CBE fixes dollar price against pound in first tender after Ramez’s resignation
The CBE offered a third tender to sell dollars to banks operating in the Egyptian market this week, in which the CBE sold $37.8m to banks
Hossam Mounir
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Tarek Amer faces 6 major challenges in returning to CBE
Adjusting the exchange market, rebuilding reserves, and controlling inflation are the most important challenges, analysts say
Banking leaders hail Amer’s appointment as right step
This is due to his wide experience in managing the monetary policy and the exchange market which he gained during his tenure as deputy governor of the CBE, according to banking leaders in statements to Daily News Egypt.
Pressure pushed Ramez to resign a month before end of tenure
Ramez’ and CBE board of directors’ mandate was scheduled to end on 26 November
Tarek Amer, new guardian of the Egyptian pound
Expectations of a decline in dollar price on parallel market after departure of Ramez
Market awaits dollar auctions to figure out trend of dollar against pound
Fixing dollar price in two upcoming auctions will be strong indication for its stability until end of year, say analysts
Tarek Amer to succeed Hisham Ramez as CBE governor
Al-Sisi expressed his appreciation for Ramez’s and the CBE board’s sincere efforts during his term, which saw acute economic conditions in light of regional and international difficulties.
NBE manages loans worth EGP 40bn during first 9 months of 2015: Montasser
NBE ranked first in Egypt and Africa and third in Middle East and North Africa in field of syndicated loans, according to Bloomberg LP
Dollar price remains EGP 7.93 after 2 consecutive depreciations
The pound is expected to officially jump to EGP 8.30 before May 2016, says Dcode
Dollar stabilises after increasing by 20 piasters in 2 days
Market awaits CBE’s next step; analysts believe July’s stability will be repeated
Contracting sector seeks banking assistance to implement major national projects
Banks are rejecting the issuance of letters of guarantee if projects belong to the Sinai region and the Suez Canal area, says Daker Abdellah
Bank deposits increase by over EGP 39bn in July, loans by EGP 8.2bn: CBE
According to CBE, the total deposits growth rate of banks in July was about 18.5%. The growth rate of deposits in EGP amounted to about 19.5%, while the growth rate of foreign currency was 14.1%.
Dollar price to break EGP 8 barrier in banks for first time
Price reaches EGP 8.40 in black market, which is in complete paralysis in anticipation of the central bank’s next steps
Banque Misr considers financing major sectors with EGP 43.5
Bloomberg awards the bank for being the best in marketing joint loans and financing projects in Africa for the third consecutive quarter
Arab Banking Conference to discuss financial inclusion, fighting poverty, and creating jobs
20th Annual Arab Banking Conference 2015 begins on 19 November with attendance of more than 700 Arab and international figures
More than EGP 39bn increase in volume of deposits in July: CBE
Banks support their allocations to meet doubtful loans and reduce its investments in security
NBK-Egypt, Mortgage Finance Fund sign deal for low-income citizens
During the signing of the agreement with Head of the Mortgage Finance Fund, May Abdel Hamid, Hassan said NBK is keen to participate in the promotion of low and middle income real estate finance.
Egypt to pay $1.25bn for outstanding balances of treasury bonds issued in foreign markets 10 years ago
Plans to repay balances of coupon bonds over next few years
Ambiguity surrounds CBE governor’s fate as his term comes to close
Mohamed Barakat, Tarek Amer tipped as potential replacements for Ramez
Letter of intent for €80m signed by CIB, French Development Agency Group
CIB and AFD aim to finance and promote climate and environment benefiting private investments.
QNB-Alahli acquires 7.95% of total loans, 5.62% of deposits for banks operating in Egypt
The bank’s loans-to-deposits ratio increased to 58%, compared to the 41% average in the banking system
NBK-Egypt targets 30% growth in different activities by year-end: Managing Director
Egypt is one of the most prominent markets focused on in the bank’s external strategy, says Hassan
EBRD to focus on financing renewable energy projects in Egypt
Bank received funding requests from 67 companies, hundreds of millions of euros were allocated, says director
EBRD loans NBK – Egypt $50m to finance SMEs
The loan contract was signed on Thursday by Managing Director of NBK – Egypt, Yasser Hassan, and EBRD Director for Egypt, Philip ter Woort.
Egypt’s foreign reserves lose $1.76bn in September
International reserves record lowest level in 1.5 years
Banknote issuance increases to 13.09% of GDP in June: CBE
The rate of banknote issuance reached about 15.06% of GDP in June 2014, marking its highest level in the last four years, while it registered its lowest level in November 2014 when it recorded 12.17% of GDP.
28 banks offer to invest EGP 225.98bn of surplus liquidity in CBE deposits
The CBE raised the Deposit Operation mechanism on Monday, in order to absorb excess liquidity from banks operating in the Egyptian market.
$63.27bn worth of international trade between Egypt and world in 9 months: CBE
The US and China are Egypt’s largest trading partners, the UAE is the third largest
United Bank seeks new, strong banking entity: Abdel Hamed
The bank aims to finalise bad debts portfolio, spread its branches and services throughout the republic
Vital incentives to encourage foreigners to invest in governmental debt instruments: El-Kosayer
According to CBE, foreign investors were the second largest investors in Egyptian treasury bills, following public banks, before January Revolution.