Do not worry about volatility of exchange rate: bank leaders
Egypt is undergoing a new experience, and stability of the market relies on increasing foreign exchange resources
Hossam Mounir
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Latest by Hossam Mounir
Military Production Ministry participates in DSS for first time
The Ministry of Military Production is taking part in the second Defence, Security and Public Safety Technologies Fair and Forum (DSS), held in parallel with the 22nd Cairo International Information and Communications Technology (ICT) conference. The participation comes as part of the ministry’s belief in its role to support national industries and Egyptian products. This …
Manufacturing index decreases by 2.6% during September: CAPMAS
The index of manufacturing (excluding crude oil and petroleum products) fell to 122.95 during September, compared to 126.25 during August—a decrease of 2.6%, due to the fall of activities during the Eid Al-Adha holiday. A recent report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) on the metadata of the production index …
Flotation of the pound, raising interest rates limit growth of retail banking: banker
Attracting new customers, including university students, and offering modern banking technology are the banks’ way of achieving better growth rates
Bank Audi Egypt aims to increase SMEs portfolio to EGP 6bn in 4 years: deputy chairperson
Current portfolio stands at EGP 1bn, supported by strong specialised SMEs financing schemes, says Fayed
Exchange rate semi-stable at CBE, banks on Wednesday
At banks on Wednesday, the US dollar changed hands at EGP 17-17.5 for buying and EGP 17.4-18.25 for selling
NBE saving certificates with 16%, 20% interest collect EGP 92bn
NBE offered $600m for imports since the flotation of the pound, says vice president
NBE receives EGP 15bn in new deposits in fortnight: chairperson
Banque Misr collected $400m during the first two weeks of the flotation, says deputy chairperson
Foreign exchange outcome at banks exceeds $3bn over past 2 weeks: CBE sub-governor
Investment funds, international pension funds began investing in Egyptian government debt instruments
EAB secures loans worth EGP 5.5bn to fund 800,000 plant production, agricultural crops projects: chairperson
We aim to finance participants in the 1.5m acres project to support the state plan to increase the agricultural area, said Elkosayer
NBE provides EGP 27bn to 51,000 small, medium, micro-enterprises by end of October: chairperson
NBE provided EGP 5.2bn to more than 7,000 projects in 9 months as part of CBE initiative
Banks begin providing hard cash to import non-essential goods on Sunday
Banking sector financed import of food commodities, medicines, and production inputs worth $2.492bn in 13 days, says the CBE
Interest rates remain unchanged by the CBE
Analysts expect these rates to remain unchanged for three to six months
Banking sector secures financing to import $2.5bn worth of food commodities, medicine: CBE
$1.5bn allocated to import intermediate goods and raw materials for production; $414.6m to import food commodities; and $97.6m to import medicine
Dollar records its highest level against Egyptian pound this week
The official rate for the dollar at the CBE on Thursday registered EGP 15.5422 to buy and EGP 16.1351 to sell
Unemployment hits 12.6% in Q3 of 2016: CAPMAS
The unemployment rate in Egypt has risen to 12.6% during the third quarter (Q3) of 2016, up from 12.5% in the second quarter (Q2), according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The third quarter is usually when new graduates join the market with different degrees, including medium education qualifications, above medium, …
Highly expected that basic interest to remain unchanged on Thursday
Current interest rates on the pound may remain unchanged for three to six months, says analyst
US dollar price varies at banks, CBE on Tuesday
Bankers expect the greenback to change hands at EGP 15-16 for three months
CBE refutes rumours on changing banknote designs
The Central Bank of Egypt (CBE) denied rumours that it plans to change the design of Egyptian banknotes. Rumours have spread on social media platforms and some news websites that the CBE launched a competition among volunteers to create new designs for Egypt’s banknotes. The CBE said in a press release that it did not …
SMEs Investors Association calls on government to review the sector’s legislation
We will soon launch a website to help young people establish and finance small projects, says El-Sakty
I expect stability in the foreign exchange market by early 2017: prominent banker
No state in the world has entirely floated its currency without facing fluctuations, but it then soon returned to stability after a period of three months to a year, says Abdel Aal
Market sees high sales volume of dollars, new saving certificates at banks in 2nd week since flotation
The amount of dollars Banque du Caire received in one day is equivalent to a full month’s worth of dealings previously, says chairperson
Large portion of dollars in banks since Monday come from customers switching saving schemes to Egyptian pounds: prominent banker
High expectations that foreign currency deposits will decrease while Egyptian pound deposits will increase by end of the month
US dollar price falls even further at CBE, banks while EGX profits EGP 9.3bn
The price of the US dollar dropped below EGP 16, with expectations that it will continue to decline
Large number of Arab, foreign banks in Egypt reflects country’s regional and international position: experts
Arab and foreign banks are more likely to make high profits in Egypt compared to the rest of the world
15 Arab banks, 7 joint Egyptian-Arab banks operating in Egyptian market
NBAD is one of the first Arab banks to begin operating in Egypt, and Morocco’s Attijariwafa Bank recently acquired Barclays Bank Egypt
What do leaders of Arab banks in Egypt say about the Egyptian market?
Reports by global institutions stress that Egypt has made noticeable progress over the past period, presenting many attractive opportunities, says Abdeen
Heads of banks explain Arab, foreign banks’ attraction to Egyptian market
Egypt is a promising market and has very few bank accounts compared to its population, creating many opportunities for growth
UBF to host 4th Middle East Banking Forum on Monday
The forum is held in cooperation with Financial Times Live, The Banker, and sponsored by Daily News Egypt
Federation of Egyptian Banks to meet Sunday in presence of CBE governor
The meeting is planned to discuss the most significant issues in the banking field at this time