Latest in Banking Highlight
Latest in Banking
Dollar records its highest level against Egyptian pound this week
The official rate for the dollar at the CBE on Thursday registered EGP 15.5422 to buy and EGP 16.1351 to sell
Banks secure $2.2bn to meet customers’ needs since pound flotation: cabinet
Banks have received $2.6bn as of Monday, says CBE governor
Highly expected that basic interest to remain unchanged on Thursday
Current interest rates on the pound may remain unchanged for three to six months, says analyst
Egyptian banks emerge as net winners post-25 January Revolution
Financial Times—Egyptian banks emerged as net winners after the 25 January Revolution in 2011 on significant net interest margin (NIM) expansion, supported by record-high treasury yields over 2012-2016. For the past six years, banks have been channeling excess liquidity to treasury investments. As such, banks’ treasury investments reached circa 45% of assets as of mid-2016 …
NBE, Misr Life Insurance sign cooperation protocol to benefit from e-payment tools
In light of the National Bank of Egypt’s (NBE) interest in improving the services it offers its customers to facilitate banking transactions and maintain leadership in providing electronic banking services updates, Hazem Hegazy, NBE CEO for retail banking and small- and medium–sized enterprises signed a corporation protocol with Ahmed Abdel Aziz, chairperson of Misr Life …
Interest remerging in MENA banks, especially Egypt, UAE, Saudi Arabia: HSBC Global Research report
Meetings with US fund managers and investors involved wide discussions on the Egyptian market and the Egyptian pound
US dollar price varies at banks, CBE on Tuesday
Bankers expect the greenback to change hands at EGP 15-16 for three months
CBE refutes rumours on changing banknote designs
The Central Bank of Egypt (CBE) denied rumours that it plans to change the design of Egyptian banknotes. Rumours have spread on social media platforms and some news websites that the CBE launched a competition among volunteers to create new designs for Egypt’s banknotes. The CBE said in a press release that it did not …
US dollar continues to fall on Monday, recording EGP 15.25-15.32 in official market
The price of the US dollar against the Egyptian pound continued to decline on Monday, recording EGP 15.25-15.32 for buying and EGP 15.75-15.85 for selling at several banks in the Egyptian market. The US dollar exchange rate against the pound recorded EGP 15.25 for buying and EGP 15.75 for selling at the Commercial International Bank …
SMEs Investors Association calls on government to review the sector’s legislation
We will soon launch a website to help young people establish and finance small projects, says El-Sakty
I expect stability in the foreign exchange market by early 2017: prominent banker
No state in the world has entirely floated its currency without facing fluctuations, but it then soon returned to stability after a period of three months to a year, says Abdel Aal
Market sees high sales volume of dollars, new saving certificates at banks in 2nd week since flotation
The amount of dollars Banque du Caire received in one day is equivalent to a full month’s worth of dealings previously, says chairperson
Large portion of dollars in banks since Monday come from customers switching saving schemes to Egyptian pounds: prominent banker
High expectations that foreign currency deposits will decrease while Egyptian pound deposits will increase by end of the month
US dollar exchange rate movement since flotation of the Egyptian pound until 13 November
Date Buy Sell 13/11/2016 15.5697 16.3122 10/11/2016 16.4224 17.0738 09/11/2016 17.0422 17.6330 08/11/2016 17.4170 17.8427 07/11/2016 16.4111 17.2632 06/11/2016 15.6643 16.2222 03/11/2016 14.6350 14.6550
US dollar price falls even further at CBE, banks while EGX profits EGP 9.3bn
The price of the US dollar dropped below EGP 16, with expectations that it will continue to decline
Large number of Arab, foreign banks in Egypt reflects country’s regional and international position: experts
Arab and foreign banks are more likely to make high profits in Egypt compared to the rest of the world
15 Arab banks, 7 joint Egyptian-Arab banks operating in Egyptian market
NBAD is one of the first Arab banks to begin operating in Egypt, and Morocco’s Attijariwafa Bank recently acquired Barclays Bank Egypt
What do leaders of Arab banks in Egypt say about the Egyptian market?
Reports by global institutions stress that Egypt has made noticeable progress over the past period, presenting many attractive opportunities, says Abdeen
Heads of banks explain Arab, foreign banks’ attraction to Egyptian market
Egypt is a promising market and has very few bank accounts compared to its population, creating many opportunities for growth
UBF to host 4th Middle East Banking Forum on Monday
The forum is held in cooperation with Financial Times Live, The Banker, and sponsored by Daily News Egypt
Blom Bank enters asset management sector through ‘Blom Egypt for Financial Investments’
The bank works to complete the procedures for establishing the new company through EFSA to expand its non-banking financial services
Egypt Post increases interest rate on savings accounts to 10.25%
Total value of deposits and invested money in Egypt Post amounts to EGP 184bn
Federation of Egyptian Banks to meet Sunday in presence of CBE governor
The meeting is planned to discuss the most significant issues in the banking field at this time
CBE concludes financing deal worth $2bn from international banks
The transaction bolsters the liquidity and amount of the foreign currency reserves, says CBE
CBE instructs banks in some areas to remain closed on 11 November
The CBE’s measure comes as a precaution for violence that may occur in these areas during the demonstrations on that day
Egyptian remittances at Banque Misr, NBE, Banque du Caire increase to as high as 35%
Leaders of the National Bank of Egypt and Banque Misr revealed that 30% of the remittances sent by Egyptians abroad to banks now remain in Egyptian banks compared to the previous 1%. There has been an upwards trend in these rates since the flotation of the Egyptian pound last Thursday. Vice chairperson of the National …
Banks pose new restrictions to confront saving certificates leveraging scheme
A number of banks in Egypt have developed new restrictions for granting loans guaranteed by deposits, both short-term deposits and saving certificates. This aims to put an end to the phenomenon—also known as leveraging—that swept through banks in the past few days. Over the week, banks have noticed an increase in appetite from customers to …
Egyptian pound appreciates against dollar in midst of imminent IMF loan signing, Trump elected president
The price of the Egyptian pound significantly increased against the US dollar on Wednesday. The official price at the Central Bank of Egypt (CBE) reached EGP 17.0422 for buying and EGP 17.633 for selling, down from Tuesday’s rates of EGP 17.417 for buying and EGP 17.8427 for selling. The dollar price also dropped at a …
CBE raises price of US dollar to EGP 17.41 for buying, EGP 17.84 for selling
The US dollar exchange rate rose at the Central Bank of Egypt (CBE) on Tuesday—the sixth day following the Egyptian pound’s flotation—to EGP 17.417 for buying and EGP 17.8427 for selling. The new rates are up from the Monday amounts of EGP 16.3895 for buying and EGP 17.2308 for selling, with an increase of EGP …
US dollar at customs repriced daily according to average bank rates on day before: ECA
The official price at customs on Tuesday registered EGP 17.26, hitting EGP 17.84 on Wednesday