Latest in Tag: banks Highlight
Latest in Tag: 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 …
Minimal trading among banks on first day of inter bank mechanism
The trading of US dollar among banks on the first day of implementing the inter bank mechanism witnessed limited transactions on Sunday. The highest price of the US currency registered EGP 16.55. This is the first time banks are allowed to implement the decision of setting the exchange rate, after the Central Bank of Egypt …
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
33 banks offer investments worth EGP 278.85bn in CBE’s deposit operation
Thirty-three banks operating in the domestic market offered investments worth EGP 278.85bn of surplus liquidity in local currency via deposit operations, which was deposited by the Central Bank of Egypt (CBE) on Tuesday, according to data obtained by Daily News Egypt. The CBE performs this deposit operation every Tuesday, in order to absorb excess liquidity …
Banks should hold strong partnerships with IT sector: El-Attar
The digital age we are living in depends on constant communication, a constant flow of data, customers’ high expectations and the ability to meet these expectations, said the director of the information technology infrastructure sector at the Ministry of Communication and Information Technology Khaled El-Attar. El-Attar pointed out that companies and institutions working in the banking sector should seek to form partnerships with …
US dollar shortage negatively affects banks financing import operations, lending to projects with a foreign component
The US dollar shortage has negatively affected banks’ activities that are related to financing imports and lending to projects that include a foreign component, according to Amr Tantawy, managing director of Misr Iran Development Bank (MIDB) and board member of the Federation of Egyptian Banks’ (FEB) board of directors. Tantawy told Daily News Egypt that banks’ activities are divided between local and foreign trading …
5 banks in Egypt account for 71.47% of banking sector’s total profits as of June: CBE
The sheer capital of banks amounts to EGP 100.72bn, with the top 10 banks acquiring 55.9%
NBE aims to increase SMEs loan portfolio to 70bn in 4 years
The National Bank of Egypt (NBE) aims to increase the size of loans granted to small- and medium–sized enterprises to EGP 70bn over four years, according to the bank’s CEO Hazem Hegazy. Hegazy said that NBE began funding SMEs in 2010, noting that the current size of loans granted to these projects amounts to EGP …
CBE vows to ‘punish’ banks lagging behind in SME support
The Central Bank of Egypt (CBE) vowed to punish banks that lagged behind on the implementation of the initiative launched earlier this year to support the financing of small- and medium-sized enterprises (SMEs). The CBE had earlier committed banks to grant no less than 20% of total loans to SMEs over four years. CBE sub-governor …
Non-performing loans fall to 5.9% as of end of June: CBE
Private sector accounts for 70.6% of total loans provided by banks to their customers, and loans-to-deposits increase to 44.5%
14 banks inject EGP 4.1bn to finance low- and middle-income housing until end of October: Head of Mortgage Finance Fund
Financial leasing activity amounts to EGP 15bn during the first nine months of 2016, says EFSA Head
Government plans to borrow EGP 324.5bn in Q2 of FY 2016/2017
Launch of treasury bills tenders for EGP 300.25bn, bonds worth EGP 24.25bn in last three months of year
The banks and the sinking boats
Who among us did not suffer when hearing the news of the over 200 souls who drowned in the sinking of an illegal migrant boat off Egypt’s coast? Most of them were young men who were desperate to realise the dream of becoming rich in Europe. In the end, they did not come to realise …
Egypt’s banking sector is strong and capable of supporting economy, providing funding for projects: banking leaders
Positive effects from the IMF deal can already be seen, says Ozalp
Fawry contracts with 12 banks for e-payments via mobile phone
We began launching the service with a number of banks and will soon be activated with others, says Fawry CEO
Banks granted EGP 207.7bn more credit facilities over 11-month period: CBE
Industry sector accounts for 32.2% of the credit facilities; while only 1.4% went to agriculture
CBE provides 10-year interest-free loan worth EGP 31bn to 3 major banks
The loan is for supporting banks’ capital base and for adjusting the capital adequacy rate
Banks to finish classifying SMEs, microenterprises to be financed by end of August: I-Score head
Nile Rating Company, specialised in SMEs, has merged in I- Score, said Kafafi
Banks continue to curtail US dollar use overseas
Banks are lowering limits of different types of cards and reducing hard cash granted to its clients when traveling
A new start needed for Italy’s banks?
The Italian finance professor Claudio Zara calls for flexibility in eurozone rules covering government-financed bailouts in cases where banks’ bad-debt burdens were largely caused by economic downturns – as in Italy.
Banks obtained $26.8bn from the CBE to finance importing basic commodities from 30 December 2012 until 19 July 2016: CBE
The CBE held 462 regular auctions to sell $19.382bn as well as nine exceptional auctions worth $7.397bn in less than four years
Banks acquire 77.87% of Finance Ministry’s treasury bills by end of March
Banks’ investments in bills amount to EGP 471.358bn at the end of Q1/2016
Banks ignore CBE’s interest rate increase
CBE will not keep current rates and may be reversed in three months, given their negative effect, says analyst
Banks begin monitoring debit card transactions abroad
Misused debit cards will be suspended immediately, says the head of one bank
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
ETTA extends deadline for banks’ complaints to Tuesday
Tourism income dropped to $6.1billion in 2015, compared to $7.3bn during 2014
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