Latest in Banking Highlight
Latest in Banking
Private banks move to protect their deposits after governmental banks raise interest rate to 20%
Banks issue new savings certificates at high interest rates; others increased return on current certificates, while the rest are still studying the market
Banks loosen restrictions on US dollars abroad after foreign exchange resources improve following pound flotation
Banks operating in the local market have begun to ease restrictions set earlier on Egyptians’ use of US dollars abroad through cash and electronic payment cards. Commercial state banks including the National Bank of Egypt (NBE), Banque Misr, and Banque du Cairo were the first to make this move, and were followed by other banks …
CBE dollar price rises to EGP 16.38 for buying, EGP 17.23 for selling, jumps to EGP 17.5 in banks on 5th day of pound flotation
The price of the US dollar at the Central Bank of Egypt (CBE) increased on Tuesday, the fifth day after the liberalisation of the exchange rate, to EGP 16.3895 for selling, and EGP 17.2308 for buying, compared to EGP 15.6643 for buying, and EGP 16.2222 for selling on Monday. On Thursday, the first day of …
PBDAC amends its main system after parliament approves law: chairperson
We will immediately begin to communicate with the World Bank to implement the restructuring of the bank, says Elkosayer
US dollar price increases in mid-Sunday trading to EGP 16.5
The price of the US dollar increased in the five major banks operating in the Egyptian market as of 5.30pm on Sunday to register EGP 16.5 for selling, while the price ranged between EGP 15.75 and EGP 15.80 for buying. BANK Buy Sell NBE 15.80 16.50 Banque misr 15.75 16.25 Banque du Caire 15.80 …
Banque Misr, CIB amend spending limits on cards abroad
Banque Misr and the Commercial International Bank (CIB) decided to amend the spending limits imposed on their cards for usage abroad. Other banks are still considering whether to follow suit. Mohamed El-Etreby, chairperson of Banque Misr, said that the bank changed the spending limit on its cards abroad. The bank’s Classic card spending limit was …
Emirates NBD-Egypt aims to increase SME portfolio to 10% by end of 2017, 20% by end of 2019
Bank launches special unit to provide technical, financial support to SMEs, supports it with qualified experts and geographic expansion plan
US dollar exchange rate stable on 1st day of Egyptian pound’s complete flotation
Sunday marks the first day of the Egyptian pound’s complete flotation in the top five banks operating in the market, following the Central Bank of Egypt’s (CBE) decision to liberalise the exchange rate on Thursday.
NBE, Banque Misr raise limits on card usage abroad
Vice chairperson of the National Bank of Egypt (NBE) Yehia Aboul Fotouh said that the bank will raise the limit previously imposed on its cards for usage abroad on Sunday. He added that the bank also approved selling $300 to travellers who are not clients, whereas travellers who have had accounts at the bank for …
Long-awaited pound flotation ends market’s long-standing state of suffocation: bank exchange market officials
While this decision has its advantages and disadvantages, it is the only solution for ending many problems and the government should support it
Egyptian pound flotation is a historic decision: bank leaders
Raising interest was important to protect citizens’ savings and to face expected inflation, say bank leaders
Some banks raise interest on savings vessels after CBE decision, public banks to follow suit
Some banks operating in the local market have quickly raised the interest they offer on some saving vessels in Egyptian pounds, following the Central Bank of Egypt’s (CBE) decision to raise its basic return by 3% on Thursday. Other banks are waiting until Sunday to follow suit. Time constraints and the absence of Asset-Liability Committee …
Banks looking forward to returns on debt instruments following Egyptian pound’s flotation, raising interest by 3%
The average return on initial treasury bills increased by 3.6% and exceeded 20% following the CBE’s decision
Banks confused over US dollar pricing during first 3 days after flotation
Chaos is normal since this is the first time for Egypt, but it will end soon, says banker
Pound’s flotation on the table since December 2015 as part of an integrated economic reform programme: CBE governor
Amer reveals preparations behind 3 November decisions, saying they were supported by political leadership
CBE launches hotline for complaints on malpractices in currency trading
The Central Bank of Egypt (CBE) launched a call centre hotline on Sunday under the number 16775. According to the CBE, this hotline is designated for complaints from clients regarding malpractices being carried out by banks and exchange bureau companies if they violate instructions on US dollar trading. The CBE will focus on violations relating …
Commerzbank loss beats analysts’ expectations
German bailed-out lender Commerzbank has posted a net loss of several million euros in the third quarter, hit by restructuring costs and the impact from low interest rates.
CIB negotiates with 8 banks to fund Orascom Hotels loan rescheduling worth EGP 2bn
The company looks to reschedule both short- and mid-term loans
Allocations for petroleum product subsidies expected to increase after floating the Egyptian pound
Allocations for petroleum product subsidies expected to exceed previous amount of EGP 35bn
CBE will not hold exceptional tender Thursday: Genena
The CBE’s governor said foreign exchange reserves will not be used, described the move as a full flotation
Bank are free to price the US dollar: CBE
This comes after the CBE fully floated the exchange rate on Thursday morning
CBE instructs exchange bureaux to buy US dollars at EGP 13, sell at EGP 14.35
Exchange bureaux companies operating in the Egyptian market began on Thursday morning to buy US dollars at EGP 13 and sell at EGP 14.35
US dollar registers EGP 14.3 for sale at private banks
The price of the euro against the national currency reached EGP 14.66 for buying and EGP 15.91 for selling
NBE, Banque Misr, Banque du Caire launch EGP-denominated saving certificates with 20% interest rate, 18-month maturity period
The banks also launced three-year certificates with a 16% interest rate
Floating the Egyptian pound is an excellent step: Naguib Sawiris
Sawiris called on the Egyptian people to support the CBE’s decision
CBE floats Egyptian pound, raises interest by 3%
The CBE decided on Thursday to let banks in the market set their own exchange rate for the Egyptian pound against the US dollar
CBE consideres obliging banks to not accept foreign currency from anonymous sources
The move aims to lay siege to the informal market and crack down on traders, says senior banker
Egyptian pound devaluation could cause heavy losses for customers with open currency position
Importers of medicines and commodities priced upon the US dollar’s official rate are the most affected; the government is facing the same problem
CBE stabilises Egyptian pound’s price against US dollar, ignores market’s expectations again
Analysts ruled out Egyptian pound’s devaluation before 11 November
Emirates NBD launches specialised unit for financing SMEs in Egypt
Emirates NBD announced the establishment of a specialised unit for financing small- and medium-sized enterprises (SMEs) in the framework of its commitment to implement the instructions of the Central Bank of Egypt (CBE), besides the bank’s quest to expand in financing these projects. SMEs are one of the most important sectors that contribute to advancing …