Banks adopt strict measures to issue new letters of credit
The CBE evaluates the banks’ cooperation in providing the foreign currency through three factors
Hossam Mounir
3158 Articles
Latest by Hossam Mounir
Banks criticise CBE’s FX Auction regulations
The regulations were a new shock to banks that did not obtain dollars from the CBE
Banque Misr borrows $250m from foreign markets to boost foreign currency liquidity
The list of banks participating in this loan includes ABC-Bahrain, the National Bank of Dubai (NBD), Mashreq Bank, Union National Bank Egypt, and HSBC. Banque Misr has been negotiating with these banks since last June.
Emirates NBD-Egypt launches new banking services package for major customers
Mother group aims at gaining the trust of Egyptian customers, say bank’s leaders
Amer seeks banks’ support to overcome dollar shortages
Official letter calls for banks to maximise foreign exchange, working with foreign partners
AAIB launches Edu Invest programmes
Financing tuition fees ranges between EGP 15,000 and EGP 600,000 loan up to seven years, says Bahnasawy
Banks ordered to prioritise providing foreign exchange for vital exports
CBE demanded that local banks prioritise directing their foreign exchange liquidity to cover the importation of commodities
Foreign exchange reserves stable in November
Foreign exchange reserves were stable in November at $16.4226bn, the Central Bank of Egypt revealed Thursday. Foreign exchange reserves similarly did not record any changes in October under the leadership of former governor Hisham Ramez, amounting to $16.4148bn.
Cooperation is conditional for obtaining dollars: CBE to banks
Amer’s latest regulations for dollar availability act as a warning to uncommitted banks, experts say
CBE sets new regulations for dollar auctions
Banks acquisition of dollars is dependent on their efficiency in providing foreign exchange
CBE issues exceptional offer to pump dollars in banks to meet import needs
Tarek Amer met with President Abdel Fattah Al-Sisi Wednesday to present his new action plan
Amer holds first CBE board meeting after formation Thursday
The market is also awaiting any indicators from the CBE regarding the trend of local interest rates after the sudden movements taken by some banks in the last period.
AAIM managed assets worth EGP 3.5bn by mid-2015
AAIM is one of the financial subsidiaries of the Arab African International Bank (AAIB).
Egypt settles $547m dues to foreign EGX investors: CBE
Decision expected to boost stock market indicators, says EGX Chairman
Banks fail to receive their share of CBE dollar auction
It maintained the exchange rate of the dollar against the pound at this periodic auction at EGP 7.73, which led to stabilising the dollar price at banks at a bidding price of EGP 7.78 and an asking price of EGP 7.83.
New CBE Governor Tarek Amer denies having Facebook page
Amer said he deactivated his Facebook account on 17 October, four days before his appointment as the new governor of CBE
Banking sector rejects value-added tax, seeks CBE’s assistance
Sources believe Amer is likely to agree to Federation of Egyptian Banks memo to reject tax
6 banks exempted from applying maximum wage
Six other banks await a judicial ruling for exemption
Egypt has great growth potential: ABK leaders
Bankers discuss new vision for Egyptian operations after Piraeus acquisition
Amer heads new CBE board meeting Sunday
Market awaits Amer’s new decisions on exchange rate, dollar deposit caps, and covering rest of temporary credit facilities granted by banks to importers
Presidential decree issued to reform Coordinating Council for fiscal, monetary policies
President Abdel Fattah Al-Sisi issued a decree on Thursday to restructure the Coordinating Council that manages fiscal and monetary policies set out in Article 5 of the CBE, Banking Sector and Money Law
NBK-Egypt reports 62.9% YoY increase in profits
The bank recorded EGP 445.6m net profits for the first nine months of 2015
Outgoing CBE governor honoured by FEB
Since becoming CBE governor in February 2013, Ramez faced many challenges, most notably attempts by the Muslim Brotherhood to change the operations of the institution. He worked hard to maintain the bank’s independence throughout the controversial period.
ABK-Egypt targets increasing capital to EGP 1bn in 2016
The bank is playing a large role in facilitating financial flows from Egyptians working in the Gulf region, particularly Kuwait and the UAE to Egypt, as well as flows by Kuwaitis working in Egypt, according to Constantinos St. Loizides, an NBK board member.
US Department of Treasury opens office in Cairo to consult FATCA
Cairo office is one of three in Arab region to ensure US expatriates of Arab origin, citizens, or Green Card holders are familiar with FATCA
Tourism sector awaits bank approvals to grant dollar loans for replacing, renewing building operations
Loans to be received in pounds and repaid in dollars; we are awaiting a reply within two days, says Tourism Investment Association head
Global Lease increases capital to EGP 50m
Wadi Degla Holding, SANAD Fund keen on offering complete support for Global Lease to expand its business
Outstanding balance of treasury bonds at EGP 644.94bn: Dimian
This is besides other treasury bonds issued in US dollars in global markets, worth approximately $7.5bn, according to the Ministry of Finance.
Global Lease, Banque Misr sign financing contract worth EGP 200m to finance leasing contracts
Deputy Head of Credit Audit at Banque Misr Tarek Amin said the department is currently considering several proposals for financial leasing.
CBE’s new board officially takes office next Sunday
Regulating exchange market is at the top of the new board’s priorities, says Ismail Hassan