Banks operating in Egypt record EGP 35.88bn net profits in 2015: CBE
Non-performing loans fell to 6.8% of total, 99% of which are covered by provisions
Hossam Mounir
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Electronic payments account for no more than 2% of consumer spending in Egypt: Visa general manager for North and West Africa
Visa acquires 61.5% of electronic payment cards market in Egypt and globally, according to Nielsen Corporation
CBE maintains EGP interest rate
The CBE interest rates are the main index for interest rates on the Egyptian pound in the local market.
Arab African International Bank awarded sponsorship of El Gouna Squash Open amid fierce competition: Hassan
El Gouna Open has become one of eight major international squash tournaments, says AAIB Head of marketing and communications
CBE grants banks $118.7m, returns to quota in Tuesday’s auction
Banks were granted this amount at a price of EGP8.78 to the dollar. Banks will sell to clients at a price of EGP8.88 to the dollar
Meetings to determine fate of closed companies, restore stability to exchange market
CBE signed a penalty on the violating companies, which are ready to close if such actions are in favor of the state, says Al-Abyad
Steep decline expected in dollar exchange rate on informal market Tuesday
Importers stopped buying dollars and the dollar’s valye will decline by EGP 1 in three days, El Abyad forecasts
CBE poised to lift interest on pound
The Monetary Policy Committee is holding its third meeting this year on Thursday to discuss the future basic interest at CBE
UAE to support Egypt’s foreign exchange reserves with $2bn funding: Abu Dhabi crown prince
The CBE announced that the balance of the foreign exchange reserves increased to $16.561bn in March, and is expected to increase to about $18.5bn, after receiving funding from the UAE
High interest rate hinders banks in Egypt from obtaining foreign loans
Foreign institutions require high return interest rates of 5.5%, which is unsuitable for banks, says ADIB Capital CEO
Egyptian Arab Land Bank to reassess asset holdings in period of transition: Deputy Chairman Al-Sharqawi
The bank plans to transfer EGP 5bn in assets to a real estate subsidiary
Financing is most important requirement for developing SMEs: UAB
CBE initiatives target facilitating required financing for these projects, says CBE deputy governor
Amer denies plans to devalue Egyptian pound after its price falls in informal market
While the dollar is scarce, trader’s speculation has also driven inflation, says banker
International purchase of treasury bills falls to lowest since 2011: CBE report
The CBE will institute a hedging mechanism with a unified dollar exchange rate to attract international purchase of government debt instruments in April, says analyst
CBE revises mechanism of US dollar allocation
The CBE allocated $120m to banks on Tuesday to finance the import of food commodities at a price of EGP 8.78
NBE loans EGP 1bn to 1,734 micro and small-sized enterprises in February, March 2016
The bank provided EGP 23.4bn to 48,000 SMEs through of March 2016
Banking market does not need another credit bureau: CBE deputy governor
A few days ago, a number of Egyptian and US investors filed a lawsuit at the State Council’s Administrative Court appealing to the CBE’s refusal to allow them to establish a credit bureau under the name ‘EgyScore’
Banking expert warns against further EGP devaluation, unless CBE is prepared
The CBE should have enough dollar liquidity to control the market, otherwise the dollar exchange will jump commensurately, says Abdel Aal
Analysts expect further EGP devaluation against dollar
Analysts cannot predict the timing and percentage of devaluation
No serious steps taken so far to sell United Bank, offer shares of AAIB, Banque du Caire in IPO: CBE deputy governor
This issue is still being studied, and we are coordinating with Kuwait regarding the AAIB, says Negm
United Bank, SFD sign EGP 150m contracts to finance SMEs
The first contract stipulates that the SFD will provide EGP 100m for the United Bank to finance new and existing small enterprises nationwide
CBE assigns $120m for importation of food commodities before Ramadan
This move comes within the framework of the bank’s readiness to meet the market’s requirements for food commodities before the beginning of Ramadan
CBE amends import regulations
The CBE said the new decision attempt to address the need for expediency when dealing with the geographic dimensions of food items
Islamic banks face challenges associated with managing liquidity: CBE deputy governor
Negm added that the government reissuing bonds when they are due will enable Islamic banks to invest their surplus funds
Banks must comply with new controls for foreign exchange deposits: CBE
CBE said in a statement on Monday that it had monitored some individuals who made large cash deposits in foreign currencies, and used them to import non-essential goods and products through companies, which is a circumvention of the controls
CBE deputy governor calls for banks to increase capital base
The CBE allowed banks three years to adjust to this decision
CBE has not received new deposits from Saudi Arabia’s MOU with Egypt as of Saturday: CBE deputy governor
Quality of performance is a requirement for extending working period, says Negm
Banks refuse to adhere to VAT law, awaiting response from new finance minister
The Egyptian Tax Authority demanded that banks operating in the domestic market register for the VAT
FEB calls for real estate tax emption for banks holding foreclosed properties
The FEB will submit the memorandum to Tarek Amer, governor of the Central Bank of Egypt (CBE), requesting that Amer address the new Minister of Finance, according to Adnan El-Sharqawi, Deputy Chairman of the Egyptian Arab Land Bank and an FEB board member
HDB posts SME loan portfolio of EGP 1bn: CEO
SMEs constitute 12% of the bank’s loan portfolio