3158 Articles
The US dollar price jumped against the Egyptian pound to register its highest level ever at the Central Bank of Egypt (CBE) and banks operating in the domestic market on Wednesday. The official price of the US dollar against the Egyptian pound, according to the CBE’s transactions on Wednesday, registered EGP 18.4507 for buying and …
The recent issuance of certificates has attracted new deposits from outside the banking system estimated at EGP 64bn
Local and international organisations proposed investing $1.31bn in a treasury bills tender posed by the Central Bank of Egypt (CBE) on behalf of the Ministry of Finance on Monday. The CBE accepted $1.1185bn of the liquidity offered to it, with an interest rate ranging between 3.66-3.72%—an average of 3.718%, versus 3.749% average interest posed in …
Analysts play down impact of recent terrorist events on future of the exchange rate
The small- and medium-sized enterprises (SMEs) unit in the Egyptian Banking Institute (EBI) has organised a field visit to Malaysia in order to learn about the best international practices in the field of financing and serving these projects. The visit was part of the Central Bank of Egypt’s (CBE) initiative to facilitate the provision of …
Visa signed MoU with FEDCOC to encourage acceptance of card payments by cash-intensive SMEs
The bank’s outcome of hard cash increased tenfold following flotation, says El Dib
The cooperation protocol comes within the framework of the initiative launched by the CBE at the beginning of 2016 to finance SMEs
The price of the national currency saw devaluation on Wednesday, reaching EGP 17.8201 for buying and EGP 18.1659 for selling against the US dollar. The price on Tuesday stood at EGP 17.6749 for buying and EGP 18.0619 for selling. The price of the greenback has been increasing since Sunday, winning about EGP 0.13 since. The …
Metropolitan Egypt is negotiating with a number of banks to provide financing worth EGP 14m to three companies working in chemicals, medical devices, and contracting, according to company head Khaled Nagaty. Yasser Kamal, credit supervisor at Metropolitan Egypt, said that ProPlan Contracting needs financing of EGP 5m, in addition to letters of guarantee worth EGP …
The agreement will lead to a decline in demand on the dollar and an improvement in the balance of payments, says Youssef
The trade balance deficit dropped by 27.1% in September 2016 to EGP 22.66bn, compared to EGP 31.08bn in September 2015, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly bulletin on foreign trade statistics. In a statement issued on Tuesday, CAPMAS noted that the deceleration happened because the value of exports increased …
On 17 December, Egypt must pay $3bn for bonds issued on global markets in 2013
The Central Bank of Egypt (CBE) announced that its foreign exchange reserves increased by $4.01bn as of the end of November 2016, up from $19.04 to register $23.06bn at the end of October. According to a note released by the CBE on Monday, the size of its foreign currencies at the end of November rose …
High prices continue to drive downturn in non-oil private sector
The Egyptian pound has regained some of its strength against the US dollar at banks and the Central Bank of Egypt (CBE), recovering from its lowest level since the decision to float the currency on 3 November. The price of the dollar at the CBE on Sunday registered EGP 17.5995 for buying and EGP 18.0354 …
Egypt’s cabinet issued a decree on 26 November appointing Soha Soliman, the former managing director of the Social Fund for Development (SFD), as deputy chairperson of Banque du Caire. Soliman succeeds Mohamed Taha in the position. Taha moved to take over as head of treasury at the Arab Banking Corporation. Soliman graduated from the faculty …
We need about EGP 54bn to finance 3.6 million families living below the poverty line
Microenterprises will be financed through companies and associations specialised in these projects, says vice chairperson
The bank aims to increase the funding of such projects to 20% by the end of the four-year period, set by the CBE, said Fathy El-Sebai
Funding volume amounts between EGP 50,000-3m with an interest rate of 5%, projects obtain approvals in five days
Imports decline by $4.99bn, exports down by $3.54bn
The number of tourist arrivals from all countries reached 506,200 in October, compared to 909,400 tourists during the same month in 2015, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). CAPMAS stated in its monthly bulletin this week that most tourists came from Western Europe in October, comprising 36% of tourists from …
Private sector accounts for 59.4% of the total facilities, deposits increase by EGP 34.4bn
The currency exchange is governed by supply and demand, says CBE and banks
The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …
Construction companies in the private sector have implemented projects worth EGP 39.8bn in 2015, an increase of 27.1% compared to the previous year, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) annual statistics bulletin. In 2014, the value of construction projects implemented by the private sector amounted to EGP 31.3bn. CAPMAS attributed …
Consumer spending in Egypt reached $156bn, though the use of electronic payments accounts for only 2% of that sum, general manager for Visa in North and West Africa Tarek Elhousseiny said. This small share of electronic payments in Egypt shows a great opportunity for everyone to work on the spread of this type of payment, …
Visa signed an MoU with FEDCOC, and partnered with ITIDA and Egypt Post
The Central Agency for Public Mobilization and Statistics (CAPMAS) recently issued its annual bulletin of trade exchange between Egypt and East Asian countries for 2015, including export and import statistics from Malaysia, China, India, Japan, Indonesia, Pakistan and South Korea The total value of imports from East Asian countries reached EGP 151.6bn in 2015 versus …
