Latest in Banking Highlight
Latest in Banking
HDB focuses on financing 4 major sectors of SMEs
Microenterprises will be financed through companies and associations specialised in these projects, says vice chairperson
SMEs acquire 10% of HDB’s loan portfolio until September 2016: chairperson
The bank aims to increase the funding of such projects to 20% by the end of the four-year period, set by the CBE, said Fathy El-Sebai
HDB pumps EGP 56m in ‘Your Project’ programme over 7 months
Funding volume amounts between EGP 50,000-3m with an interest rate of 5%, projects obtain approvals in five days
HDB graduates first batch in the SMEs financing training course
The Housing and Development Bank (HDB) and FA Group for Financial Consulting have held a graduation ceremony for the first batch of small- and medium-sized enterprises (SMEs) financing training course, which included 25 of the bank’s employees. Graduation certificates were given to the trainees in the presence of the former governor of the Central Bank …
Trade exchange between Egypt and outside world falls to $75bn in FY 2015/2016: CBE
Imports decline by $4.99bn, exports down by $3.54bn
Royal Bank of Scotland fails stress test
The Royal Bank of Scotland is not prepared for another financial crisis, the results of a tough stress test have shown.
Credit facilities granted by banks to their clients in August increased by EGP 12.3bn: CBE
Private sector accounts for 59.4% of the total facilities, deposits increase by EGP 34.4bn
Egyptian pound continues to decline against US dollar at banks
The currency exchange is governed by supply and demand, says CBE and banks
CBE allows banks to direct part of US dollar-denominated proceeds to cover temporary overdrafts on customer accounts
The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …
Dollar climbs to EGP 18 at banks on Monday
The US dollar climbed to EGP 18 on Monday at banks operating in Egypt. The average rate for the dollar at most banks on Monday registered EGP 17.55 to buy and EGP 17.95 to sell. HSBC Bank was offering to sell US dollars at EGP 18. The dollar has been gaining ground against the Egyptian …
Egypt’s consumer spending amounts to $156bn: Visa general manager
Consumer spending in Egypt reached $156bn, though the use of electronic payments accounts for only 2% of that sum, general manager for Visa in North and West Africa Tarek Elhousseiny said. This small share of electronic payments in Egypt shows a great opportunity for everyone to work on the spread of this type of payment, …
NBE provides $800m for imports following pound flotation
Fluctuations in the US dollar exchange rate are normal initially and will not last long, says Okasha
Do not worry about volatility of exchange rate: bank leaders
Egypt is undergoing a new experience, and stability of the market relies on increasing foreign exchange resources
Flotation of the pound, raising interest rates limit growth of retail banking: banker
Attracting new customers, including university students, and offering modern banking technology are the banks’ way of achieving better growth rates
Bank Audi Egypt aims to increase SMEs portfolio to EGP 6bn in 4 years: deputy chairperson
Current portfolio stands at EGP 1bn, supported by strong specialised SMEs financing schemes, says Fayed
NBE raises limits on credit card use abroad
Hazem Hegazy, the head of retail banking at the National Bank of Egypt (NBE), said that the bank has decided to raise limits on credit card use abroad starting Wednesday. The new limit will be a maximum EGP 100,000 a month, depending on the type of credit cards customers own. Hegazy added that the monthly …
US dollar exchange rate against Egyptian pound continues to rise at banks, CBE on Thursday
Prior to the CBE’s decision to float the currency on 3 November, the price of the dollar was set at EGP 8.83
Exchange rate semi-stable at CBE, banks on Wednesday
At banks on Wednesday, the US dollar changed hands at EGP 17-17.5 for buying and EGP 17.4-18.25 for selling
Crédit Agricole collects $150m from clients since pound flotation
The bank does not intend to reconsider its interest rates on investment vessels
NBE saving certificates with 16%, 20% interest collect EGP 92bn
NBE offered $600m for imports since the flotation of the pound, says vice president
NBE receives EGP 15bn in new deposits in fortnight: chairperson
Banque Misr collected $400m during the first two weeks of the flotation, says deputy chairperson
Foreign exchange outcome at banks exceeds $3bn over past 2 weeks: CBE sub-governor
Investment funds, international pension funds began investing in Egyptian government debt instruments
Despite high interest, banks attract only EGP 26bn of new funds into saving certificates
Investments in new saving certificates amount to EGP 135bn, 81% recycled from other vessels within banks
CIB increases spending limit on cards abroad for 3rd time
The Commercial International Bank (CIB) increased its spending limits on its cards abroad for the third time this month, following the liberalisation of the exchange rate. The bank announced on its website that it increased the purchase limits on its White and Classic credit cards to EGP 50,000 up from EGP 35,000 per month. The …
EAB secures loans worth EGP 5.5bn to fund 800,000 plant production, agricultural crops projects: chairperson
We aim to finance participants in the 1.5m acres project to support the state plan to increase the agricultural area, said Elkosayer
Banque Misr finances 419,000 clients working in micro-enterprises, SMEs
The bank granted 30,400 loans under Mashrouak (Your Project) initiative worth EGP 983m throughout a year and a half
NBE provides EGP 27bn to 51,000 small, medium, micro-enterprises by end of October: chairperson
NBE provided EGP 5.2bn to more than 7,000 projects in 9 months as part of CBE initiative
Banks begin providing hard cash to import non-essential goods on Sunday
Banking sector financed import of food commodities, medicines, and production inputs worth $2.492bn in 13 days, says the CBE
Interest rates remain unchanged by the CBE
Analysts expect these rates to remain unchanged for three to six months
Banking sector secures financing to import $2.5bn worth of food commodities, medicine: CBE
$1.5bn allocated to import intermediate goods and raw materials for production; $414.6m to import food commodities; and $97.6m to import medicine