Finance News
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Egypt's banking sector achieves LE 626.6B surplus in net foreign assets
Notably, May's surplus was the first since January 2022 when a surplus of EGP 9.674 billion was noted.
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SAIB Bank supports fintech startups, entrepreneurship
SAIB Bank has been actively supporting companies in the Egyptian market, including One Order, Aalnota, and Waseela.
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EFG Hermes ONE rebrands
EFG Hermes ONE offers the Egyptian market's pioneering licensed e-KYC digital onboarding process.
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Saudi Arabia to Deepen Investments in Egypt
Saudi Investment Minister Khalid Al-Falih announced the kingdom’s intention to escalate investments from the Public Investment Fund (PIF) in Egypt.
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IBAG partners with Banque Du Caire to increase Egyptian expats’ remittances
This partnership aims to attract new customers from many social segments to support the financial inclusion initiative.
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Egypt Receives Third Tranche from IMF worth $820 Million
The International Monetary Fund announced the completion of a review that allows Egypt to withdraw $820 million.
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Infograph: Egypt overall debt trajectory in 9 fiscal years
Egypt’s overall debt decreased by approximately seven percent in FY2023/2024 to 89 percent of the GDP, down from 95.70 percent in FY2022/2023.
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IMF adjusts Egypt’s economic forecast with more positive outlook post-3rd review
In a report released last week, the IMF had predicted a 2.7 percent growth in FY2024/2025 and a slightly improved 4.1 percent in FY2025/2026.
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US Dollar rate against EGP hits its highest level in almost four months
The US dollar rate against the Egyptian Pound (EGP) hit its highest level on Wednesday since April.
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Egypt’s non-oil trade deficit declines 16 percent to $15.9 billion in H1 2024
The decline in Egypt’s non-oil trade deficit during H1 of 2024 was primarily due to a $1.2 billion decline in imports.
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IMF says Egypt’s real GDP growth forecast at 4% in 2024/25
The IMF and the Egyptian government will continue negotiating the country’s access to a Resilience and Sustainability Facility (RSF) in the autumn.
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Egypt met all IMF requirements for 3rd review of $8 bln loan program
The roundtable was held a day after the IMF completed the third review of the Extended Fund Facility (EFF) loan program for Egypt.
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IMF approves release of $820 million for Egypt, calls for more reforms
Egypt says it has shifted to a flexible exchange rate regime, a policy the IMF said on Monday remains "a cornerstone of the authorities' program."
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Madbouly: Electricity Subsidies to be Lifted Gradually over 4 Years
The fuel consumption bill withdrawn from the Ministry of Petroleum for power stations amounts to EGP 16 billion per month.
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Singapore is Egypt’s fourth biggest investor
Kouchouk said that ports and renewable energy are promising spheres for economic cooperation.
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Egypt overall debt declines to 89% of GDP in FY2023/2024
Egypt’s overall debt declined by the end of FY2023/2024, which ended on 30 June 2024, to 89 percent of the GDP, down from 95.7 percent.
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Finance minister discusses economic reforms with IMF
Minister of Finance Ahmed Kouchouk discussed in a meeting with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.
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Egypt central bank to begin cutting interest rates in September
Egypt’s growth indicators are ticking up, the currency is stable, and external finances are correcting sharply, time for an interest rate cut.
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Egyptian unicorn MNT-Halan acquires Tam Finans to expand into Türkiye
Egypt's largest non-bank financial institution and fintech company, MNT-Halan, has acquired Tam Finans, marking its expansion into Türkiye.
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Gulf banks look to Egypt, says Fitch
They look to diversify their business models and boost profits. Fitch believes that several banks in the GCC are seeking to acquire Egyptian banks.