Latest in Banking Highlight
Latest in Banking
8 Egyptian banks among top 100 Arab Banks: UAB
Egypt occupies fifth place according to the number of banks on the list, and QNB tops Arab banks in terms of size of assets
United Bank increases number of branches in Egypt to 51
The bank aims to be present in important economic and social areas, says chairperson
Banque du Caire to open 18 new branches in 2017: chairperson
The bank’s expansion plan comes in the framework of the implementation of government policies to achieve financial inclusion through expanding its customer base, says El-Zahed
Uncertainty clouds future of interest rate on Egyptian pound
The Monetary Policy Committee will hold its last meeting in 2016 on Thursday to review the prices of basic earnings at the CBE
CBE’s new mobile banking regulation will create new business opportunities for Egyptian banks: Moody’s
There are significant growth opportunities for mobile banking in Egypt
US dollar prices at banks vary considerably on Wednesday, official price drops by EGP 0.06
The dollar value is expected to drop as companies finalise their budgets
Banks finance foreign trade operations worth $7.9bn since flotation until 14 December: CBE
This sum includes the repayment of letters of credit and documents of collections worth $4.6bn, which were issued earlier, and new letters of credit worth $3.3bn
World Bank approves second tranche as Egyptian pound falls, US dollar nears EGP 20
EGX hits record high on expense of the Egyptian pound
US dollar surpasses EGP 19 at CBE to hit highest rates since flotation
The US dollar price at the Central Bank of Egypt (CBE) and banks operating in Egypt surpassed EGP 19, registering its highest level since the flotation of the Egyptian pound on 3 November. The price at the CBE on Monday recorded EGP 18.8088 for buying and EGP 19.1157 for selling, up from EGP 18.3246 and …
Housing and Development Bank-Egypt goes live on Temenos Core banking system
Temenos, the software specialist for banking and finance, announced on Sunday that the Housing and Development Bank-Egypt has successfully gone live with Temenos Core banking system. Masaref, Temenos’ Egyptian partner, implemented the transformation project within two years, overcoming the challenge of replacing an in-house legacy system, which had been deeply customised to cater to the …
Banque Misr finances import of basic, non-basic goods by $1.37bn since flotation: chairperson
Amount of collected US dollars amounted to $850m from clients, while new savings certificates attracted EGP 71bn, says El-Etreby
Lack of investment opportunities straining Egyptian banks
The liquidity of the pound has increased by EGP 64bn since the flotation; however, limited investment opportunities have hampered the growth of banks
When will the Egyptian market stablise?
What we see happening now is normal, but we’re not used to it due to the fixed price of the Egyptian pound, say analysts
CBE issues new regulations for mobile payment services
New regulations and procedures constitute a new approach in the banking sector and a paradigm shift towards financial inclusion, says CBE deputy governor
US dollar registers new peak, jumps to EGP 19 at HSBC
The US dollar price jumped against the Egyptian pound to register its highest level ever at the Central Bank of Egypt (CBE) and banks operating in the domestic market on Wednesday. The official price of the US dollar against the Egyptian pound, according to the CBE’s transactions on Wednesday, registered EGP 18.4507 for buying and …
Banks provided financing worth EGP17bn to SMEs and micro enterprises in 9 months: CBE
The recent issuance of certificates has attracted new deposits from outside the banking system estimated at EGP 64bn
US dollar exceeds EGP 18 at CBE for first time since flotation
Analysts play down impact of recent terrorist events on future of the exchange rate
Egyptian banking delegation visits Malaysia to learn about its experience in financing SMEs
The small- and medium-sized enterprises (SMEs) unit in the Egyptian Banking Institute (EBI) has organised a field visit to Malaysia in order to learn about the best international practices in the field of financing and serving these projects. The visit was part of the Central Bank of Egypt’s (CBE) initiative to facilitate the provision of …
Egypt is a great example of financial inclusion in the region and across the world: Visa senior vice president
Visa signed MoU with FEDCOC to encourage acceptance of card payments by cash-intensive SMEs
SMEs account for 10% of QNB Alahli loans portfolio: chairperson
The bank’s outcome of hard cash increased tenfold following flotation, says El Dib
Implementing Basel III, reducing government’s borrowing rate are best ways to improve banking sector: expert
The next step needed to reform the banking sector is to implement the Basel III banking system, says head of research department at Prime Holding
Cooperation protocol between Banque du Caire, 10th of Ramadan Investors Association to finance SMEs
The cooperation protocol comes within the framework of the initiative launched by the CBE at the beginning of 2016 to finance SMEs
Afreximbank funds EGPC with $200m
The African Export–Import Bank (Afreximbank) signed a credit facility agreement worth $200m with the Egyptian General Petroleum Corporation (EGPC) on Thursday to support the expansion of electricity generation and distribution in the country. Head of the bank, Benedict Okey Oramah, said the facility will secure the required fuel to support Egypt’s industrial sector through financing …
EBRD, QNB Alahli fund SMEs with $140m
The European Bank for Reconstruction and Development (EBRD) is partnering with QNB Alahli to support small- and medium-sized enterprises (SMEs) and energy efficiency in Egypt with a $140m financial package. QNB Alahli is one of the EBRD’s largest clients in the financial sector, with a partnership totalling $370m dedicated to supporting SMEs, trade, and the …
CBE signs 18bn yuan bilateral currency swap agreement with Chinese central bank
The agreement will lead to a decline in demand on the dollar and an improvement in the balance of payments, says Youssef
Foreign exchange reserves increase by $4bn to reach $23bn as of end of November
The Central Bank of Egypt (CBE) announced that its foreign exchange reserves increased by $4.01bn as of the end of November 2016, up from $19.04 to register $23.06bn at the end of October. According to a note released by the CBE on Monday, the size of its foreign currencies at the end of November rose …
Overall deterioration in business conditions is strongest since July 2013: Emirates NBD-Egypt
High prices continue to drive downturn in non-oil private sector
Pound recovers from its lowest level against the US dollar since flotation
The Egyptian pound has regained some of its strength against the US dollar at banks and the Central Bank of Egypt (CBE), recovering from its lowest level since the decision to float the currency on 3 November. The price of the dollar at the CBE on Sunday registered EGP 17.5995 for buying and EGP 18.0354 …
Soha Soliman appointed deputy chairperson of Banque du Caire
Egypt’s cabinet issued a decree on 26 November appointing Soha Soliman, the former managing director of the Social Fund for Development (SFD), as deputy chairperson of Banque du Caire. Soliman succeeds Mohamed Taha in the position. Taha moved to take over as head of treasury at the Arab Banking Corporation. Soliman graduated from the faculty …
18 million people require microfinance in Egypt: former CBE governor
We need about EGP 54bn to finance 3.6 million families living below the poverty line