Latest in Banking Highlight
Latest in Banking
MSMEs Development Agency launches first electronic platform for SMEs
The Mirco, Small, and Medium Enterprises Development Agency (MSMEs Development Agency) will launch the first electronic platform for all small and micro enterprises at the end of December, according to the agency’s CEO Niven Gamea. Gamea said in press statement last week that the platform will include a database of all micro and small business …
EMF discusses electronic portal to pay micro-credit via mobile
The Egyptian Microfinance Federation (EMF) organised on Wednesday a panel discussion on the possibility of launching a mobile payment portal for the use of micro financing associations and institutions. EMF Chairperson Mona Zulficar had coordinated with the Central Bank of Egypt (CBE) and the Egyptian Financial Supervisory Authority (EFSA) to facilitate mobile payment procedures for …
EBI holds a seminar on fintech Monday
The Research and Awareness Department at the Egyptian Banking Institute (EBI) is organising a seminar on financial technology (fintech) on Monday during which information technology expert Ahmed Mansour will deliver a lecture. According to an invitation received by Daily News Egypt, the seminar will be held in the framework of EBI’s keenness to maintain continuous …
NBK celebrates 10 years in Egypt
The National Bank of Kuwait (NBK) Group will celebrate 10 years of its presence in the Egyptian market on Sunday. This reflects a new confidence in the Egyptian economy and the depth of Egyptian-Kuwaiti relations. The ceremony will be attended by a number of leaders of the Kuwaiti bank and its leadership in Egypt, headed …
NBE funds external operations worth $18.5bn in 13 months: bank’s vice president
Bank foreign exchange earnings $17bn from 3 November 2016 to 5 December 2017, says Aboul Fotouh
CBE pays $600m to Afreximbank
Governor of the Central Bank of Egypt (CBE) Tarek Amer said that the CBE paid $600m to the African Export-Import Bank (Afreximbank). This increases the total amount repaid by the CBE to Afreximbank to $2.6bn, according to the Middle East News Agency. Amer said that the last installment due to Afreximbank worth $600m will be …
Gold value behind CBE foreign reserve hike in November
Value of gold increased to $2.702bn, up by $63m from October
CBE pays Afreximbank $2bn
Foreign exchange reserves continue to rise, reached $36.723bn at end November 2017
CBE to receive EALB development plan by early 2018: EALB chairperson
We have managed to attract new deposits worth over EGP 1.2bn while negotiating new loans worth over EGP 2bn in food, real estate development, petroleum, grain storage sectors, says Kamal
IFC loans CIB $100m
The International Finance Corporation (IFC) signed an agreement on Tuesday with the Commercial International Bank (CIB) to fund it with $100m. This funding is considered the first supporting loan provided by the IFC to a local bank. This came after the recent regulations approved by the Central Bank of Egypt (CBE) allowing international finance institutions …
Feeling the economic pulse
A year on from its currency devaluation, Egypt is brimming with opportunities for investments. Hesham Ezz Al-Arab, Chairman of the Commercial International Bank (CIB), talks of how the reforms have shaped the banking sector. How has the economic situation in Egypt altered after approximately a year since the decision to devalue the Egyptian Pound? We …
Sustainable finance is realising inherent connection between economic growth, social, environmental, governance concerns: AAIB CEO
Banks should shift traditional operations towards microfinance, entrepreneurship, SMEs, says Hassan Abdalla, CEO of Arab African International Bank (AAIB)
Amer saved Egypt by liberalising exchange rate: Selim
Even with support from political leadership, if not for his bravery, decision would not have been made, asserts banking expert Banking expert Ahmed Selim believes that the most important, even historical, decision made by Tarek Amer was the liberalisation of the exchange rate, noting that the decision should have been made in the past 20 …
His decisions contributed to improving business environment, had great impact on economic reform: Aboul Fotouh
The success of the CBE governor is also the effort of the bank’s board of directors, says banking expert
Amer took responsibility for many difficult, brave decisions: Abdelaal
CBE governor is a man in love with Egypt, says board member of Suez Canal Bank
Amer’s decisions had major positive impacts on the economy and banks: Aboul Fotouh
He managed to convince everyone that exchange rate liberalisation was necessary, says NBE vice chairperson
Hariri presents best central bank governor 2017 award to Amer
CBE governor is main coordinator of economic reform programme agreed with IMF, says Fattouh
Amer: best Arab and regional central bank governor
As second anniversary approaches since Amer assumed CBE duties, DNE reviews important decisions made during his term, most significantly floating the pound
He managed 4 major files efficiently: Fahmy
Amer is a nationalist capable of making bold decisions without fear, says Fahmy
Amer recognition honour for political leadership, CBE collaborators, all Egyptians
The initiatives he took have a significant role in achieving balanced and sustainable development, says ABE president
Amer true engineer of economic reform: Kamal
CBE governor made history with bold decisions: chairperson of the Egyptian Arab Land Bank
Vodafone, AlexBank aim to increase Vodafone Cash customers to 5 million by mid 2019
Vodafone negotiates with CBE to include companies in the service and raise transaction value to EGP 10,000 with a cap of EGP 50,000 per month
CBE, MasterCard discuss pushing digital payments in Egypt
MasterCard cooperated with the Egyptian government in issuing 4.6m payroll cards for government employees
How small franchise projects can get funding from the Industrial Development & Workers Bank of Egypt
The Industrial Development & Workers Bank of Egypt offers funding for franchise businesses, whether existing or new projects, and for both local and international projects. The bank provides funding for all production, service, and commercial activities, including economic, industrial, livestock, poultry, tourism, and agricultural projects. The bank finances the purchase of new machinery, spare parts, …
Volume of allocations in banks amounts to EGP 109.383bn
The volume of provisions made by banks to deal with bad and doubtful debts reached EGP 109.383bn at the end of August 2017, compared to EGP 110.218bn at the end of July 2017, a decline of about EGP 900m. At the same time, the volume of banks’ reserves in August declined by about EGP 3bn …
Issued currency up EGP 17bn
Total currency issued by the Central Bank of Egypt (CBE) amounted to EGP 462.855bn by the end of August 2017, compared to about EGP 445.898bn in July 2017, an increase of about EGP 17bn. According to the CBE, the issued currency to gross domestic product (GDP) ratio was 11.36% in August, compared to 10.95% in …
Banks’ investments in T-bills reached EGP 549.96bn
Banks’ investments in treasury bills (T-bills) reached EGP 549.96bn by the end of September 2017, against EGP 522.35bn in August 2017, up by EGP 27.6bn. Public sector banks’ investments in T-bills reached EGP 269.938bn, while private banks’ investments reached EGP 247.358bn. Meanwhile, specialized banks’ investments reached EGP 11.138bn, and foreign banks operating in Egypt invested …
Deposits portfolio reached EGP 3.124tn
The size of the banks’ deposits portfolio reached EGP 3.124tn at the end of August 2017, up from EGP 3.071tn at the end of July, an increase of EGP 53bn, according to the Central Bank of Egypt (CBE). The CBE noted that government deposits rose to a record EGP 529.4bn by the end of August, …
80% rise in net foreign assets
The net foreign assets of the Egyptian banking sector as a whole, including the Central Bank of Egypt (CBE), scored about EGP 174.878bn at the end of August, compared to EGP 139.658bn at end of July, according to CBE figures. The CBE noted that net foreign assets in banks reached EGP 80.279bn at the end …
ABE, MSMEs Development Agency to sign agreement worth EGP 50m to finance women’s project within two weeks
Bank may offer funding scheme to contribute to establishing the first model village for animal and agricultural production in the New Valley governorate: Elkosayer