signed an $8 billion financial support package with the IMF.
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Egypt’s central bank withdraws LE 1.033T in liquidity
The CBE had earlier introduced revised guidelines for its weekly main deposit operations, previously conducted through fixed-rate tenders.
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Egypt Adopts Mechanism to Stabilize Exchange Rate by No More than 3 - 4% Change
The government is making intensive efforts to facilitate the entry of investors into the Egyptian market.
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'We won’t repeat past mistakes': Egypt PM says
The dollar's value fluctuated between 4 to 5 percent ($1/EGP 47 to $1/EGP 49) after the country adopted a flexible exchange rate in March.
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El-Sisi issues decree appointing Central Bank of Egypt board for 1 year
President Abdel-Fattah El-Sisi has issued a decree appointing the Central Bank of Egypt (CBE) board of directors, chaired by Hassan Abdullah.
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United Bank's IPO oversubscribed by almost 6x
The United Bank has set ambitious targets for its net profit, aiming to reach 3.071 billion LE by the end of 2025, 3.821 billion in 2026.
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Egypt’s AAIB issues landmark $500 mln sustainability bond to promote finance
Arab African International Bank (AAIB) issued Sunday a landmark $500 million sustainability bond to accelerate Egypt’s green transition.