Volume of doubtful debts allocations amounts to EGP 150.877bn, reserves amount to EGP 214.349bn
Latest by Hossam Mounir
Cairo received lion’s share of MSME financing at 31.4%, followed by Giza at 15.5%
Industrial complexes are fully equipped, with each featuring administrative buildings, showrooms, sales outlets, and supermarket
The Egyptian government has put in place a variety of fallbacks with which to protect the country’s poor and most vulnerable households, with the aim of improving the quality of life for citizens. These have also been designed to ensure a better standard in their economic, social, and environmental statuses.
Since Thursday, banks have granted customers the ability to open savings accounts free of charge, simply by providing a copy of their national ID card. The savings accounts are also exempt from administrative fees and are not subject to a maximum limit for their opening by new customers.
At 33.5% of GDP, debt levels are within safe limits compared to 48.7% in Latin America and Caribbean, 47.5% in Middle East, Central Asia
Monetary, financial stimulus policies and structural reforms alleviate pandemic’s consequences on neediest segments, support post-pandemic economic recovery
Dependence on aid decreased with easing of precautionaries to confront pandemic, survey shows
Meeting was held in cooperation with International Monetary Fund
In a report released on Sunday, the CBE revealed that the monthly core consumer prices recorded a monthly rate of 0.1% in September 2020, against -0.2% in August 2020, and -2.3% in September 2019.
GCC economies to shrink on average by 5.6% y-o-y in 2020, before they rebound to show growth of 3.9% y-o-y in 2021, HSBC predicts
Whole country’s CPI recorded 107.5 points for September
New rules allow banks to expand customer base, help them implement financial inclusion plan, and integrate informal economy into formal one, bankers say
The contract was signed by Minister of Trade and Industry and MSMEDA Executive Director Nevine Gamea and Banque Misr Chairperson Mohamed El Etreby.
The move took place in cooperation with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).
In a recent report, the CBE stated that demand deposits in local currency also increased by EGP 18.829bn to EGP 507.804bn in August, compared to EGP 488.975bn in July.
Returns on debt instruments also see minor decreases
Tenders will be issued from beginning of October to end of December 2020: Finance Ministry
Country’s imports recorded $49.012bn, while exports reached $20.953bn in same period
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years
Banking sector deposits rise to about EGP 4.7trn, financial position of banks jumps to EGP 6.408trn by end of June 2020
Renewal for Okasha, El-Etreby and their deputies at NBE and Banque Misr, respectively, as Fahmy leaves IDB
Suspension of these certificates will increase competition among banks in attracting household sector deposits, says Tarek Metwally
NBE, Banque Misr decision to halt 15% certificates and reduction of NIB A and B certificate returns unlikely to affect MPC decision
National Investment Bank reduces return on A, B saving certificates
Banks allocate EGP 150.079bn to address doubtful debts, alongside reserves of EGP 319.817bn
The minimum subscription in the fund is estimated at about 100 securities and it allows investors to lend up to 90% of the value of the pledged securities. The fund is managed by Hermes.
Total financial position of banks working in Egyptian market rises to EGP 6.408trn
The agreement was made as part of the Central Bank of Egypt’s (CBE) initiative to support clients in industrial, agricultural, and contracting activities.
Bank’s total accounts grew 13.6% to about EGP 93.083bn last month