CBE consideres obliging banks to not accept foreign currency from anonymous sources
The move aims to lay siege to the informal market and crack down on traders, says senior banker
Hossam Mounir
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Latest by Hossam Mounir
Parliament approves Agriculture Bank Law, moving the bank under CBE’s authority
The Egyptian parliament approved a law that would oversee the transfer of authority over the Principal Bank for Development and Agricultural Credit (PBDAC) on Tuesday. “The Central Bank of Egypt (CBE) will have the full authority over PBDAC,” said the PBDAC’s chairperson Elsayed Elkosayer. Elkosayer told Daily News Egypt, that the parliament approval of this …
Egyptian pound devaluation could cause heavy losses for customers with open currency position
Importers of medicines and commodities priced upon the US dollar’s official rate are the most affected; the government is facing the same problem
CBE stabilises Egyptian pound’s price against US dollar, ignores market’s expectations again
Analysts ruled out Egyptian pound’s devaluation before 11 November
Emirates NBD launches specialised unit for financing SMEs in Egypt
Emirates NBD announced the establishment of a specialised unit for financing small- and medium-sized enterprises (SMEs) in the framework of its commitment to implement the instructions of the Central Bank of Egypt (CBE), besides the bank’s quest to expand in financing these projects. SMEs are one of the most important sectors that contribute to advancing …
Misr Financial Investments Company contracts with Hermes, HSBC to offer its Banque du Caire share on EGX
The company will remain the owner of the ruling share in the bank after the offering, says prominent banker
33 banks offer investments worth EGP 278.85bn in CBE’s deposit operation
Thirty-three banks operating in the domestic market offered investments worth EGP 278.85bn of surplus liquidity in local currency via deposit operations, which was deposited by the Central Bank of Egypt (CBE) on Tuesday, according to data obtained by Daily News Egypt. The CBE performs this deposit operation every Tuesday, in order to absorb excess liquidity …
State banks boost their investment in treasury bills by EGP 13.8bn in July: CBE
Banking sector accounts for 77% of total outstanding balances of bills
Household sector accounts for 62.8% of total deposits at banks in July
This sector’s deposits increased by EGP 8.849bn and EGP 2.729bn in foreign currencies
Domestic public debt jumps to EGP 2.612tr as of end of June: CBE
The government’s net debt amounted to EGP 2.286tr during FY 2015/2016, an increase of EGP 414.3bn compared to FY 2014/2015
Private sector acquire 59.5% of total credit facilities granted by banks to customers through July: CBE
Deposits increase by EGP 15.4bn, including EGP 12.8bn in local currency
Delegation of Chinese investors meet with NBE officials to discuss investment opportunities in Egypt
The bank has invited the delegation to invest in a number of projects and companies owned by the bank
CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78
The Central Bank of Egypt (CBE) launched on Tuesday its regular weekly auction to sell US dollars to banks with the value of $120m. The auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. According to Osama El-Menilawy, the assistant general manager of the …
NBE allocates €500m for financing private sector projects: chairperson
The bank has provided loans worth EGP 24.6bn for SMEs, with more than 47,000 projects having benefited, says Okasha
State of uncertainty over devaluation of Egyptian pound after president meets CBE governor
A senior banker ruled out any move by the CBE before 11 November
Outstanding balance of treasury bonds reaches EGP 753bn end of September: Finance Ministry
Bonds worth $3bn will be repaid by 17 December, while other bonds worth $3.5bn are set to be repaid in the period between 1 June 2017 and 29 April 2040
FEB declares definitive rejection of applying, registering under VAT Law: board member
The federation sent a memo to the CBE, detailing the banks’ rejection to registering under VAT, in preparation to discuss the issue with the Finance Ministry, says Tantawy
Banks working to prevent customer manipulation on electronic payment cards abroad
New controls and shortening limits on card usage are being implemented to maintain the state’s foreign exchange
US dollar shortage negatively affects banks financing import operations, lending to projects with a foreign component
The US dollar shortage has negatively affected banks’ activities that are related to financing imports and lending to projects that include a foreign component, according to Amr Tantawy, managing director of Misr Iran Development Bank (MIDB) and board member of the Federation of Egyptian Banks’ (FEB) board of directors. Tantawy told Daily News Egypt that banks’ activities are divided between local and foreign trading …
NBE reduces foreign exchange cash limit for travelling customers
The bank provides cash for foreign exchange only on condition of reviewing customers’ travel documents
CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78
The Central Bank of Egypt (CBE) launched Tuesday its regular weekly auction to sell US dollars to banks, asserting that it is not intending to launch any exceptional auctions. With a value of $120m, the auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. …
Egypt exports EGP 7.9bn to Nile Basin countries, EGP 2.7bn in imports in 2015: CAPMAS
EGP 4bn was exported to Sudan and EGP 1.83bn to Kenya
Egyptian bankcards used to complete $2.5bn worth of transactions abroad in FY 2015/2016
Banks have received clear instructions to suspend cards that are being misused, says CBE deputy governor
Banque Misr requires customers to provide travel documents to use cards abroad
These new controls are designed to prevent cards abuse, says bank chairperson
State treasury receives EGP 24.92bn from CBE’s total profits in FY 2015/2016 ending in June
According to the CBE’s financial statements approved on 20 September, the bank’s profits increased during FY 2015/2016 by almost EGP 6.1bn
5 banks in Egypt account for 71.47% of banking sector’s total profits as of June: CBE
The sheer capital of banks amounts to EGP 100.72bn, with the top 10 banks acquiring 55.9%
Banque Misr aims to boost SME loan portfolio to EGP 30bn in next few years
Banque Misr aims to increase the size of its small- and medium-sized enterprises (SMEs) loans to reach EGP 30bn in the next few years, in line with the initiative launched by the Central Bank of Egypt (CBE) earlier this year. The initiative was launched in support of these projects, boosting the size of their loans …
NBE aims to increase SMEs loan portfolio to 70bn in 4 years
The National Bank of Egypt (NBE) aims to increase the size of loans granted to small- and medium–sized enterprises to EGP 70bn over four years, according to the bank’s CEO Hazem Hegazy. Hegazy said that NBE began funding SMEs in 2010, noting that the current size of loans granted to these projects amounts to EGP …
MIDB aims for EGP 350m in profits by end of year: managing director Amr Tantawi
As FEB representative and newly-appointed EGX board member, Tantawi will coordinate between officials in the capital market and other related sectors
CBE vows to ‘punish’ banks lagging behind in SME support
The Central Bank of Egypt (CBE) vowed to punish banks that lagged behind on the implementation of the initiative launched earlier this year to support the financing of small- and medium-sized enterprises (SMEs). The CBE had earlier committed banks to grant no less than 20% of total loans to SMEs over four years. CBE sub-governor …