Latest in Banking Highlight
Latest in Banking
UK’s growth to decrease 0.5% in 2016 following Brexit: FocusEconomics
The FocusEconomics consensus expects the UK economy to grow 0.3% in 2017
Deutsche Bank, Santander fail US stress test
Deutsche Bank, Santander have repeatedly failed the test in the wake of the 2008 financial crisis. But Deutsche Bank USA’s chief executive assured the public that its capital adequacy has “never been in doubt.”
CBE governor claims report on IMF loan was incorrect
Reuters reported on Monday that Egypt is negotiating a loan worth $5bn; Amer denies to Daily News Egypt
Court’s suspension of CBE’s decision to limit tenure of bank heads step towards revoking it: El-Sherif Law Firm founder
On Sunday, an Administrative Court decided to suspend the CBE decision that would have limited the tenure of bank heads to nine years
Court suspends CBE’s decision to limit tenure of bank heads to 9 years
Tarek Amer, the CBE’s governor, issued a decision at the end of March limiting the tenure of bank heads to nine consecutive or intermittent years.
United Bank provides an attractive avenue for Gulf, foreign banks to enter Egyptian market: chairperson
Daily News Egypt sits down with Ashraf Al-Kady in his first interview since he assumed the role of chairperson for United Bank in March
United Bank to launch ‘Egara’ financing system for real estate in regular and Islamic systems: chairperson
In the Egara system, residential units are owned by the bank until the final instalment is paid.
Banks keep ignoring CBE’s interest increase
Limited changes seen at NBE, Banque Misr, Banque Du Caire, and IDBE, although return on treasury bonds and bills was raised by 1%
UAE Exchange offers same-day cash pickup facility to customers in Egypt
Payment solution firm extends relationship with ALEXBANK to improve customer service and convenience
ETTA extends deadline for banks’ complaints to Tuesday
Tourism income dropped to $6.1billion in 2015, compared to $7.3bn during 2014
United Bank’s SMEs portfolio reaches EGP 900m: chairperson
According to El-Kady, SME-projects represent about 12% of the bank’s credit portfolio, and he aims to increase that number to more than 20% before the end of 2019
Vodafone, CIB agree to transfer money via mobile phones through MasterCard services
The service also includes connecting CIB cards with mobile phones, allowing customers to receive their domestic and international dues, such as transfers and salaries, as well as make deposits and withdrawals using ATM machines after obtaining regulatory approvals.
MasterCard gives tips on Father’s Day shopping
MasterCard gives advice on how to be a smart and savvy shopper
New acquisition and new CEO for Visa Inc.
Visa Inc. announced the acquisition of Visa Europe and the appointment of Gary A. Hoffman on the board of directors
International conference on private sector to kick off in July
The conference will go by the name ‘What’s Holding Back the Private Sector in MENA? Lessons from the Enterprise Survey’
Private banks lift interest on deposits and savings accounts, keep savings certificates unchanged
NBE and BM decided on 12 June and 13 June to increase the interest rates on deposits, while savings account interest increased by 0.75% to 1%.
CBE launches new website
The new website is the first electronic index for supervisory instructions, says Helal
Egypt ranks first among Arab states in receiving remittances: UAB
Egypt received $19.7bn in remittances from its citizens working abroad in 2015, says Fattouh
Bond yields for 5-year term jump by 0.82%
Ministry of Finance cancels 10-year term bonds initially planned to be issued on Monday due to interest rate increase
Value of naira plummets after Nigeria ends dollar peg
In response to continued low oil prices, the Nigerian Central Bank floated its currency Monday and the naira subsequently lost over a third of its value. Some are praising the move as positive for Nigerians.
Banque Misr raises interest rate by 1% on deposits, 0.75% on savings accounts
The interest rates increase on the higher deposits, depending on the segments set by the bank
Why India’s central banker is a matter of hot political debate
Raghuram Rajan, the acclaimed governor of the Reserve Bank of India, has said he will not seek re-appointment and step down after his term ends in September. What does this decision mean for the Indian economy?
NBE raises interest rate by 1% on savings accounts, 0.75% on deposits
Banque Misr may approve a limited increase of the interest rate on short-term savings funds
Cartel Capital promotes creation of electronic banking services platform in Middle East
Cartel Capital in the Middle East and North Africa will begin a promotional tour in Emirati banks during Q3 of 2016, says Ayman Abou Hend
Absence of coordinating council in decision to increase interest rates
The CBE’s accompanying report on the decision was issued without Al-Mashat’s signature for the first time in 11 years
Strong expectations about pound devaluation by CBE after raising interest rates
Analysts warn about the negative impact on inflation rate if the step is not well-prepared
Increasing interest rates: controlling inflation or increasing deficit and debt burden?
The government’s current debt is projected to reach 11.5% (EGP 309bn) in fiscal year (FY) 2016/17
Banks to hold meetings on Sunday on the fate of interest rates following CBE decision
Banks will watch the decision’s impact’s yield on treasury bills and bonds before deciding their interest rates, Abdel-Fattah
Household sector acquires 62.68% of total deposits in banks in March
Household sector adds about $2.8bn to its foreign exchange deposits, increases its savings to about EGP 15bn in local currency
Increase in interest rate threatens ability to attract investments, wastes opportunities
The deflationary policy will increase inflation and production costs will climb, says Tawfik