CBE concludes financing deal worth $2bn from international banks
The transaction bolsters the liquidity and amount of the foreign currency reserves, says CBE
Hossam Mounir
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Latest by Hossam Mounir
CBE instructs banks in some areas to remain closed on 11 November
The CBE’s measure comes as a precaution for violence that may occur in these areas during the demonstrations on that day
Banks pose new restrictions to confront saving certificates leveraging scheme
A number of banks in Egypt have developed new restrictions for granting loans guaranteed by deposits, both short-term deposits and saving certificates. This aims to put an end to the phenomenon—also known as leveraging—that swept through banks in the past few days. Over the week, banks have noticed an increase in appetite from customers to …
Egyptian pound appreciates against dollar in midst of imminent IMF loan signing, Trump elected president
The price of the Egyptian pound significantly increased against the US dollar on Wednesday. The official price at the Central Bank of Egypt (CBE) reached EGP 17.0422 for buying and EGP 17.633 for selling, down from Tuesday’s rates of EGP 17.417 for buying and EGP 17.8427 for selling. The dollar price also dropped at a …
CBE raises price of US dollar to EGP 17.41 for buying, EGP 17.84 for selling
The US dollar exchange rate rose at the Central Bank of Egypt (CBE) on Tuesday—the sixth day following the Egyptian pound’s flotation—to EGP 17.417 for buying and EGP 17.8427 for selling. The new rates are up from the Monday amounts of EGP 16.3895 for buying and EGP 17.2308 for selling, with an increase of EGP …
IMF to decide on fate of Egypt’s $12bn loan Friday: CBE governor
The executive board of the International Monetary Fund (IMF) is set to hold a meeting on Friday, 11 November, to discuss, review, and decide on Egypt’s request for a loan of $12bn over three years, according to a press release from the Central Bank of Egypt (CBE).
The first tender-less Tuesday in almost 4 years
Since December 2012, the CBE has posed 517 regular tenders and 9 exceptional ones totalling $28.6bn, until last Tuesday
Private banks move to protect their deposits after governmental banks raise interest rate to 20%
Banks issue new savings certificates at high interest rates; others increased return on current certificates, while the rest are still studying the market
Banks loosen restrictions on US dollars abroad after foreign exchange resources improve following pound flotation
Banks operating in the local market have begun to ease restrictions set earlier on Egyptians’ use of US dollars abroad through cash and electronic payment cards. Commercial state banks including the National Bank of Egypt (NBE), Banque Misr, and Banque du Cairo were the first to make this move, and were followed by other banks …
CBE dollar price rises to EGP 16.38 for buying, EGP 17.23 for selling, jumps to EGP 17.5 in banks on 5th day of pound flotation
The price of the US dollar at the Central Bank of Egypt (CBE) increased on Tuesday, the fifth day after the liberalisation of the exchange rate, to EGP 16.3895 for selling, and EGP 17.2308 for buying, compared to EGP 15.6643 for buying, and EGP 16.2222 for selling on Monday. On Thursday, the first day of …
PBDAC amends its main system after parliament approves law: chairperson
We will immediately begin to communicate with the World Bank to implement the restructuring of the bank, says Elkosayer
Banque Misr, CIB amend spending limits on cards abroad
Banque Misr and the Commercial International Bank (CIB) decided to amend the spending limits imposed on their cards for usage abroad. Other banks are still considering whether to follow suit. Mohamed El-Etreby, chairperson of Banque Misr, said that the bank changed the spending limit on its cards abroad. The bank’s Classic card spending limit was …
Emirates NBD-Egypt aims to increase SME portfolio to 10% by end of 2017, 20% by end of 2019
Bank launches special unit to provide technical, financial support to SMEs, supports it with qualified experts and geographic expansion plan
US dollar exchange rate stable on 1st day of Egyptian pound’s complete flotation
Sunday marks the first day of the Egyptian pound’s complete flotation in the top five banks operating in the market, following the Central Bank of Egypt’s (CBE) decision to liberalise the exchange rate on Thursday.
NBE, Banque Misr raise limits on card usage abroad
Vice chairperson of the National Bank of Egypt (NBE) Yehia Aboul Fotouh said that the bank will raise the limit previously imposed on its cards for usage abroad on Sunday. He added that the bank also approved selling $300 to travellers who are not clients, whereas travellers who have had accounts at the bank for …
Long-awaited pound flotation ends market’s long-standing state of suffocation: bank exchange market officials
While this decision has its advantages and disadvantages, it is the only solution for ending many problems and the government should support it
Egyptian pound flotation is a historic decision: bank leaders
Raising interest was important to protect citizens’ savings and to face expected inflation, say bank leaders
Some banks raise interest on savings vessels after CBE decision, public banks to follow suit
Some banks operating in the local market have quickly raised the interest they offer on some saving vessels in Egyptian pounds, following the Central Bank of Egypt’s (CBE) decision to raise its basic return by 3% on Thursday. Other banks are waiting until Sunday to follow suit. Time constraints and the absence of Asset-Liability Committee …
Banks looking forward to returns on debt instruments following Egyptian pound’s flotation, raising interest by 3%
The average return on initial treasury bills increased by 3.6% and exceeded 20% following the CBE’s decision
Banks confused over US dollar pricing during first 3 days after flotation
Chaos is normal since this is the first time for Egypt, but it will end soon, says banker
Pound’s flotation on the table since December 2015 as part of an integrated economic reform programme: CBE governor
Amer reveals preparations behind 3 November decisions, saying they were supported by political leadership
CBE launches hotline for complaints on malpractices in currency trading
The Central Bank of Egypt (CBE) launched a call centre hotline on Sunday under the number 16775. According to the CBE, this hotline is designated for complaints from clients regarding malpractices being carried out by banks and exchange bureau companies if they violate instructions on US dollar trading. The CBE will focus on violations relating …
$1.2bn secured for importing food commodities for 6 months: CBE
Tarek Amer held a press conference on Thursday to disclose the details of the CBE’s decision to float the Egyptian pound
Egypt obtains pledges worth $16.3bn for financing economic reforms during FY 2016/2017
Tarek Amer said that those countries include seven leading industrial countries and Arab countries, in addition to the IMF
Bank are free to price the US dollar: CBE
This comes after the CBE fully floated the exchange rate on Thursday morning
CBE instructs exchange bureaux to buy US dollars at EGP 13, sell at EGP 14.35
Exchange bureaux companies operating in the Egyptian market began on Thursday morning to buy US dollars at EGP 13 and sell at EGP 14.35
CBE poses exceptional tender for $100m
The tender will cover open currency positions in foreign currency at banks
NBE, Banque Misr, Banque du Caire launch EGP-denominated saving certificates with 20% interest rate, 18-month maturity period
The banks also launced three-year certificates with a 16% interest rate
CBE floats Egyptian pound, raises interest by 3%
The CBE decided on Thursday to let banks in the market set their own exchange rate for the Egyptian pound against the US dollar
Informal US dollar rate expected to drop if banks refrain from accepting foreign exchange
Current procedures by government, CBE target to reduce demands for US dollar, and we should work on increasing supply, says analyst