3158 Articles
The number of credit cards at banks operating in the Egyptian market increased to about 3.825m cards as of the end of June, compared to 3.28m cards in December 2015—an increase of 545,000 cards, according to the Central Bank of Egypt (CBE). The CBE said in a recent report that the number of debit cards …
Private sector accounts for 70.6% of total loans provided by banks to their customers, and loans-to-deposits increase to 44.5%
The CBE announced on its website that the size of foreign debt increased in the FY’s fourth quarter by $2.3bn alone
Egypt received $2bn from Saudi Arabia and $1bn from the World Bank
The number of tourist arrivals from all countries reached 503,000 during August 2016 compared to 915,200 tourists during August 2015, a decrease of 45%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). CAPMAS stated in its monthly bulletin, issued this week, that the most important countries that influenced the rate of the …
Financial leasing activity amounts to EGP 15bn during the first nine months of 2016, says EFSA Head
Head of the Egyptian Tax Authority, Abdel Moniem Matar, said that proceedings from the application of the value-added tax (VAT) are expected to reach EGP 20-22bn by the end of the fiscal year (FY) 2016/2017. During the second financial leasing conference on Tuesday, Matar said that VAT bylaws are expected to come out by the …
Possibility of launching exceptional auction completed ruled out for now, as the CBE wants to preserve foreign exchange reserves
The annual inflation rate in September changed to 14.6%, compared to 16.4% in August
Banque Du Caire purchased 7,317 residential units for low and middle-income segments as part an initiative by the Central Bank of Egypt (CBE) launched between February 2014 and September 2016, according to Mounir El-Zahid, chairperson of the bank. El-Zahid explained that there are nearly 4,326 loans already being implemented worth EGP 320m, in addition to …
Fund officials say that a flexible exchange rate for the Egyptian pound does not mean flotation
The bank is keen to take part in financing different economic sectors to support social and economic development, says El Zahid
The value of deposited amounts in postal savings funds reached EGP 100.6bn in the fiscal year (FY) 2015/2016, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS). This is compared to EGP 88.3bn in FY 2014/2015. The increase of 14% is said to be due to confidence in post offices …
Launch of treasury bills tenders for EGP 300.25bn, bonds worth EGP 24.25bn in last three months of year
Market expectations inclined towards floating the exchange rate or reducing the value of the Egyptian pound through an exceptional auction
The Central Bank of Egypt also did not hold an exceptional auction to sell US dollars to banks
Tantawy will represent the FEB on the board of directors of the EGX
The bank directed the auctioned US dollar to cover imports of pharmaceutical products, vaccines, and medicine-related chemicals
The foreign exchange reserves registered $19.59bn in September, an increase of 18.2% compared to August, says the CBE
Metropolitan Egypt for consultancy has succeeded in providing financing worth EGP 260m to 16 companies over the past three months. The company collaborated with a number of banks and leasing companies operating in the domestic market, according to the CEO of the company Khaled Nagaty. The 16 companies operate in different economic activities, such as …
Shortage of US dollars needed to purchase raw materials threatens existing factories
Cairo International airport authorities confiscated $40,000 from Lebanese singer Wael Jassar on his way out of Egypt on Sunday. The General Department of Public Funds Crime’s Investigation Police at the airport arrested Jassar before he attempted to travel to Beirut. The artist was referred to prosecution for the possession of $50,000 on board a plane. …
CBE may either offer exceptional US dollar tender or direct banks to increase the price of the US dollar on Monday
Positive effects from the IMF deal can already be seen, says Ozalp
We are coordinating with the NBE and Banque Misr to take part in syndicated loans arranged by both, said Abdel Hamid
The bank injected EGP 680m of loans in six months, despite the limited amount of opportunities in the market, says Ozalp
We began launching the service with a number of banks and will soon be activated with others, says Fawry CEO
With this decision, the interest rate on deposit remains at 11.75% and the lending rate at 12.75%
Private sector accounts for 59.8% of the credit facilities, while industry leads sectors backed by banks
Current account deficit reaches $18.7bn, compared to $12.1bn in FY 2014/2015
