Marginal overall BoP deficit of only $14.1m in 1H 2021/22
Egypt’s transactions with other countries resulted in minor widening of current account deficit
Hossam Mounir
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CIB – Egypt reports 1Q 2022 consolidated net income of EGP 4.24bn
In a statement, the bank’s management commented that “1Q 2022 ended on a challenging note on both global and local fronts as global economic uncertainty intensified with the Russian -Ukrainian War. With this turn of events, the Central Bank of Egypt (CBE) raised the corridor rate by 100 basis points, coupled with devaluation in the Egyptian pound against the USD by EGP 2.5 as a result of the global inflation.”
Bank deposits increase to EGP 6.549trn in January 2022: CBE
Credit facilities increase by EGP 257.6bn in 7 months, reaching EGP 3.161trn
Central Bank of Egypt reveals reasons for high inflation in March 2022
Annual urban inflation jumps to 10.5% in March 2022, marking highest rate since June 2019
ADQ acquires stake in CIB with a value of $911.457m
ADQ also executed another transaction on Fawry’s shares for 215.124m shares at a value of $68.598m
Annual urban inflation jumps to 10.5% in March 2022: CAPMAS
Annual core inflation increased to 10.1% in March 2022: CBE
CIB Egypt details its digital transformation results amid COVID-19
Volume of mobile banking transactions more than doubled to 107% in 2021
Egypt keen to encourage owners of informal projects to reconcile their status: Trade Minister
Of these projects, 3,116 are commercial projects, 216 are industrial, and 11 are from liberal professions and animal production projects
ABE completes preparations ahead of wheat harvest season
The bank is also facilitating supply operations from farmers and receiving all wheat supplied from them provided that it conforms to the specifications and terms of supply.
CBE includes medical professions in initiative for small projects, at an interest rate of 5%
The CBE also emphasised the role of banks in providing electronic payment methods to the funded doctors within the scope of this initiative
Credit Agricole’s business strategy comes into line with Egypt’s objectives: Deputy Managing Director
Bank mainly directs financing toward sectors that Egypt seeks to develop, is committed to supporting community development, preserving environment: Walie El-Din Lotfy
Time deposits and proceeds of savings certificates hit EGP 3.869 trillion: CBE
Meanwhile, total local currency non-governmental deposits in banks operating in the Egyptian market amounted to EGP 4.561 trillion by the end of February 2022, compared to EGP 4.502 trillion at the end of January 2021, an increase of about EGP 59bn.
Egyptian government to borrow EGP 634bn in 4Q of FY2021/22
The Ministry of Finance aims to offer 52 bill bids worth EGP 555.5bn and 35 bond bids worth EGP 78.5bn from 1 April to the end of June 2022.
Crédit Agricole Egypt inaugurates new branch in Palm Strip Mall
CAE selected the new branch’s location after conducting a geo-market study to identify geographical gaps. The branch is primarily located at the heart of Sixth of October City within a high business potential area and surrounded by three private universities.
USD’s price falls by over four piasters in banks on Wednesday
The USD’s value on Tuesday was EGP 18.2742 and EGP 18.3742.
MSMEDA, Amazon sign MoU to help enterprises market their products
Egypt cooperates with Amazon, in line with Vision 2030 to help small businesses in various sectors expand: Nevine Gamea
USD/EGP average exchange barely moves to EGP 18.27 for purchase, EGP 18.37 for sale
USD price at CBE rises to EGP 18.25 for purchase, EGP 18.39 for sale
USD price in banks stabilises at EGP 18.2628 and EGP 18.3628 by end of trading on Sunday
The official price at the CBE recorded EGP 18.2441 for buying and EGP 18.3754 for selling
Local institutions, banks launch ‘Avans Manara’ fund for direct investment, targeting EGP 2bn volume
Fund’s issued capital amount to EGP 905m
ABE announces increase in agricultural credit categories by 25%
Bank pumps nearly EGP 12bn to finance agricultural loans from mid-June 2020 to 2021-end
CBE announces key performance indicators of banks operating in Egypt during 2021
Bank deposits increase to EGP 6.45trn, of which household sector accounts for 82.4%
CBE launches several initiatives for women’s financial inclusion, empowerment since 2016
It also provided women with the necessary funding to help them implement their own projects as well as enable them to assume leadership positions in banks and increase their contribution to decision-making.
Egyptian currency slightly appreciates against US dollar after 2-day free fall
Greenback averaged EGP 18.32 for buying, EGP 18.42 for selling at banks
USD’s value increases by 28 piasters to EGP 18.4508 for buying and EGP 18.5483 for selling
The average price of a USD in banks, according to the Central Bank of Egypt (CBE), reached EGP 18.4508 for buying and EGP 18.5483 for selling on Tuesday, compared to Monday’s EGP 18.1708 and EGP 18.2683.
CBE raises interest rate by 1% in exceptional meeting, Egyptian pound declines significantly
The CBE believes in the importance of exchange rate resilience to absorb shocks and maintain Egypt’s competitiveness: MPC
NBE, Banque Misr offer one-year 18% saving certificates
Yehia Abou El-Fotouh, Vice Chairperson of the NBE, said the bank’s new one-year saving certificates’ interest will be paid monthly.
Egypt’s Monetary Policy Committee increases key policy rates by 1% in extraordinary meeting
Objective of raising policy rates is to anchor inflation expectations, contain effects of supply shocks: MPC
Banque Misr, NBE, Banque du Caire agree to launch $85m MEA-focused ‘Nclude” fund for fintech
Participating investment entities also include e-finance, Egyptian Banks Company, and Global Ventures
Banks in Egypt show strong recovery indicators from COVID-19 repercussions in 2021
Net profits of banks increase to EGP 107.132bn in December, compared to EGP 88.103bn in September 2021: CBE
EGP 11.1bn allocated to funding women’s projects in Egypt over 7 years: Trade Minister
Political leadership is directing all support to raise economic, social levels of Egyptian women