Latest in Banking Highlight
Latest in Banking
ABE keen on supporting state’s efforts to develop Upper Egyptian governorates: Chairperson
EGP 233m allocated to finance agricultural associations in Aswan
HDB launches new package of services to support digital banking strategy: Ghanem
The bank achieved a breakthrough in the field of digital transformation, launches second phase of internet banking services
Banking alliance led by NBE grants EGP 12.5bn to Canal Sugar Company
Al-Ahly Capital contributed with a direct investment of EGP 1.62bn, provided foreign investment financing worth EGP 7.516bn
USD loses more than 11 piasters, records EGP 18.3289 for purchase and EGP 18.4183 for sale
Wednesday saw a collective decline in the prices of major currencies against the EGP
US dollar continues trading at EGP 18.44 for purchase, EGP 18.52 for sale on Sunday
Official price of American currency at CBE records EGP 18.43 for purchase, EGP 18.54 for sale
Egypt expected to raise interest rates after US Fed decision
CBE awaits inflation data to determine extent of increase
‘Khazna’ obtains CBE’s approval to launch prepaid card in partnership with ADIB
Khazna card allows money withdrawal and deposit, online payment, and payroll.
CBE releases core set of financial inclusion indicators
36.8m citizens own transactional accounts, including 16m women
Egypt looks forward to US Export-Import Bank providing low-cost finance for green projects: Finance Minister
Cairo targets increasing joint cooperation with EXIM Bank in financing development projects, supporting role of private sector
CIB – Egypt reports 1Q 2022 consolidated net income of EGP 4.24bn
In a statement, the bank’s management commented that “1Q 2022 ended on a challenging note on both global and local fronts as global economic uncertainty intensified with the Russian -Ukrainian War. With this turn of events, the Central Bank of Egypt (CBE) raised the corridor rate by 100 basis points, coupled with devaluation in the Egyptian pound against the USD by EGP 2.5 as a result of the global inflation.”
Bank deposits increase to EGP 6.549trn in January 2022: CBE
Credit facilities increase by EGP 257.6bn in 7 months, reaching EGP 3.161trn
Central Bank of Egypt reveals reasons for high inflation in March 2022
Annual urban inflation jumps to 10.5% in March 2022, marking highest rate since June 2019
ABE completes preparations ahead of wheat harvest season
The bank is also facilitating supply operations from farmers and receiving all wheat supplied from them provided that it conforms to the specifications and terms of supply.
CBE includes medical professions in initiative for small projects, at an interest rate of 5%
The CBE also emphasised the role of banks in providing electronic payment methods to the funded doctors within the scope of this initiative
Credit Agricole’s business strategy comes into line with Egypt’s objectives: Deputy Managing Director
Bank mainly directs financing toward sectors that Egypt seeks to develop, is committed to supporting community development, preserving environment: Walie El-Din Lotfy
Crédit Agricole Egypt inaugurates new branch in Palm Strip Mall
CAE selected the new branch’s location after conducting a geo-market study to identify geographical gaps. The branch is primarily located at the heart of Sixth of October City within a high business potential area and surrounded by three private universities.
USD/EGP average exchange barely moves to EGP 18.27 for purchase, EGP 18.37 for sale
USD price at CBE rises to EGP 18.25 for purchase, EGP 18.39 for sale
ITS discusses regulatory framework for cybersecurity in banking sector
The conference also discussed ways of cooperating with banks to provide all solutions and services that help secure their customers’ data, in addition to qualifying and training young people to work in the field of cybersecurity in various sectors.
Local institutions, banks launch ‘Avans Manara’ fund for direct investment, targeting EGP 2bn volume
Fund’s issued capital amount to EGP 905m
ABE announces increase in agricultural credit categories by 25%
Bank pumps nearly EGP 12bn to finance agricultural loans from mid-June 2020 to 2021-end
CBE launches several initiatives for women’s financial inclusion, empowerment since 2016
It also provided women with the necessary funding to help them implement their own projects as well as enable them to assume leadership positions in banks and increase their contribution to decision-making.
CBE raises interest rate by 1% in exceptional meeting, Egyptian pound declines significantly
The CBE believes in the importance of exchange rate resilience to absorb shocks and maintain Egypt’s competitiveness: MPC
US dollar exchange increases EGP 1.75 against backdrop of interest rise
Greenback records EGP 17.4 for purchase and EGP 17.5 for sale at National Bank of Egypt on Monday, compared to EGP 15.64 for purchase and EGP 15.74 for sale on Sunday
NBE, Banque Misr offer one-year 18% saving certificates
Yehia Abou El-Fotouh, Vice Chairperson of the NBE, said the bank’s new one-year saving certificates’ interest will be paid monthly.
Egypt’s Monetary Policy Committee increases key policy rates by 1% in extraordinary meeting
Objective of raising policy rates is to anchor inflation expectations, contain effects of supply shocks: MPC
Banque Misr, NBE, Banque du Caire agree to launch $85m MEA-focused ‘Nclude” fund for fintech
Participating investment entities also include e-finance, Egyptian Banks Company, and Global Ventures
Banks in Egypt show strong recovery indicators from COVID-19 repercussions in 2021
Net profits of banks increase to EGP 107.132bn in December, compared to EGP 88.103bn in September 2021: CBE
Why Egypt’s annual inflation jumps to 32-month high in February 2022?
CBE attributes increase in annual urban inflation to strong monthly food dynamics in February
Egypt focuses on MSMEs as they represent 98% of private sector: CBE
Egypt has 3.4 million micro-sized businesses, 2,200 medium-sized enterprises, and 217,000 small-sized businesses: CBE Sub Governor
Egyptian remittances increase to $31.5bn in 2021
Remittances increase by 3.4% in December 2021