Latest in Tag: CBE Highlight
Latest in Tag: CBE
Household sector accounts for 75% of deposits at banks in December
It is very normal that individuals’ share in deposits is higher than companies’, Yousef says
Egypt’s public debt is reaching critical level
Experts believe there are no other options but to ask for more loans, while national and foreign debt is equally dangerous
Government has to ease reliance on banks: source
The reliance leads to a vicious cycle, “amid low state revenues,” says banker
Egypt’s foreign exchange reserves to reach $28.5bn by March: CBE
Egypt expects the second tranche of a $12bn IMF loan by May
Egypt’s foreign debt jumps by $19.5bn in 2016
Foreign debt reached 37.6% of GDP in December 2016 compared to 13.6% in December 2015
CBE resolves issue of temporary facilities obtained in foreign currency: Negm
Companies that owe more than $5m to banks will pay a 3.62% return on the value of debt and a 13.75% return on the local liquidity which will cover their indebtedness
HDB awaits CBE approval to separate real estate activity from banking business
We aim at becoming a commercial bank practicing banking business only and transferring investment activity to a company owned by the same shareholders: Sebaey
Egypt’s MPC maintains policy rates as forecasted by CI Captial
The Central Bank of Egypt (CBE) decided to keep its overnight deposit and lending rates at 14.75% and 15.75% respectively, while the CBE’s main operations and discount rates were both kept unchanged at 15.25%. According to CI Capital, the CBE’s decision to keep policy rates unchanged following the 0.25% hike by the Federal Reserve System …
CBE keeps interest rates unchanged
In its meeting held on 30 March, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to keep the overnight deposit rate, the overnight lending rate, and the CBE’s main operation rate unchanged at 14.75%, 15.75%, and 15.25% respectively. The discount rate was also kept unchanged at 15.25%.
CBE expected to hold steady interest rates on Thursday
The increase of interest rates will not decrease inflation because it did not result from an increase in supply, says Youssef
CBE is ready to repay Egypt’s foreign obligations: Amer
We have large inflows of foreign exchange and strong reserves that will aid us in repaying any obligations on time, says the CBE’s governor
Egypt’s banks achieved net profits of EGP 53.066bn until December: CBE
Egypt’s five largest banks acquire 42.66% of total profits achieved by banks working in the Egyptian market
Private sector acquires 66.3% of total bank loans to clients by December: CBE
Non-performing loans rate declines to 5.8% of total loans in banks, with allocations of 99.1%
SWIFT announces Business Forum Egypt to discuss issues of financial sector
“As we continue to reform the banking sector, it is critical to remain an integral part of the global community,” says Amer
FX is not only indicator for assessing economy: Arqam Capital
Most of the foreign exchange (FX) flows to banks are being directed to alleviating longstanding pressure on the corporate and household sectors to spur economic activity and reduce inflationary pressures, while meeting the demands of foreign companies and investors for repatriation. According to Arqam Capital’s report “The Devil in the FX” published in February, the …
The Pound losing ground despite rising stock prices
In November, the Egyptian administration floated the Egyptian pound to secure a loan from the International Monetary Fund (IMF)
Market awaits changes in bank leadership in mid April
Banks will present their recommendations to the CBE’s governor, since the law allows the latter to reject officials
CBE forces banks to notify it before providing foreign currency to government institutions
Banks are obliged to notify the CBE before providing foreign exchange for any governmental entity
$7bn BOP surplus by end of first half of FY2016/2017: CBE
Surplus includes $5.1bn generated after flotation
ESCC completes signature encryption for financing checks of agencies at CBE
The centre implemented the e-signature project at NTRA and Damietta Port Authorities
CBE allocates EGP 10bn to finance SMEs in several sectors
Financing priority given to companies working in the exporting sector and producers of alternative local goods, replacing imported goods
CBE calls on banks to reconsider limits of credit they grant clients
CBE issues regulations to benefit from covering debts of companies resulting from exchange rate differences
Increase of foreign exchange reserves at CBE, backed by gold in February
The value of gold included in the reserves increased by $170m to reach $2.62bn at the end of February
CBE provides banks $420m to cover companies’ flotation debts
The Central Bank of Egypt (CBE) provided $420m to local banks to cover the debt, which occurred by the different foreign currencies exchange rate due to flotation. This offer is valid for companies with debts of less than $5m and whose sales do not exceed EGP 500m. This came after the CBE’s governor Tarek Amer …
CBE considers making amendments to the SMEs initiative
Regular meetings in FEB to look into the problems facing banks during initiative implementation, taking suggestions, according to prominent banker
CBE sets controls for its initiative to renovate tourism sector
Banks finance 75% of total replacement and renovation cost, clients bear the remaining amount
No waiting lists for dollar, we provided $71bn since November 2015: CBE Governor
Egypt will pay $1.5bn of foreign oil companies arrears in 2017
EGP exchange rate against USD remains stable
Settles below EGP 16 for first time since December 2016
CBE provides $600m to settle dollar debts of about 570 companies
Companies will repay their debts—that resulted from fluctuations of exchange rates after the flotation—at an interest rate of 12% over two years
Inflation hike is temporary, expected to decline in the coming period, hence interest rate kept unchanged: MPC
CBE raised the interest rate by 3% on 3 November 2016 as prelude to hiking inflation