Latest in Banking Highlight
Latest in Banking
Basic interest rate raised by 1.5%
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided during its meeting Thursday to raise the basic interest rate by 1.5% on deposits and loans. The decision will increase the overnight rate to is 10.75% and the loan rate to 11.75%. The MPC also increased the deposit and discount rate by …
In Cartoon: Floatation of Egyptian Pound
CBE sells $1.5bn to cover portion of temporary credit facilities to importers
Banks are required to redeposit amounts obtained in the CBE auction with a 1.23% yield over one year
Is the CBE the only player to blame for the dollar crisis?
In a recent press conference, prominent economist and chief economic adviser at Allianz Mohamed Al-Arian warned that the country is risking over-dependence on the CBE to make the country’s monetary decisions.
CBE to hold exceptional $1.5bn auction
CBE sold $200m to banks operating in the local market at rate of EGP 8.85 per dollar, through an exceptional tender, to cover the demand of food commodities importers
NBE, Banque Misr issue CDs with 15% yield
The NBE and Banque Misr will issue the CDs beginning on Monday for a period of 60 days, according to El-Etreby
CBE devalues EGP amid concerns over inflation and budget deficit increase
The decision is expected to have far-reaching repercussions on the deficit and inflation of the state budget
Pound devaluation shakes market
EGX-30 jumps by 6.7%, amid renewed hopes for FDIs and major concerns over inflation and budget deficit
CBE raises price of US dollar to EGP 8.85
Banks will sell US dollars at EGP 8.95, up from EGP 7.83
US dollar declines to EGP 9 in informal market
Banks await fresh dollar liquidity to be injected through exceptional CBE auction
Hacker’s spelling slip foils billion-dollar bank heist
Last month, hackers plundered the accounts of Bangladesh’s central bank, making off with $80 million. It was one of the biggest banking heists in history – and it would’ve been a lot bigger were it not for a simple typo.
Foreign deposits, withdrawals balance out at banks on Wednesday, Thursday
Approximately $8m exited one of the largest banks following CBE decision to cancel cap on foreign currency withdrawals and deposits
Arab-American banking dialogue to discuss international cooperation, combating terrorism financing
Union of Arab Banks to issue largest database on financial and banking laws, legislations in Arab world, says Fattouh
Exchange firm officials prepare for expanded meeting with CBE
El-Abyad denies any agreement between CBE and exchange firms on a specific price for dollar
‘Belady’ euro certificates offered to Egyptians in Europe
These certificates are similar to the ‘Belady’ dollar certificates that the three banks offered at the beginning of March.
Banque Misr obtains $100m loan from China Development Bank
The value of the loan has already entered the bank’s treasury
Ashraf Elkady to take office of United Bank of Egypt by April
Elkady currently serves as assistant managing director of Suez Canal Bank, where his last day will be on Thursday
CBE removes limits on foreign currency deposits and withdrawals for companies importing goods and basic products
CBE’s new decision was put into practice on Wednesday 9 March
Government banks issue CDs to domestic market in US dollar
NBE, Banque Misr, Banque du Caire will offer three-year CD to Egyptians living within the country and five-year CD to those living in Europe
CBE removes caps on foreign currency deposits, withdrawals for individuals
The central bank has issued new regulations to fund acquisitions
CBE Governor denies he was dismissed after accepting post at IMF
The revaluation of the US dollar exchange against the Egyptian pound in the black market, for the first time in history, fueled these rumours
CI Capital, Beltone eye acquisition of electronic brokerage company
Sawiris applies to establish a €50m bank for SMEs in Luxembourg
Integration of Arab Banking Practices among concerns at Annual Arab Banking Conference
Despite apparent benefits, financial inclusion faces continued setbacks, says Fattouh
CBE sells banks $500m to insure strategic imports of food commodities and medicine
The CBE conducted the sale at an exchange rate of EGP 7.73 per US dollar
As accusations mount, bankers deny overlooking contracting sector
NBE directs approximately EGP 34bn to this sector, or 15% of the bank’s total loans portfolio, says deputy chairman
Faisal Islamic Bank of Egypt to focus on MSMEs in new lending policy
The bank has presented a plan to the CBE to increase the share of funds provided to SMEs in its lending portfolio by 7% by 2019, said El-Bendary
Banks submit SME loan programmes to CBE
The CBE’s January announcement mandated that banks must direct a minimum of 20% of their loan portfolio to finance SMEs within four years
AAIB arranges EGP 2.5bn syndicated loan for Holding Company for Food Industries
Bank attracts EGP 25bn new deposits during first nine months of 2015
NBE targets EGP 65bn SMEs loans portfolio by end of 2020: Deputy Chairman
Bank invested $1.5bn to support importers, China Development Bank received entirety of $700m loan, says Montasser
Visa to open office in Côte d’Ivoire to accelerate digital Payments
The office will facilitate engagement with key stakeholders in the region