Banque Misr raises interest rate by 1% on deposits, 0.75% on savings accounts
The interest rates increase on the higher deposits, depending on the segments set by the bank
Hossam Mounir
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Latest by Hossam Mounir
NBE raises interest rate by 1% on savings accounts, 0.75% on deposits
Banque Misr may approve a limited increase of the interest rate on short-term savings funds
Absence of coordinating council in decision to increase interest rates
The CBE’s accompanying report on the decision was issued without Al-Mashat’s signature for the first time in 11 years
Strong expectations about pound devaluation by CBE after raising interest rates
Analysts warn about the negative impact on inflation rate if the step is not well-prepared
Banks to hold meetings on Sunday on the fate of interest rates following CBE decision
Banks will watch the decision’s impact’s yield on treasury bills and bonds before deciding their interest rates, Abdel-Fattah
Household sector acquires 62.68% of total deposits in banks in March
Household sector adds about $2.8bn to its foreign exchange deposits, increases its savings to about EGP 15bn in local currency
Industrial sector acquires 28% of bank loans in March
Most loans in the banking sector worldwide are granted to the industrial sector, says Ezz El-Din Hassanein
CBE raises interest rate to its record high in 11 years
This increase boosts the CBE’s deposit rate to 11.75% and lending to 12.75%
Ambiguity mars CBE’s next move on EGP interest rates
The Central Bank of Egypt faces difficulty on inflation hike of more than 2% in May
Flat6Labs funds 46 projects worth $10m in Egypt, UAE, and Saudi Arabia over five years: managing director
Flat6Labs is a regional programme established in 2011 by Sawari Ventures and the American University in Cairo (AUC) School of Business Administration to turn technology ideas into real projects.
Treasury bond balance increases by EGP 2.02bn at end of May: Finance Ministry
These bonds were put forward from 12 February 2008 until 26 April 2016. The interest rate on these bonds ranges between 9.15% and 17%.
CBE sells $120m to banks to release imported intermediate goods stuck in customs
El-Menilawy added that the CBE on Tuesday morning had asked the departments responsible for issuing letters of credit in banks to submit reports of the requests of customers whose intermediate goods are stuck in customs.
Local, international institutions offer to invest $915.4m in treasury bills
The bank auctioned $700m that will mature in one year’s time on 31 June 2017.
Trade balance deficit declines by 44.4% in March: CAPMAS
Exports increase by 11.7%, imports decrease by 27.2%
Egyptian Banking Institute organises visits to India, Hungary to learn about SME financing
The purpose of the visit to Hungary was to meet heads of units of SME financing in banks in order to identify the basis for the application of international practices in financing these projects in Central and Eastern Europe
CBE offers treasury bills worth $700m
New tender to be issued for payment of old bills offered in June 2015 worth $728.5m
Egyptian cotton exports decrease by 54.2%: CAPMAS
Exports reached 112,700 metric kantar between December 2015 and February 2016 compared to 246,000 metric kantar during the same period of the previous season.
PBDAC awaits supervision by CBE to implement development plan: chairperson
The new law does not exclude the bank from Ministry of Agriculture supervision
Egypt’s foreign debt grows by $5.6bn at end of Q3 FY 2015/2016: CBE
The new figure marks an increase of $5.6bn (11.8%), the CBE reported
No intention to turn PBDAC into commercial bank: chairperson
We seek to change the misconception that we simply offer fertiliser to farmers; PBDAC is a comprehensive bank providing all services to farmers, says El-Qosayer
Six problems facing the bank in the coming period: PDBAC chairperson
The challenges include resolving EGP 4bn worth of non-performing debts, raising efficiency of assets worth more than EGP 2bn, and diversifying products
NBE signs EGP 1.98bn loan with Alexandria National Refine and Petrochemical
The loan is earmarked to establish a naphtha and continuous catalyst regeneration unit with a capacity of 850,000 tonnes per year
CBE issues new regulations for financing agriculture, industry medium enterprises
The Central Bank of Egypt (CBE) issued on Wednesday the regulations for implementing the initiative to finance medium enterprises operating in the sectors of agriculture and industry
Banking sector provides $33.7bn to cover needs of state, importers in 7 months: CBE’s Governor
Amer demonstrates with Al-Sisi the CBE’s efforts to support foreign exchange reserves and banks’ role to alleviate foreign currency crisis in the market
Gulf states provide Egypt with $6bn to support foreign reserves
Egypt’s foreign exchange reserves have been bolstered with $6bn from Saudi Arabia, the UAE, and Kuwait since Al-Sisi’s term began two years ago
US dollar jumps to EGP 8.87 on official market, EGP 11 on informal market during Al-Sisi’s 2-year presidency
The official price of the US dollar increased from EGP 7.17 in June 2014 to EGP 8.87 in June 2016
Banque Du Caire finances the purchase of 6,229 housing units for low- and middle-income individuals by end of May
The bank contributes EGP 6.5bn in the syndicated loan arranged for the benefit of the Social Housing Fund, says El-Zahid
54% decrease in tourist arrivals in April: CAPMAS
Western Europe accounted for 35% of tourists coming to Egypt, while the flow of tourists coming from Russia declined
CBE reprints EGP 1 banknotes to face small change shortage
The new EGP 1 banknotes will be signed by Governor of the CBE Tarek Amer for the first time since he took office in November 2015.
91 million people in Egypt as of Sunday: CAPMAS
Egypt’s population has increased by 1 million people over the past six months