Latest in Tag: banks Highlight
Latest in Tag: banks
Banks prepare to receive donations from citizens for charities at beginning of Ramadan
Dozens of organisations will receive donations, such as the Misr El Kheir Foundation, Magdi Yacoub Heart Foundation, 57357 Hospital, Orman Charity Association, and Resala
Banks in EGX exceed market’s expectations during Q1 of 2016: Beltone
There are doubts about the banks’ abilities to continue this exceptional performance during the second and third quarters due to lack of foreign currency, poor commercial financing, and decline in lending loan rates
Banking services exempted from VAT, banks call for further clarification
Previous disputes between banks and the Egyptian Tax Authority on the definition of banking services are behind banks’ unwillingness to abide by VAT, says FEB adviser
Private sector accounts for 59.3% of credit facilities granted by banks to clients: CBE
Industry at forefront of economic sectors funded by banks followed by services, while the agriculture sector came last
CBE provides banks with $118.7m in weekly auction
The CBE sold US dollars at a fixed price of EGP 9.78. Banks have been directed to sell the US currency to their customers at a price of EGP 8.88
Five banks acquire 59.6% of banking sector total assets: CBE
Top ten banks acquire 72.4% of total deposits, 67.6% of loans, from among 40 banks operating in local market
23.1% increase in value of financial investments for banks: CAPMAS
The Central Agency for Public Mobilization and Statistics (CAPMAS) issued on Thursday its annual bulletin of statistics and financial indicators for banks, insurance, currency exchange, and brokerage companies for fiscal year (YR) 2014/2015.
Most of Greek bailout money went to banks: study
Only 5 percent of international bailout money for Greece was used to kickstart the country’s languid economy, a new study has found. The rest was used to pay back private creditors, many of which were banks.
Bank giants settle rate manipulation charges
Seven major global banks have settled a lawsuit in the United States accusing them of market manipulation. They were suspect of colluding to rig the daily benchmark for interest rate exchange contracts.
Banks operating in Egypt record EGP 35.88bn net profits in 2015: CBE
Non-performing loans fell to 6.8% of total, 99% of which are covered by provisions
EGP devaluation is credit positive for banks: Moody’s
Moody’s forecast of Egypt’s economic growth is lower than the government’s predictions
CBE grants banks $118.7m, returns to quota in Tuesday’s auction
Banks were granted this amount at a price of EGP8.78 to the dollar. Banks will sell to clients at a price of EGP8.88 to the dollar
High interest rate hinders banks in Egypt from obtaining foreign loans
Foreign institutions require high return interest rates of 5.5%, which is unsuitable for banks, says ADIB Capital CEO
Banks lack clear vision in application of capital conservation buffer ratio
The capital conservation buffer ratio is intended to strengthen a bank’s main capital base to ensure a bank can cover losses that may arise during periods of economic or financial crisis
Banks must comply with new controls for foreign exchange deposits: CBE
CBE said in a statement on Monday that it had monitored some individuals who made large cash deposits in foreign currencies, and used them to import non-essential goods and products through companies, which is a circumvention of the controls
CBE deputy governor calls for banks to increase capital base
The CBE allowed banks three years to adjust to this decision
Banks refuse to adhere to VAT law, awaiting response from new finance minister
The Egyptian Tax Authority demanded that banks operating in the domestic market register for the VAT
Banks to withdraw EGP1bn from mortgage financing initiative: CBE deputy governor
National Bank of Egypt, Banque Misr, Banque du Caire, and Housing and Development are the most active banks in the housing purchasing initiative
Panama Papers expose the Mubaraks, tycoons and banks
Some tax haven countries come ahead of European and Gulf countries as top investors in Egypt, says former top tax official
Cabinet reveals plan to borrow EGP 291.25bn from banks in next 3 months
Ministry of Finance reduces term of loans to five-year maximum, cancels seven and 10-year bonds
Banks must adhere to risk management system: CBE
Banking is most supported sector following 2011 revolution, owing to banking reform process, says Negm
Banks to receive 1.5-4.75% commission in return for fixed exchange rate for foreign investment
This mechanism allows foreigners to contract with banks on a specific exchange rate, for instance, EGP 8.78 for $1 according to the current rate at the Central Bank of Egypt (CBE)
CBE reduces term of executive officials in banks to 9 years
The Central Bank of Egypt (CBE) issued on Thursday a decree to limit the tenure of executive officials in banks to nine years, whether consecutive or accumulative. The decree, of which a copy was obtained by Daily News Egypt, revealed that the decision does include executive officials in banks who have completed nine years in …
CBE provides banks with $104.5m, sets US dollar price at EGP 8.78
On Tuesday, the official dollar price in banks was EGP 8.83 for purchasing and EGP 8.88 for selling
Banks granted EGP 1bn for youth-run SMEs with “Your Project” programme
Minister of Military Production Mohamed Al-Assar said the ministry plays a large role in the implementation of national projects and at the same time it does not ignore its real role in military production
CBE finances purchase of housing for low-income earners with discounted yearly rate
Bank amends mortgage finance initiative, introduces another category of youth
CBE decides to defer tourism sector debts to banks for 3 years
CBE will create unit to contribute to restructure the debts of tourism sector
Banks claim sufficient liquidity, technical expertise to finance Suez Canal projects
SCA reveals need to establish 42 investment projects in region, with financing cost of up to $100bn until 2022
Corporate Social Responsibility in Banks
Over the past few years, a rising emphasis was placed on banks’ Corporate Social Responsibility (CSR). But what does CSR mean anyway? This is indeed one of the most frequently asked questions for all those dealing with its matters. A simple definition of CSR would be how banks take the impact of their operational …
Banks introduce restrictions on dollar use abroad
Banks have the right to limit dollar use, in light of the lack of foreign currency in the market, says banker